Metal Bank Limited: Triumph Project - Drilling Intersects Strong Evidence of Bulk Tonnage Style Mineralisation

Perth - Metal Bank Ltd. (ASX:MBK) is pleased to provide the following drilling update from the Triumph Project in southeast Queensland, Australia. Results have been received from an initial diamond drilling programme (8 holes for 1012.5m) testing various Induced Polarisation (IP) geophysical targets under shallow cover.

Highlights:

- 20 meter outer zone of mineralised intense alteration consistent with a bulk tonnage Au-Cu-Mo system successfully intersected

- Demonstrates bulk tonnage potential with at least nine new targets identified within a 4km x 2km corridor

- New IP geophysics and diamond drilling lays the foundation for systematic testing of high-grade and bulk tonnage targets with follow up drilling imminent

The results provide strong support for multiple bulk tonnage style mineral systems on the project, with the first hole into the Chief Adachi target returning strong Au-Ag-Mo-Bi geochemistry within intense feldspathic alteration typical of leakage above the 'roof zone' of a potentially much larger mineralised Au-Cu-Mo system concealed by shallow cover. Nine new Au-Cu-Mo bulk tonnage exploration targets have been defined; underpinned by the latest drilling, new IP geophysics and further supported by incorporation of existing geological, geochemical and geophysical evidence.

Tony Schreck, Managing Director of Metal Bank said:

"We now have direct evidence for a connection between the widespread high-grade Au-Ag mineralisation targeted to date and bulk tonnage Au-Cu-Mo style mineralisation of a potentially significant scale. This is a pivotal step change for the Triumph project and importantly, it provides the geological indication that the project can host large bulk tonnage systems similar to other multi-million ounce gold deposits of Eastern Australia."

Bulk Tonnage Style Au-Cu-Mo Mineralisation - Chief Adachi Prospect

An initial diamond drill hole (TDH115) has been completed at the Chief Adachi prospect, the first of nine new bulk tonnage targets to be tested. Drilling was designed to test the margin of a broad >750m x 350m IP geophysical anomaly characterised by a low resistivity signature concealed beneath shallow cover sediments. The results included elevated levels of Mo-Cu-Pb-Zn-Mo-Ag-Bi (Au) geochemistry associated with intense feldspathic-sericite alteration which are consistent with leakage from a mineralised 'roof zone' or outer carapace located above an intrusion. An interpreted drill section across the geophysical target zone is shown in Figure 3 in link below.

The porous nature of the intense feldspathic alteration containing abundant sulfide-filled vuggy cavities including molybdenum (Mo), chalcopyrite (Cu) and sphalerite (Zn) (Figure 1 in link below) is also consistent with the low resistivity IP response (Figure 4 in link below) and occupies a previously unexplored area concealed beneath sedimentary cover.

The priority at Chief Adachi target is to evaluate the entire IP low resistivity zone (>750m x 300m) interpreted to reflect similar widespread alteration and mineralisation (refer to Figure 4 in link below).

New Target Generation - IP Resistivity and Chargeability Geophysics

Nine new Au-Cu-Mo bulk tonnage exploration targets (including Chief Adachi) have been defined, underpinned by the latest drilling, IP geophysics and further supported by incorporation of existing geological, geochemical and geophysical evidence (Figure 2 in link below).

A conceptual exploration model of the Triumph intrusion-related mineralised system is shown in Figure 6 in link below with the section line shown in Figure 2. This 4km long section extends across the project area from New Constitution in the southwest to Bonneville in the northeast and highlights the link between the different styles of mineralised high-grade and bulk tonnage intrusion-related exploration targets at the Triumph Project.

A number of distinctive IP geophysical signatures were calibrated from drill testing as part of this diamond drilling programme providing more robust geological interpretations and a significant improvement in the ability to target under shallow cover sediments.

Triumph Project - next phase

The company's forward exploration strategy is to systematically explore these concealed new bulk tonnage targets for multi-million ounce potential in parallel with the continuation of testing for high-grade Au-Ag near surface mineralisation.

Follow-up drilling is planned to commence in early July at Chief Adachi targeting the IP geophysics concealed by shallow cover. Further drilling is also planned to continue to evaluate the high-grade Au-Ag targets at Bald Hill, Handbrake Hill, Big Hans, and New Constitution prospects, the subject of previous drill programmes.

The Triumph gold camp is an intrusion related gold system of the type encountered in a number of large systems in Queensland such as Kidston (3.7Moz Au), Mt Leyshon (3.5Moz Au), Ravenswood (3Moz Au) and Mt Wright (1.3Moz Au). Exploration to date by MBK has defined widespread high-grade Au-Ag mineralisation which appears as leakage around and above multiple intrusion related Au-Cu-Mo targets defined on the project.

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About Metal Bank Limited:

Metal Bank Ltd. (ASX:MBK) core focus is creating value through a combination of exploration success and quality project acquisition. The company's key projects are the Triumph, Eidsvold and Mt Mackenzie Gold Projects situated in the northern New England Fold Belt of central Queensland, which also hosts the Cracow (3Moz Au), Mt Rawdon (2Moz Au), Mt Morgan (8Moz Au, 0.4Mt Cu) and Gympie (5Moz Au) gold deposits.

The company has an experienced Board and management team that brings regional knowledge, expertise in early stage exploration and development, relevant experience in the mid cap ASX-listed resource sector and a focus on sound corporate governance.



Contact:

Metal Bank Ltd.
Tony Schreck - Managing Director
+61 419 683 196
tony@metalbank.com.au

Tim Duncan - Hintons +61 408 441 122
tduncan@hintons.com.au