Andrew DuffyThursday, 30 July 2015
METAL Bank shares surged 88% this afternoon after the company posted broad copper intersections from the surface of its Mason Valley project in Nevada.
|The Bluestone project.|
Results from the first two holes of an eight hole program at the Bluestone prospect returned a number of significant hits, including 42m at 1.51% copper from surface.
That intersection included 5m at 2.34% from 8m, 4m at 3.52% from 20m and 7m at 2.69% from 35m.Other results included 34m at 0.61% from surface including 1m at 1.65% from 19m.Metal Bank said the drilling proved the area had been overlooked by modern explorers.“These results represent significant steps towards achieving our goal of building a copper resource around four historical high grade copper mines on the Mason Valley copper project,” chairman Ines Scotland said.“Bluestone is the first of the historical mines to be tested and we look forward to further drilling results on the project in the coming weeks.”A total of eight reverse circulation holes for 570m were completed at Bluestone, with the program targeting outcropping mineralisation to the west and south of the mine.The work is looking to open a new chapter in the Mason Valley area, with previous exploration limited due to fragmented ownership.It forms part of a deal announced with GRG International in February, with Metal Bank set to sole fund exploration to the end of March 2016 with a minimum spend of $US1 million ($A1.4 million).It then has the right to earn up to 80% over six years subject to a $14 million spend, completion of a bankable feasibility study, and other payments.Metal Bank shares were up 88.9% to A1.7c.