Dec 2, 2024

Metal Bank Reports 56m @ 18.29% Graphite at Millennium Project, Queensland

Introduction:

Metal Bank Limited (ASX: MBK) has reported significant graphite intersections from re-assaying of 2022 drill samples at its Millennium Cu-Co-Au Project in northwest Queensland, highlighted by 56m @ 18.29% graphite from 66m.

Drill Results:

56m @ 18.29% graphite from 66m (significant width and grade) (MI22RD01)
49m @ 12.97% graphite from surface (near-surface mineralization) (MI22RD06)
14m @ 18.88% graphite from 64m (high-grade zone) (MI22RD06)
20m @ 14.05% graphite from 64m (substantial intersection) (MI22RD02)

Project Overview:

The Millennium Project is located in northwest Queensland on granted mining leases. The graphite mineralization has been identified over 2km of strike length within and adjacent to the existing pit model for the 8.4Mt Cu-Co-Au resource.

The project lies between other significant graphite developments in the region, including the Corella deposit (13.5Mt @ 9.5% TGC) 14km south and Burke deposit (9.1Mt @ 14.4% TGC) 107km north, both held by Lithium Energy.

Program Details:

The program involved re-assaying 417 previously sampled intervals from the 2022 Cu-Co-Au drill campaign for Total Graphitic Carbon (TGC). All samples returned positive graphite results, with significant mineralization identified in the south and west of the project in the hangingwall of the Millennium Cu-Co-Au mineralization. The graphite remains open to the west and at depth.

Understanding These Results:

The results are significant given the median grade of global graphite deposits is around 7.7% (USGS, 2024). The mineralization occurs near surface and within or immediately adjacent to current pit modeling, potentially converting what was previously considered waste rock in the Cu-Co-Au resource.

The intersections demonstrate substantial width and grade, particularly noteworthy given the drill holes were not specifically targeted for graphite exploration.

Management Commentary:

Inés Scotland, Metal Bank Executive Chair stated:

“We are on record stating we are unlocking and adding value to our Australian projects and this is a fantastic demonstration of low cost work that adds a large amount of value to our Millennium project.”

“These intersections are near surface, over more than 2km of strike and are within or immediately adjacent to the current pit modelling and what was previously characterised as barren waste rock in our Cu-Co-Au Resource. With the median grade of graphite deposits globally around 7.7% (USGS, 2024) and the average lithium battery having 20-30x the graphite content vs lithium, there is demand for this critical mineral. “

“We will continue to assess graphite potential, including metallurgy and further drilling, to add further value for the Millennium Cu-Co-Au project.”

Next Steps & Catalysts:

The company plans additional surface mapping and sampling, along with metallurgical testing to determine recovery, graphite flake size, sphericity and purity.

A further drilling program is planned to refine near-term scope for an Exploration Target and/or Mineral Resource. The company continues to monitor NW Queensland battery metals developments.

Commodity Outlook:

Graphite demand continues to grow with expansion in the electric vehicle battery sector, where graphite is the key raw material in battery anodes, containing 20-30 times more graphite than lithium. The industry is increasingly focused on securing ESG-friendly, non-Chinese supply sources.

Conclusion:

The discovery of significant graphite mineralization at Millennium represents a potentially valuable addition to the existing Cu-Co-Au resource. With high grades, substantial widths, and location within existing mining leases, the project shows promise for development in an area becoming known for battery mineral deposits.

Australia

ASX

Dec 2, 2024