Wednesday, 20 Jul 2011
MetalBank hit the ASX boards in February this year after a successful IPO, and is now making some significant exploration progress at the Spinifex Ridge East Project located in the Pilbara.
Analysis by the company of existing rock chips has grades up to 26% copper and 10.7 parts per million molybdenum, along with iron grades up to 61%.
The impact of these results is the confirmation of base and precious metals inside the greenstone belt, as well as iron ore on the eastern part of the iron formation ridge.
Appreciable amounts of gold and molybdenum have been located about 1 kilometre outside and along strike of the company's project area.
The project area covers about 13 kilometres of a granodiorite/greenstone contact, and is close to this contact where, at Coppin Gap, molybdenum mineralisation has been found hosted by offshoots, or dykes of the granodiorite.
MetalBank's project is highly prospective due to being located adjacent to the Moly Mines direct shipping ore iron ore mine and copper/moly project.
Highlighting the potential of the Moly Mines project is that the company secured a USD 500 million financing deal just last month for the construction of the project. Another significant neighbour to MetalBank’s tenement is the gold rich Bamboo Creek project, owned by Haoma Mining NL.
MetalBank said that it expects Spinifex Ridge East to continue to reveal similar characteristics to that of its more advanced neighbors.
(By Pro Active Investors)
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