The Millennium Copper and Cobalt Project near Cloncurry in NW QLD currently holds a JORC 2012-compliant Inferred Resource of 5.9Mt @ 1.08% CuEq3 (Cu-Co-Au-Ag) across 5 granted Mining Leases with significant potential for expansion
Millennium RC drilling, Northern Area. (Credit: Metal Bank Limited)
Metal Bank Limited (ASX: MBK) (‘Metal Bank’, ‘MBK’ or the ‘Company’) is pleased to advise that its wholly owned subsidiary, MBK Millennium Pty Ltd (MBKM) has completed its Stage 1 earn-in obligations under the Millennium earn-in and joint venture agreement (JV Agreement) with Global Energy Metals Corporation (TSXV: GEMC) (GEMC) and its wholly owned subsidiary, Element Minerals Australia Pty Ltd (EMA).
The JV Agreement was entered into in December 2021. Since that time, as part of its Stage 1 earnin, MBK has completed a 3 Phase exploration program at the Millennium copper-cobalt-gold (Cu-CoAu) project in Queensland, which holds an inferred 2012 JORC resource of 5.9MT @ 1.08% CuEq across 5 granted Mining Leases with significant potential for expansion. MBKM has sole funded exploration expenditure of more than $1M satisfying its stage 1 earn-in obligations under the JV Agreement and has given notice to EMA electing to acquire a 51% Joint Venture Interest in the Millennium project and assets.
In accordance with the JV Agreement, MBK will issue MBK shares to the value of $350,000 to GEMC at a price of $0.0336 per share, (being the average 5 day VWAP at the last business day prior to the date of MBKM’s notice).
Following issue of these Shares, MBKM will hold a 51% Joint Venture Interest in the Millennium project and assets and will have the sole and exclusive right to earn an additional 29% Joint Venture Interest (taking its total interest to 80%) by sole funding exploration expenditure to the amount of $2 million.
The Millennium Project represents an excellent opportunity for MBK to advance and develop a copper-cobalt asset of significant size, close to processing solutions and excellent infrastructure in the Mount Isa region. The cobalt grades reiterate Millennium as one of Australia’s highest-grade undeveloped battery metals projects, contained within granted mining licenses.
Commenting on this milestone, Metal Bank’s Chair, Inés Scotland said: “MBK now holds a 51% interest in the Millennium project and its existing JORC resource of 5.9MT @ 1.08% CuEq2, which has been confirmed and expanded by our 2022 exploration program. Millennium provides MBK with exposure to copper and cobalt – in demand, critical components for the renewable energy transition. With the project’s granted Mining Leases and proximity to processing solutions, Millennium presents a real opportunity for near-term development.”
Source: Company Press Release