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- Metalicity’s (MCT) shares rise have skyrocketed nearly 80 per cent after announcing spectacular first assay results from the Kookynie Gold Project in WA
- These assays account for the first 11 holes from a 44-hole phase one drilling program conducted at the Leipold and McTavish
- Drilling returned grades of up to 20.7g/t gold from Leipold
- Assays are pending for 33 holes and, in the meantime, Metalicity is planning to expand drilling into the Champion, Altona and Cosmopolitan prospects
- Company shares have skyrocketed 78.6 per cent and are trading for 2.5 cents each
Metalicity (MCT) has returned spectacular first assay results from a phase one drilling program at the Kookynie Gold Project in the Eastern Goldfields of WA.
These first batch of assays account for the first 11 holes of a 44-hole, for 2255 metres, initial program. These results confirm significant and extensive high-grade, near-surface gold mineralisation at the Leipold prospect.
The Kookynie Gold Project hosts seven prospects including the Champion, McTavish, Leipold, Diamantina, Cosmopolitan, Cumberland and the Altona Trend.
A total of 34 holes were drilled at Leipold and a further 10 holes were drilled at McTavish. Assays for the remaining 33 holes are pending.
Significant results include four metres at 16.3g/t gold from 42 metres including three metres at 20.7g/t gold from 42 metres, nine metres at 5.7g/t gold from 35 metres including two metres at 17.9g/t gold from 40 metres, four metres at 13g/t gold from 33 metres, and three metres at 9.92g/t gold from 18 metres.
All but one drill hole of the 11 received so far has returned a significant intercept.
“With every drill hole completed, we continue to illustrate that the Kookynie Gold Project has the potential to be a prolific gold area. Again, these results are very shallow, which if converted to resources and reserves, could be potentially open pittable,” Managing Director Jason Livingstone said.
This phase one drilling program aimed to further confirming the mineralisation from the previous drilling program. It was also designed to confirm and continue the step-out from historical drilling at Leipold and McTavish.
As most assays are still pending, Metalicity is using the information from reverse circulation drilling to plan future programs at McTavish and Leipold.
The company hopes to expand the next drilling program to the Champion and Altona prospects and then return to the Cosmopolitan Gold Mine. This mine produced 360,000 ounces at 15g/t between 1896 and 1922.
Company shares have skyrocketed 78.6 per cent and are trading for 2.5 cents each at 10:55 am AEST.
