HIGHLIGHTS Masn Valley Cpper Prject QUARTERLY ACTIVITIES REPORT ASX ANNOUNCEMENT 30 July 2015 ASX: MBK Fr the quarter ended 30 June 2015 Large, untested cpper system recgnised and centered n histric Bluestne cpper mine. High grade cpper results frm initial surface cmpsite / channel rck chip sampling prgramme up t 40m @ 2.68% Cu including 28m @ 3.05% Cu 1. Identificatin f untested high grade re znes belw histrically mined pen cut and undergrund wrkings (100m deep). IP and CSAMT gephysical surveys cmpleted with results identifying new untested targets. Drilling cmmenced subsequent t quarter end. Metal Bank Limited (ASX:MBK) Metal Bank Limited ( MBK r the Cmpany ) is pleased t utline belw the activities fr the quarter ended 30 June 2015. Abut the Masn Valley Cpper Prject The Yeringtn camp is a significant cpper district with wrld class statistics supprted by a resurce base f ver 12Mt f cpper 2 and past prductin f apprximately 1Mt f cpper. Mineralisatin within the Yeringtn cpper district is intimately assciated with the Yeringtn bathlith creating large scale prphyry style depsits tgether with assciated skarn and breccia style depsits. The Masn Valley Cpper Prject (the Prject) cnsists f numerus histrical undergrund mines t depths f up t 150m. Apprximately 3.8Mt at a grade f 2.5% t 6.2% cpper frm 1910 t 1931 was cllectively prduced fr three f these mines fr which histrical dcumentatin is currently available. These are: Masn Valley Mine histrical prductin 1.7Mt @ 2.5% t 6% Cu Bluestne Mine histrical prductin 1.5Mt @ 2.5% t 3.5% Cu Malachite Mine histrical prductin 0.6Mt @ 3.5% t 6.2% Cu The clsure f these mines cincided with the nset f the Great Depressin. 1 MBK ASX Release 21 April 2015 2 Surce: Nevada Cpper, Entrée Gld and Quaterra Resurces NI43-101 reprts Metal Bank Limited ABN: 51 127 297 170 Telephne: +61 3 9639 0558 Facsimile: +61 3 9671 3299 Email: inf@metalbank.cm.au Suite 1, Level 16, 60 Cllins St, MELBOURNE VIC 3000 PO Bx 18155, Little Cllins St VIC 8003 Australia www.metalbank.cm.au
Apprximately 13Mt in cpper resurces and past prductin within the Yeringtn district is intimately assciated with significant prphyry and high grade skarn styles f cpper mineralisatin f the Yeringtn Bathlith (Jurassic age) 3. Figure 1: Shwing the Masn Valley Cpper Prject and the lcatin f figure 2 insert where cmpsite / channel rck chip sampling has been cmpleted as part f the initial phase f explratin n the Prject. Rck Chip Sampling Prgramme Bluestne Prspect Detailed gelgical / structural mapping has identified brad znes f utcrpping cpper xide mineralisatin assciated with a hydrthermal breccia zne centred n the histrical Bluestne cpper mine. The breccia zne is prly cnstrained and new mapping cnfirms the true extent 3 Surce: Nevada Cpper, Entrée Gld and Quaterra Resurces NI43-101 reprts Page 2
remains pen t the nrth and suth. Initial cmpsite / channel rck chip sampling (2m cmpsite samples) returned significant results 4 including: 40m @ 2.68% Cu including 28m @ 3.05% Cu 38m @ 2.06% Cu including 12m @ 3.80% Cu and 4m @ 2.94% Cu 18m @ 1.45% Cu including 4m @ 2.31% Cu Refer t figure 2 belw shwing the lcatin f the results. A new structural interpretatin indicates that the Bluestne breccia system has a shallw dip f apprximately 30 degrees twards the sutheast. The depth extent/cntinuatin f the mineralised breccia is interpreted t be preserved within a fault bunded blck between the Bluestne and Sales faults, refer t figure 3 belw. Figure 2: Lcatin f cmpsite / channel rck chip results frm the Bluestne and Nut Cracker Prspects as well as the lcatin f the Bluestne lng sectin shwn in figure 3. 4 MBK ASX Release 21 April 2015 Page 3
Figure 3: Interpreted lng sectin thrugh the Bluestne breccia hsted cpper system. Refer t figure 2 shwing the lcatin f the lng sectin. Nutcracker Prspect Recent gelgical mapping has identified brad znes f utcrpping cpper mineralisatin assciated with skarn alteratin at the Nutcracker prspect. Initial cmpsite / channel rck chip sampling (2m cmpsite samples) ver altered znes returned significant results 5 including: 14m @ 0.82% Cu 20m @ 0.70% Cu and 14m @ 0.52% Cu 16m @ 1.37% Cu including 4m @ 3.17% Cu Refer t figure 2 shwing the lcatin f the results. The mapped skarn alteratin / cpper mineralisatin is cincident with an histrical IP anmaly which remains t be drill tested. IP Survey During the quarter MBK cmpleted an IP survey ver the Prject (4 x diple-diple lines and 1 x CSAMT line) with results identifying new untested IP targets at Nutcracker and adjacent t Cpper Hill. Likewise, pyrite is intimately assciated with high grade cpper mineralised znes in the undergrund wrkings at Masn Valley Mine. It cnfirms IP as a valid tl fr targeting beneath histrical wrkings fr future drilling prgrammes. Results frm the CSAMT line cmpleted at Bluestne appear t shw fault blck dmains and will be reviewed nce sme drilling has been cmpleted and culd shw new ptential at depth t the east f Bluestne breccia. 5 MBK ASX Release 21 April 2015 Page 4
Detailed prspect scale mapping at the Malachite mine area lcated t the immediate suth f Masn Valley mine was cmpleted n surface and in undergrund wrkings. Three drill hles are planned t test fr suthern extensin f the Masn Valley cpper system. Detailed prspect scale mapping at surface and undergrund has als been cmpleted n the nrth extensin f Masn Valley Mine (nrth f the undergrund wrkings). Pririty targets n the prject are: Bluestne prspect Nutcracker prspect Masn Valley prspect Cpper Hill prspect Malachite prspect Drilling Prgramme MBK cmmenced the initial drilling phase f the Prject subsequent t quarter end. This initial prgramme will fcus n the Bluestne prspect targeting extensins t the Bluestne Cpper Mine (ave. mined grade 2.5% Cu). Imprtantly MBK has recgnised that a large breccia style mineral system has been structurally rtated nt its side, a mdel which was nt tested by limited previus drilling cmpleted in the 1960 s. Extensins t cpper mineralisatin utside f the Bluestne mine has been cnfirmed. Recent results frm channel rck chip sampling cmpleted by MBK include 38m @ 2.06% Cu including 12m @ 2.80% Cu and 4m @ 2.94% Cu 6. Initial drilling is als planned n the Nutcracker Prspect. MBK channel rck chip sampling returned 16m @ 1.37% Cu including 4m @ 3.17% Cu 5 within a cpper skarn mineral system. Triumph, Eidsvld and Mt MacKenzie Prjects N wrk was undertaken during the quarter n the abve prjects. A 3 year renewal f the Mt MacKenzie prject tenements has been granted by the QDME. Change t Registered Office With effect frm 1 April 2015 Metal Bank s place f business and registered ffice is as utlined belw. Fr further infrmatin cntact: Tny Schreck Directr Email: tny@metalbank.cm.au 6 MBK ASX Release 21 April 2015 Page 5
Abut Metal Bank Metal Bank Limited is an ASX-listed minerals explratin cmpany (ASX: MBK). Metal Bank s cre fcus is creating value thrugh a cmbinatin f explratin success and quality prject acquisitin. The cmpany s key prject is the Masn Valley Cpper Prject situated in the Wrld Class Yeringtn cpper district, Nevada, USA. In additin the cmpany is als fcused n the Eidsvld and Triumph Gld Prjects situated in the nrthern New England Fld Belt f central Queensland, Aust which hsts the Cracw (3Mz Au), Mt Rawdn (2Mz Au), Mt Mrgan (8Mz Au, 0.4Mt Cu) and Gympie (5Mz Au) gld depsits. The cmpany has an experienced Bard and management team that brings reginal knwledge, expertise in early stage explratin and develpment, relevant experience in the mid cap ASX-listed resurce sectr and a fcus n sund crprate gvernance. Bard f Directrs and Management Inés Sctland (Nn-Executive Chairman) Guy Rbertsn (Executive Directr) Tny Schreck (Executive Directr) Registered Office Metal Bank Limited Suite 1, Level 16 60 Cllins Street Melburne VIC 3000 AUSTRALIA Phne: (+61) (3) 9639 0558 Facsimile: (+61) (3) 9671 3299 www.metalbank.cm.au Cmpany Secretary Sue-Ann Higgins Share Registry Advanced Share Registry Services 110 Stirling Highway Nedlands WA 6009 AUSTRALIA Phne: (+61) (8) 9389 8033 Facsimile: (+61) (8) 9262 3723 www.advancedshare.cm.au Please direct all sharehlding enquiries t the share registry. Page 6
Cmpetent Persns Statement The infrmatin in this reprt that relates t Explratin Results is based n infrmatin cmpiled r reviewed by Mr Tny Schreck, wh is a Member f The Australasian Institute f Gescientists. Mr Schreck is an emplyee f the Cmpany. Mr Schreck has sufficient experience which is relevant t the style f mineralisatin and type f depsit under cnsideratin and t the activity which he is undertaking t qualify as a Cmpetent Persn as defined in the 2012 Editin f the Australasian Cde fr Reprting f Explratin Results, Mineral Resurces and Ore Reserves. Mr Schreck cnsents t the inclusin in the reprt f the matters based n his infrmatin in the frm and cntext in which it applies. The Explratin Targets described in this reprt are cnceptual in nature and there is insufficient infrmatin t establish whether further explratin will result in the determinatin f Mineral Resurces. Any resurces referred t in this reprt are nt based n estimatins f Ore Reserves r Mineral Resurces made in accrdance with the JORC Cde and cautin shuld be exercised in any external technical r ecnmic evaluatin. Metal Bank Limited Tenement Schedule Metal Bank Limited Munt Mackenzie Prject EPM15668 - Queensland Rar Resurces Pty Ltd (Whlly Owned Subsidiary) Triumph Prject EPM18486 Queensland EPM19343 Queensland Eidsvld Prject EPM18431 Queensland EPM18753 Queensland EPM19548 Queensland Page 7