Metal Bank Limited (ASX:MBK), a company focused on gold, copper, and cobalt exploration projects, has announced that its wholly-owned subsidiary, Great Western Gold Pty Ltd, has lodged a Mining Lease (ML) application over the Seven Leaders deposit at the Whiteheads Gold Project near Kalgoorlie. The application covers the area centred on the Seven Leaders Deposit, which holds a JORC 2012 Mineral Resource Estimate (MRE) of 138,000 tonnes @ 1.4g/t Au for 6,300 ounces of gold (6,200oz Indicated, 100oz Inferred). The deposit is held under Joint Venture with Zebina Minerals Pty Ltd (GWG 75%: Zebina 25%).
The company highlighted recent high-grade gold recovery results, including intensive leaching at >99% and exceptional gravity gold recovery at 72.5%. The majority of the mineralisation at Seven Leaders is shallow, residing within the oxidised and transitional zones. The deposit stretches approximately 250 metres in strike length, extending from the surface to at least 60 metres below ground. The proposed mining method is a conventional open-cut, drill, and blast operation.
According to Metal Bank’s CEO, Tim Gilbert, the ML application marks another significant step towards becoming a near-term gold producer at Seven Leaders. He stated that the company is undertaking further work to determine the optimum processing strategy, with expected low capital costs being key to the project start-up. Gilbert also noted the completion of heritage and environmental surveys, as well as the commencement of discussions with mining contractors.
Metal Bank anticipates the commencement of mining in Q4 2026, subject to the completion of optimisation studies, mine plan refinement with consultants, sterilisation drilling, access agreements with Gindalbie Station, and the preparation of a Mine Development and Closure Plan. The company remains well-positioned to bring Seven Leaders into production later in 2026.
