- Since early October, Metalicity (MCT) has completed 86 holes, for nearly 7500 metres, at various targets within the Kookynie Gold Project in WA
- Reverse circulation drilling was undertaken to systematically target the Altona, Cosmopolitan North, Orient Well East and Leipold North prospects
- Unfortunately, there’s a slow turnaround time on assay results and all assays from this drilling are pending
- Despite that, Metalicity has seen some positive indications and is looking forward to continuing exploration into 2021
- Metalicity is up 11.8 per cent and shares are trading at 1.9 cents
Metalicity (MCT) has provided an update on drilling at the Kookynie Gold Project in the Eastern Goldfields of Western Australia.
Since early October, 86 holes, for 7464 metres, have been drilled to systematically target the Altona, Cosmopolitan North, Orient Well East and Leipold North prospects within Kookynie.
Unfortunately, there’s currently a slow turnaround time on assay results and all assays from the 86 holes drilled so far are pending.
“Whilst we would have liked some assays returned by now, we should see a steady stream of results for the next few months as we have stepped up drilling efforts,” Managing Director Jason Livingstone said.
A total of 24 holes, for 2394 metres, have been drilled at Altona where Metalicity aimed to follow-up and step-out from existing working and evaluate the presence of mineralisation.
Moving to Cosmopolitan North, 21 holes were drilled, for 1908 metres. This target seems to be a strike extension and potential repeat of the historical Cosmopolitan Gold Mine which has produced 360,000 ounces at an average grade of 15g/t gold.
Results are pending, however, Metalicity has confirmed the area hosts similar lithologies to the same-name mine which bodes well for prospectivity and will assist in defining more drill targets.
At Leipold North, 26 holes, for 1956 metres, were drilled. Pleasingly, an ultra-high resolution drone magnetic survey highlighted some significant anomalous that represent an opportunity for exploration success.
Metalicity interprets the target to be the offset extension to the main Leipold prospect which has previously returned near-surface and high-grade results. These include four metres at 26.91g/t gold from 65 metres including one metre at 100.77g/t gold from 67 metres, and four metres at 17.29g/t gold from 103 metres including two metres at 28.79g/t gold from 104 metres.
The Orient Well East target is situated directly along strike from the historical Orient Well Mine.
The company drilled 15 holes, for 1206 metres, at the target to test the structural disruptions that were highlighted in an aerial drone survey.
Moving forward, Metalicity will finalise drilling at Orient Well East and drill three more holes at Leipold to confirm historical drilling and provide samples for metallurgical testwork. It’s also planning to follow-up on drilling at Mulga Plum which is a recently acquired prospect within the Kookynie project.
“2020 has certainly provided a fantastic foundation for us to launch into 2021,” Jason concluded.
Metalicity is up 11.8 per cent and shares are trading at 1.9 cents at 1:06pm AEDT.