Metal Bank is planning to follow up high grade rock chip results of up to 30.8 grams per tonne gold, 154 gram per tonne silver and 6.54% copper from the Spinifex Ridge East Project in early 2013.
Spinifex Ridge East is located around 10 kilometers west of Haoma Mining’s Bamboo Creek Gold Mine in northwest Western Australia in a well endowed mineral district.
The Bamboo Creek goldfield, and related shear zone was historically one of the major gold producers in the Pilbara region with over 250,000 ounces of gold discovered and mined.
Haoma Mining recently announced very high grade gold and platinum group metals results from testing of the Bamboo Creek tailings where a pilot plant is operating and installation of additional plant and equipment is anticipated.
The Bamboo Creek shear zone has been a major regional gold producer and the geology that hosts the Bamboo Creek goldfield continues northwesterly onto the northern extent of Metal Bank’s exploration licence E45/2596. This geology is considered to hold the greatest potential for short-term identification of potentially economic mineralisation.
Metal Bank’s Spinifex Ridge East project also covers an extensive portion of a prospective granite greenstone contact. The project area is attractive for a number of mineralization styles including porphyry hosted molybdenum copper and shear related gold deposits.
Prior to Metal Bank acquiring the project in June 2011 rock chip and soil geochemical sampling outlined four surface copper exposures immediately east of the Spinifex Ridge molybdenum and copper deposit. These are the Copper Gossan, Terry’s Gossan, Copper Find and Norm’s Find as well as the Northern gold in soil anomaly.
