Metal Bank's WesternX Subsidiary Applies for Mining Lease at Kingsley Gold Deposit
WesternX, a wholly-owned subsidiary of Metal Bank (MBK.AX), has submitted an application for a mining lease over the Kingsley gold deposit in Western Australia. The deposit is part of the broader Livingstone Project and contains an inferred resource estimate under JORC 2012 standards of 73,000 ounces of gold from 1.68 million tonnes at 1.35 grams per tonne. With a reported average recovery rate of 93.8%, Kingsley is positioned as a key asset in the project. The Livingstone Gold Project includes three deposits with an aggregate JORC resource estimate totaling 122,500 ounces of gold across inferred and indicated categories. The deposit remains open for expansion to both north and south directions. Metal Bank's CEO Tim Gilbert emphasized that this application is a significant step toward becoming a near-term producer. The company also plans drilling at Homestead and Winja deposits as part of its broader strategy, with the aim of progressing mining lease approvals.