Metalicity drilling hints at depth extension of Leipold gold lode
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Metalicity’s first diamond hole at the Leipold lode is already making waves with indications that gold mineralisation at this location may extend at depth.
The hole intersected a 12.25m intercept of Leipold mineralisation consisting of laminated quartz veining, intense alteration and a wide suite of sulphides from a depth of 191.45m, about 50m down-dip from the previous deepest mineralised zone.
Metalicity (ASX:MCT) notes that this is the deepest hole drilled to date at Leipold and that it may have extended mineralisation for at least a further 50m down dip and vertically from surface to approximately 180m.
Information from this core hole will assist in the estimation of a mineral resource at Leipold.
Further infill drilling is also scheduled, including another hole to extend this intercept by another 100m down-dip.
“The observation of Leipold mineralisation at these depths is truly exciting, and significantly extends our observations to date,” chief executive Justin Barton said.
“We continue to push forward and explore and develop the Kookynie Gold Project and it is fantastic to be rewarded with such an observation.
Barton said significant additional data was arriving from the diamond core drilling.
Although assays and metallurgical test work was pending, “initial density work will be carried out on these samples, along with the information derived from the other core holes scheduled, to finalise the Mineral Resource Estimate”.
Besides illustrating that the Leipold lode continues for a considerable distance down-dip, the first diamond core hole also revealed a significant width of a hanging wall laminated quartz vein, a foot wall laminated quartz vein, and highly altered and sulphide rich interstitial material between the two quartz veins.
This is significant given that previous reverse circulation drilling had alluded to a rich hanging and footwall quartz vein with the interstitial material still carrying grade.
Metalicity plans to drill a further five core holes at Leipold and two holes at McTavish to allow for the finalisation of a mineral resource estimate.
Leipold and McTavish are just two of nine prospects that Metalicity has identified at the Kookynie project about 60km south-southeast of Leonora, Western Australia.
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.