Extremely high grade hits of up to 430 g/t gold for Metalicity
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Special Report: Extraordinary thick, high grades up to +430g/t from historic sampling indicate there is much more gold to find in Metalicity’s (ASX:MCT) 100-year-old Cosmopolitan mine.
This is just one of many large, high-grade opportunities for the junior explorer at its Kookynie project in WA.
Between 1896 and 1922 Cosmopolitan was one of Australia’s largest gold mines, producing 360,000oz at an average head grade of 15 grams per tonne (g/t).
In today’s terms — when +5g/t is generally considered high grade — that would make Cosmopolitan one of Australia’s highest-grade gold mines.
Historical data, including extensive ‘channel sampling’, at Cosmopolitan has now revealed upside within areas previously thought to be exhausted and ‘mined out’.
Channel sampling involves collecting a series of soil or rock samples of soil along the ‘face’ of a mine.
Of the 2,438 samples presented, 110 returned assays above 100g/t, 444 returned assays above 50g/t, and 1,046 returned assays above 20g/t.
3.2m at 428.6g/t
2.2m at 433.2g/t
2m at 330.6g/t
2.2m at 220.4 g/t
2m at 220.4 g/t
2.1m at 217.4 g/t
2.1m at 214.3 g/t
This map below shows the location of the channel samples at Cosmopolitan. The pervasive dark red/maroon represents +40 gram metre (grade times width) samples:
It also illustrates the location of historical production at Cosmopolitan and potentially delineates areas that were sampled and not mined.
There is also significant ‘down dip’ potential to the known mineralisation, along with the 2km of strike recently identified to the north and south of the mine.
Importantly, it appears that only a ‘footwall’ lode was mined at Cosmopolitan.
Metalicity believes the Cosmopolitan structure also hosts a ‘hanging wall’ gold lode as observed in the Cumberland Pit, just north of Cosmopolitan.
The upside for Metalicity is clear.
Managing director Jason Livingstone says the opportunity at Cosmopolitan and the wider Kookynie gold project “is now multiple times what we thought it could be”.
“The widths and grades of mineralisation of ore illustrated by the historic channel sampling presents Metalicity with an incredible dataset to assist in defining our work programs moving forward with this project,” he says.
“Our next step is to continue the work on the historical data and drill some holes to test the potential extensions to the remnant mineralisation, and also test down dip and along strike.
“With the historic mine producing 360,000 ounces at 15g/t gold, grade is clearly in the system and we could not be more excited about the potential.”