– MBK to earn up to 80%
- 5 granted Mining Leases near Mt Isa, Qld
- inferred 2012 JORC resource* of 5.9MT @ 1.08% CuEq
- MBK Exploration Target for the Project of 8-10Mt @ 1.0-1.1% CuEq*
- significant potential for expansion
- close to processing solutions and excellent infrastructure in the Mount Isa region Resource zone open along strike and at depth
- Northern Area drill results identified copper to 1.5%/m
MBK has the exclusive right to earn up to an 80% interest in the Millennium Project under the terms of the earn-in and joint venture agreement for the Project.
The Millennium Project near Cloncurry in NW QLD currently holds a JORC 2012-compliant Inferred Resource* of 5.9Mt @ 1.08% CuEq (Cu-Co-Au-Ag) across 5 granted Mining Leases with significant potential for expansion. The Millennium Project is located 19km from the Rocklands copper-cobalt project (Inferred Resource of 55.4Mt @ 0.64%Cu, 0.15 g/t Au, 290ppm Co (0.90% CuEq) with an established processing plant capable of treating Millennium-style ores once recommissioned.
Millennium location plan
MBK drilling in 2021 provided confidence in growth upside to the existing Resource. This included encouraging infill/extension work in the Southern Area Resource (MI21RC01-2) and significantly expanding the system strike and scale into the Northern Area (MI21RC03-07).
Millennium plan view showing project areas, recent MBK drill results, existing resource outlines, previous drilling and interpreted basement geology
Following completion of its 2021 drill program the Company commenced a review of the existing Resource in the Southern and Central Areas of the Project, MBK’s recent drill results and other previous drilling.
In conjunction with significant increases in copper and cobalt prices since maiden Resource reporting, results from this review provide support for an initial Exploration Target* for the Project of 8-10Mt @ 1.0-1.1% CuEq (figure below). This Exploration Target is based on extensions both along strike and at depth in both the Southern and Central Area copper-cobalt-gold Resources and also in the Northern Area, where shallow copper intervals at broad spacing have been returned some 800-100m north of the closest Resource.
In addition to the 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.
*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:
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 information in this report that relates to Mineral Resources of the Millennium Project is based on information compiled by Ms Elizabeth Haren, a Competent Person who is a Member and Chartered Professional of the Australasian Institute of Mining and Metallurgy and a full time employee of Haren Consulting Pty Ltd. 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.