Metal Bank Limited (ASX:MBK) has updated the Mineral Resource Estimate for its Millennium cobalt-copper-gold project, which is about 35 kilometres west-northwest of Cloncurry in North Queensland.
The updated resource estimate is 8.4 million tonnes at 1.23 per cent copper equivalent (0.09 per cent cobalt; 0.29 per cent copper; and 0.12 grams per tonne gold), which includes both open cut (86 per cent) and underground (14 per cent) resources.
The Millennium deposit represents a near-term critical minerals development opportunity at surface on granted mining leases and proximal to existing mining infrastructure in a renowned exploration and mining region.
Metal Bank Chair Inés Scotland said: “The growth of the Millennium resource into our 2021 exploration target range was delivered at low cost and improved grade, demonstrating our approach of adding value through exploration success.
“The deposit sits at surface on granted mining leases and close to nearby processing infrastructure, providing near term delivery potential for Australia’s growing requirement for critical minerals.
MBK is now well positioned to deliver on our goals for Millennium with a focus on scoping and feasibility study work, and testing the new increased exploration target of 12 to 14 million tonnes at 1.0 to 1.3 per cent copper equivalent.
