Gold: Metal Bank is making gold hits right near Evolution’s Mt Rawdon mine in Queensland
Metal Bank (ASX:MBK) has reported drilling results at its southeast Queensland project, 8 Mile, which lies close to one of Evolution Mining’s (ASX:EVN) richest projects.
At Metal Bank’s Flori’s Find prospect the best results included 16m at 1.9 grams per tonne (g/t) from 69m and 12m at 2.1g/t gold from 4m.
At the Perry prospect results included 6m at 1g/t gold from 105m, 3m at 2.2g/t gold from 72m and 6m at 3.4g/t gold from 4m.
The project lies near the famous Mt Rawdon gold mine currently operated by mid cap Evolution Mining (ASX:EVN). According to Evolution, this mine has produced over 50 tonnes of gold since operations began.
It delivered $60m in full mine operating cash flows and $31.6m in net cash flows and is expected to deliver another 90,000 ounces this financial year.
In an investor presentation at the Queensland Exploration Council in September, Metal Bank all but said the mine would be Queensland’s next big gold story, noting it had gone from an opportunity to a drilled discovery in (then) less than 10 months.
Metal Bank shares gained 25 per cent this morning.
Thor Mining (ASX:THR) has reported visible gold from panning 13 of 44 sediment trap sites it has sampled at its Pilbara project. The maximum observed gold comprised 20 grains (very fine).
Toro Energy (ASX:TOE), which is at the drilling stage at its Yandal gold project, also reported gold intersections this morning. The main intersection was 3m at 0.788g/t gold from 188m downhole, including 1m at 1.275g/t. This is only 10m below an intersection previously found to contain significant nickel sulphides. Full geochemical analysis is expected by the month’s end.
PNX Metals (ASX:PNX) reported initial metallurgical testing of its gold samples from its Fountain Head project. Cyanide soluble gold recoveries ranging from 88.9 per cent to 97 per cent were achieved and grades ranged from 0.24g/t to 24g/t. The company is currently finalising a development strategy for the project.