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- Metalicity (MCT) has received a new batch of assays from the phase one drilling program at the Kookynie Gold Project in WA
- The aim of this program was to confirm mineralisation identified in previous programs and continue on from historical drilling at the McTavish and Leipold prospects
- Metalicity has now received results from 29 holes of the 44-hole program with results for the remaining 15 holes expected next week
- Of these results received so far, grades have peaked as high as 4.63 grammes per tonne of gold
- The company will now follow-up these results
- Metalicity is down 11.1 per cent on the market this morning and shares are trading for 3.2 cents each
Metalicity (MCT) has received a new batch of assays from the phase one drilling program at the Kookynie Gold Project.
The Kookynie Project is located 60 kilometres south-southwest of Leonora in Western Australia and hosts the McTavish, Leipold, Champion, Cumberland, Cosmopolitan, and Diamantina prospects.
The aim of this phase one program was to confirm the mineralisation identified in previous drilling programs, as well as continue on from historical drilling at both McTavish and Leipold.
Both of these prospects have JORC 2004 mineral resource estimates, and Metalicity will use the data to form a JORC 2012 estimate.
Metalicity has now received results from 29 holes of the 44-hole program with results for the remaining 15 holes pending. These come from McTavish and Leipold and are expected next week.
Significant results from the completed holes include two metres at 4.63g/t gold from 37 metres, three metres at 4.59g/t gold from 31 metres, and four metres at 3.69g/t gold from 23 metres.
“I am absolutely delighted with the results to date from our step out and confirmation drilling. Importantly these results are very shallow, high grade, which if converted to resources and reserve, could be potentially open pittable,” Managing Director Jason Livingstone commented.
“Of the 29 drill holes that we have received, our assay results for 21 out of 29 returned a significant intercept which speaks volumes of the endowment here,” he added.
While results are pending, Metalicity will be following up on the results it has already received and as the new one become available they will be used for future programs.
The company has also received approvals for reverse circulation and diamond core drilling and will undertake this work over all known prospects.
Metalicity is down 11.1 per cent on the market this morning and shares are trading for 3.2 cents each at 11:16 am AEST.
