– MBK earning up to 80%
- 2012 JORC-compliant Resource of 8.4Mt @ 1.23% CuEq* held on 5 granted Mining Leases near Mt Isa, Qld
- Majority of project value held in cobalt – a critical metal for battery materials
- Bulk of the deposit is from surface, amenable to open cut mining and remains open along strike and at depth with significant potential for expansion – MBK Exploration Target of 12-14Mt @ 1.0-1.3% CuEq*
- Close to processing solutions and excellent infrastructure in the Mount Isa region
- Northern Area drill results identified copper to 1.5%/m
MBK holds 51%* of and has exclusive right to earn up to 80% interest in the Millennium Project under the terms of the earn-in and joint venture agreement with diversified critical metals specialist Global Energy Metals Corp (TSX: GEMC).
The Millennium Project near Cloncurry in NW QLD currently holds a JORC2012-compliant Inferred Resource* of 8.4Mt @ 1.23% CuEq (Cu-Co-Au-Ag) across 5 granted Mining Leases with significant potential for expansion. It is located 19km from the Rocklands copper-cobalt project (Inferred Resource of 55.4Mt @ 0.64% Cu, 0.15 g/t Au, 290ppm Co for 0.90% CuEq) which has an established processing plant capable of treating Millennium-style ores once recommissioned.
Millennium location plan
Initial drilling by MBK in 2021 provided confidence in growth upside to the existing Resource of 5.9Mt @ 1.08% CuEq (2016), with encouraging infill/extension work in the Southern Area Resource (MI21RC01-2) and expansion of the system strike and scale into the Northern Area (MI21RC03-07).
Subsequent resource expansion and infill drilling in 2022 including near surface confidence increases and high grade intersections at depth resulted in a 2023 Mineral Resource Estimate update, with a 42% tonnage increase and 14% grade increase to 8.4Mt @ 1.23% CuEq (Co-Cu-Au)*. This includes proposed open cut Resources of 7.2Mt @ 1.19% CuEq and proposed underground Resources of 1.1Mt @ 1.55% CuEq once Reasonable Prospects for Eventual Economic Extraction (RPEEE) factors were applied.
Millennium plan view showing project areas, existing resource outlines, previous drilling and interpreted basement geology
7722800N Drill cross-section showing interpreted mineralisation, Resource outline, preliminary pit profile and drill hole results
7723500N Drill cross-section showing interpreted mineralisation, Resource outline, preliminary pit profile and drill hole results
In addition to the Resource and Exploration Target areas, there are a number of adjacent and/or peripheral drill ready targets including the Corella and Federal Trends plus key conceptual targets down dip of the Northern, Central and Southern Areas towards and/or adjacent the Fountain Range/Quamby Fault system. Scree and alluvial cover also obscure surface geology and geochemical signatures in areas, adding to previous exploration complexity.
Millennium longsection showing topography, resource model, current drilling and proposed pit outline
Australian copper/cobalt resource grades
- *refer MBK ASX Release dated 21/3/23 ‘Millennium delivers substantial Resource increase’
- *refer MBK ASX release dated 5/12/22 ‘MBK earns a 51% interest in Millennium’
- *refer MBK ASX Release dated 28 June 2021 ‘Millennium Option Agreement signed and work program commencing’
Further information is available by clicking the following MBK ASX releases:
- 21/03/2023 – Millennium delivers substantial Resource increase
- 16/02/2023 – Millennium Project Update
- 05/12/2022 – MBK earns a 51% interest in Millennium
- 31/10/2023 – Copper-cobalt grades continue at depth at Millennium
- 14/10/2022 – High Cobalt grades confirmed in first Millennium assays
- 07/07/2022 – Millennium Exploration update – early assays received
- 16/03/2022 – Drilling at Millennium Copper-Cobalt Project to commence
- 13/12/2021 – MBK Signs Millennium Earn-in and JV Agreement
- 26/09/2021 – Livingstone Acquisition & Millennium Entitlement Offer
- 23/09/2021 – Millennium North Drilling Results
- 08/09/2021 – Millennium drilling completed with first two holes assayed
- 16/08/2021 – Drilling Commences at Millennium
- 15/07/2021 – Commencement of Phase 1 Work Program at Millennium
- 28/06/2021 – Millennium Option Agreement Signed
- 07/06/2021 – Advanced Copper-Cobalt Project Term Sheet Executed
Competent Persons Statement
The information on this web page that relates to Exploration Results and Exploration Target statements is based on information compiled or reviewed by Mr Rhys Davies. The Company is not aware of any new information or data that materially affects the information included in referenced ASX Releases and in the case of reported Mineral Resources, all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Mr Davies is a Member of The Australasian Institute of Geoscientists and is a contractor to the Company. Mr Davies has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Davies consents to the inclusion on this web page of the matters based on his information in the form and context in which it appears. The Exploration Targets described in this report are conceptual in nature and there is insufficient information to establish whether further exploration will result in the determination of Mineral Resources.
The information on this web page that relates to exploration results and Mineral Resources and Ore Reserves for the Millennium Project was prepared and reported in accordance with the ASX Announcements and GEMC News Releases referenced on this web page. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant ASX announcements and News Releases. In the case of Mineral Resource estimates and Ore Reserve estimates, all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original ASX announcements or News Releases.