Bonanza gold just the start at Metalicity’s McTavish prospect
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Recent drilling at the McTavish prospect — part of Metalicity’s Kookynie gold project in WA’s Eastern Goldfields – has delivered some of the highest grade results to date.
Results such as 1m grading 91.2 grams per tonne (g/t) gold from a depth of 30m within a broader 5m intercept at 25.9g/t gold from 28m and 6m at 20.6g/t gold from 19m including 4m at 29.1g/t gold from 20m are certainly impressive.
However, Metalicity (ASX:MCT) noted that the dip and angle of drilling indicates that these intercepts are very close to true widths for the mineralisation observed at McTavish.
The tenure and extent of mineralisation uncovered by drilling to date bodes very well for future resource estimates at the prospect.
Adding further interest, the drilling has also extended McTavish mineralisation south towards the Leipold prospect, which has also seen mineralisation creeping northwards.
With the 2km of strike between the two prospects becoming increasingly prospective for defining similar high-grade lodes, it is not surprising that the company is planning to prioritise this area and the McTavish prospect in its next stage of exploration.
“These are spectacular assay results from McTavish,” Chief executive officer Justin Barton said.
“With the pending JORC 2012 Mineral Resource Estimates over McTavish, Champion and Leipold, which are all on mining licenses, this provides the company with excellent optionality over these prospects.
“With the tenure of mineralisation being intersected at these prospects, the Company is in an exciting period as we look to concentrate our work on a Resource Estimate which describes the in-situ tonnes and grade.”
Metalicity holds a 51% controlling interest over the Kookynie project near Leonora, WA.
The project includes the Cosmopolitan mine that historically produced 360,000oz of gold between 1895 and 1922 and the Altona gold mining centre that produced 88,700oz between 1900 to 1965.
Since recommencing drilling this year, the company has completed 102 holes totalling 12,538m over the Leipold, McTavish, Champion and Cosmopolitan prospects.
Assays for all holes at Leipold and McTavish have been received while the 38 holes from both Champion and Cosompolitan are still pending.
This article was developed in collaboration with Metalicity, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.