- Gold explorer Metalicity (MCT) is reporting a potentially significant step change at its Kookynie project, with recent data suggesting a large expansion of the mineralised footprint
- If the new potential zones prove fruitful, the company is envisioning a camp-scale development at the project
- Recent mapping and reinterpretation of regional geophysics has indicated possible strike extensions of eight kilometres around known deposits
- Metalicity has commissioned a high-detail magnetic geophysical survey to define new drill targets over the next two to three weeks
- The company now has a stated exploration target between 294,000 ounces and 967,000 ounces across the project
- Metalicity is up over 37 per cent off the back of the positive news, with shares priced at 1.1 cents each
Gold explorer Metalicity (MCT) is reporting a potentially significant step change at its Kookynie project, with recent data suggesting a large expansion of the mineralised footprint.
If the new potential zones prove fruitful, the company is envisioning a camp-scale development at the project.
Kookynie was already known to contain high-grade deposits from historical mine workings which produced a combined 440,000 ounces of gold at 15 to 30 grams per tonne.
Recent mapping work and reinterpretation of regional geophysics have revealed significant extensions to the mineralised zones around those historical mine sites.
The Cosmopolitan mine, which produced 360,000 ounces of gold, has indications of strike extensions of around two kilometres to the north and south of historical workings.
There are also four kilometres of potential strike extensions around the very high-grade Altona mine site, and a further two kilometres around the Champion, Leipold and McTavish deposits.
While the extensions are only conceptual at this point, Metalicity would be hopeful the newly-identified mineralised zones host the same level of rich resources as historical workings at Kookynie.
Metalicity now has a stated exploration target between 294,000 ounces and 967,000 ounces across the project.
The company has engaged RocAerial to conduct a high-detail magnetic geophysical survey across the eight kilometres of new strike to identify priority drill targets.
The survey is already underway and is expected to be completed within the next two to three weeks.
Metalicity Managing Director Jason Livingstone says there could be huge untapped potential at Kookynie.
"Having circa eight kilometres of strike potential within such a historically prolific gold producing region is exciting, to say the least," Jason said.
"This geophysical programme will give us the detail needed to ensure our target generation is efficient and that any follow up drilling planned is targeted and effective as possible," he said.
Extension drilling is already underway at the Leipold and McTavish deposits.
Once the new geophysical data is analysed, Metalicity should have more than a handful of new targets to explore and high hopes a greatly expanded mineral resource will emerge from the assays.
The first results from the current drilling are expected in coming weeks.
Metalicity is up 37.5 per cent off the back of the positive news, with shares priced at 1.1 cents each as at 2:37 pm AEST.