Millennium Drilling Yields 30m at 14% Graphitic Carbon Adjacent to Copper Deposit
Metal Bank Limited has intersected thick, high-grade near-surface graphite adjacent to its Millennium copper-cobalt-gold resource in northwest Queensland, potentially adding a valuable critical mineral to the project.
- Diamond drilling confirms thick, continuous graphite mineralisation over 2km strike
- Notable assays include 13.1m at 12.23% TGC from 1m and 30.85m at 14.11% TGC from 60.4m
- Graphite mineralisation occurs in hangingwall of existing Co-Cu-Au deposit
- Preliminary metallurgical testing underway with Queensland Government grant support
- MOU signed with Austral Resources for ore processing at nearby Rocklands mill
A New Dimension to Millennium
Metal Bank Limited (ASX: MBK) has revealed a significant development at its Millennium Project near Cloncurry, northwest Queensland. Recent diamond drilling completed in December 2025 has intersected thick, high-grade near-surface graphite mineralisation adjacent to the existing copper-cobalt-gold (Co-Cu-Au) resource. This discovery adds a new critical mineral dimension to a project historically focused on base and precious metals.
The drilling results are compelling. Highlights include 13.1 metres grading 12.23% Total Graphitic Carbon (TGC) from just 1 metre below surface, and an even more substantial 30.85 metres at 14.11% TGC from 60.4 metres depth. These graphite zones lie approximately 50 metres west and parallel to the Millennium Co-Cu-Au resource pit design, extending over a strike length exceeding 2 kilometres. The mineralisation remains open in all directions, suggesting further upside potential.
Geological Insights and Strategic Implications
Geologically, the graphite is interpreted as fine-grained and formed through metamorphic upgrading of carbonaceous siltstones, preferentially located in the hangingwall of the copper-cobalt-gold mineralisation. The proximity to mafic units appears to influence graphite enrichment, likely due to thermal and structural effects. This relationship could guide future exploration targeting.
Metal Bank’s CEO, Tim Gilbert, emphasised the strategic importance of this discovery: "The Millennium Project is now a significant part of Metal Bank’s portfolio and plays a major part in our plans to become a miner, not just an explorer. The graphite mineralisation potentially adds value by converting what might have been waste into a critical mineral asset." The company has also secured an MOU with Austral Resources to process Millennium ore at the Rocklands mill, just 20 kilometres away, which could streamline development.
Funding and Forward Steps
The graphite drilling program was majority funded through the Queensland Government’s Collaborative Exploration Initiative (CEI) grant, underscoring public sector support for critical mineral exploration. Preliminary metallurgical test work has commenced on recent drill samples, aiming to assess the graphite’s processing characteristics and economic viability.
Looking ahead, Metal Bank plans to pursue mining lease grants, additional exploration drilling, and comprehensive metallurgical testing across all commodities at Millennium. These steps will be crucial to firming up the project’s viability and unlocking near-term value for shareholders.
Context Within a Growing Market
The discovery of high-grade graphite alongside established copper, cobalt, and gold resources positions Metal Bank well within the evolving landscape of battery and critical mineral supply chains. Graphite is a key component in lithium-ion batteries, and its integration into the Millennium Project could enhance the project’s appeal amid rising demand for electric vehicle and energy storage materials.
While no formal graphite Mineral Resource has yet been declared, the continuity and grade of mineralisation reported provide a strong foundation for future resource definition. The company’s ability to leverage existing infrastructure and nearby processing facilities further supports the project’s development potential.
Bottom Line?
Metal Bank’s graphite discovery could transform Millennium into a multi-commodity project, but further drilling and metallurgical results will be pivotal.
Questions in the middle?
- How will ongoing metallurgical testing influence the economic viability of the graphite mineralisation?
- What impact will the additional graphite resource have on the overall project economics and mine plan?
- When can investors expect updates on mining lease approvals and resource upgrades incorporating graphite?
