Metal Bank Limited (ASX: MBK) has entered into two agreements with the government of Jordan, represented by the Ministry of Energy and Mineral Resources (MEMR), granting the company exclusive copper exploration rights and reconnaissance rights in Jordan:
- The Malaqa Exploration agreement for copper exploration within the Um el Amad historical mining area
- A regional reconnaissance agreement for inspection, assessment, and studies for copper resources within the highly prospective Wadi Araba area in Jordan, in cooperation with the MEMR
Metal Bank’s chair, Inés Scotland said: “The Malaqa region provides MBK with immediate upside with copper resource potential centred on the historic Um el Amad mine; one of the most significant sources of copper in the Roman empire, which has never been subject to modern, systematic exploration.”
The two agreements provide the company with first-mover advantage in Jordan, where very limited base and precious metal exploration has been conducted in recent decades.
The Malaqa Exploration agreement covers 25km2 in the west of Jordan, it has been granted for an initial two-year work programme that includes the historic near surface Um el Amad stratiform sediment-hosted copper deposit that was intermittently mined in Chalcolithic and Roman times.
The reconnaissance agreement grants the company rights to conduct studies, reconnaissance, inspection, and assessment for copper throughout the Wadi Araba area of Jordan for a period of two years (excluding areas granted to third parties, military areas, or natural or archaeological reserves), with the specific aim of identifying areas for mineral resource exploration and mining potential.
Metal Bank has established a team that is ready to commence exploration work including sampling of priority areas in historical mining areas to be soon followed by high priority target drilling.
Ms. Scotland continued, “Equally exciting is the opportunity to investigate and explore the Proterozoic basement rocks of the Arabian Nubian Shield which outcrop in the Wadi Araba area in southern Jordan. The ANS hosts some world-class deposits such as Jabal Sayid in Saudi Arabia, that we have significant experience with from our time in Saudi.”
To find out more, please visit www.metalbank.com.au
