Join our daily newsletter At The Bell to receive exclusive market insights
- Metalicity (MCT) has kickstarted drilling at its Kookynie Gold Project in Western Australia
- In December, the company reported significant gold intercepts from an earlier drilling program at the project
- The program confirmed gold mineralisation extends past previously developed and drilled areas
- As a result, the drilling program at Kookynie is designed to follow-up on previous drill results
- Managing Director, Jason Livingstone, said that the company’s recent capital raise will continue to develop Kookynie
- Metalicity is up 7.14 per cent on the market today, and is selling shares for 0.8 cents each
Metalicity (MCT) has kickstarted drilling at its Kookynie Gold Project in Western Australia.
In December, the company reported significant gold intercepts from a past drilling program at the project. The program confirmed gold mineralisation extends past previously developed and drilled areas.
The current drilling program at Kookynie is designed to follow-up on previous drill results.
Kookynie is located around 60 kilometres south of Leonora and hosts six significant prospects; Champion, McTavish, Leipold, Diamantina, Cosmopolitan and Cumberland.
The project includes the historic Cosmopolitan mine, which produced 360,000 gold ounces at a very high average head grade of 15g/t. Limited work has been completed at the Cosmopolitan Gold Mine and other prospects, such as Champion, McTavish and Leipold.
Based on data, Metalicity has defined a significant exploration target of between 294,000 and 967,000 ounces of gold.
Managing Director Jason Livingstone said that with the recent capital raise the company will now continue to develop Kookynie.
“An initial 40-hole reverse circulation (RC) program is designed and is currently being executed to follow up the phenomenal drill hole results we published at Leipold and McTavish,” he said.
The aim of this drilling is to explore the high-grade mineralised systems that previous work has identified.
“This is part of a larger, staged program to really start showing how big these prospects are. I have every confidence that our success will be repeated, and I look forward to keeping our shareholders and the market in general abreast as developments arise,” he added.
Metalicity is up 7.14 per cent on the market today, and is selling shares for 0.8 cents each at 12:28 pm AEST.
