Queensland explorer Metal Bank Limited (ASX:MBK) has commenced exploration programmes at the 8 Mile and Eidsvold Projects based on a two phase exploration strategy to achieve step change development advances at both projects within the next eight months.
At 8 Mile, the objective of the first phase of the exploration program is to make a bulk tonnage discovery at Flori’s Find prospect. Drill planning will be refined following the results of an IP Survey and drilling is scheduled to commence in mid-September.
Chairman, Ines Scotland, said that depending on the results of the first phase, the second phase of exploration is scheduled to commence in early 2021.
This phase will focus on expansion drilling on the bulk tonnage target and infill drilling aimed at converting the Exploration Target to a resource and demonstrating that mineralisation at Perry prospect continues south towards Flori’s Find.
The funds raised from our recent capital raising have enabled us to develop an exploration strategy aimed at achieving step change development advances at both 8 Mile and Eidsvold,” Mr Scotland said.
“At 8 Mile we are focussed on a bulk tonnage discovery and at Eidsvold we are aiming to demonstrate that the Great Eastern Target is a new large IRG system. Work on the ground has commenced and we look forward to moving both these projects to the next level.”
At Eidsvold, the first phase of the exploration programme has been designed to investigate the Great Eastern Target as a new, large IRG system. The initial drill testing will include two drill holes of up to 250m each which are fully funded by the Queensland Government under the latest round of the Collaborative Exploration Initiative4 .
Additional surface evaluation has commenced at both Tower Hill and Forty Horse prospects in preparation for drilling. Infill surface geochemical sampling has been completed with assay results awaited and an IP survey is scheduled to commence in mid-September. The results of these studies will assist in refining drilling locations, with drilling scheduled for October 2020.
Subject to the results of the first phase, the second phase of exploration at Eidsvold will commence in early 2021. The aim is to continue investigating the Great Eastern Target in addition to providing evidence of the Eidsvold Intrusive Complex hosting additional gold systems at Forty Horse and Tower Hill prospects, similar to the historical high grade Eidsvold goldfield.