Highlights
-- MBK has completed its acquisition of Kingston Resources Limited’s 75% interest in the advanced Livingstone gold project in WA
-- Livingstone provides:
---- Historical Resources at the Homestead prospect
---- The Kingsley gold deposit with mineralisation defined over 1km and open along strike and drilling data supporting an Exploration Target for this deposit
---- 40km+ of prospective strike length with multiple untested target areas
-- Perth based IGMS appointed to manage MBK’s 2022 work program at Livingstone Gold project aimed at:
---- defining additional JORC Resources across the project area including at the Kingsley deposit and upgrade of the Homestead resource to JORC 2012 compliant classification
---- assessing the potential for additional resources at Livingstone North
---- defining a clear path to additional mineralisation within the tenement package
Metal Bank Limited (ASX: MBK) (‘Metal Bank’, ‘MBK’ or the ‘Company’) is pleased to advise that it has completed the acquisition of Kingston Resources Limited’s (Kingston) wholly owned subsidiary, Westernx Pty Ltd and its 75% interest in the advanced Livingstone gold project in Western Australia (Livingstone Project), with the issue to Kingston of 125,000,000 ordinary shares and 62,500,000 options exercisable at $0.016 and expiring 7 December 2023, and payment of initial cash consideration to Kingston of $2.5M million.
MBK will pay a further $1.5 million to Kingston no later than 12 calendar months from Completion, or earlier upon MBK identifying independently verified JORC Inferred Mineral Resources of 100,000 ounces Au or more calculated on an Au Equivalent basis and with a minimum cut-off grade of no less than 0.5 g/t Au.
Deferred consideration of a further $5 million may become payable in the event that MBK achieves certain milestones regarding identification of additional JORC Mineral Resources for the project.
For more information, download the attached PDF.
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