Metalicity hits bonanza 77.4g/t gold in new zone east of Leipold
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Metalicity’s Kookynie project is looking increasingly appetising after drilling uncovered bonanza gold grades in a new zone 200m east of the main Leipold Lode.
Notable reverse circulation drilling results in the new zone are 1m grading 77.4 grams per tonne (g/t) gold from 74m within a broader 10m zone at 8.34g/t gold from 64m (LPRD0002) and 1m at 5.3g/t gold from 74m within a 3m intersection grading 3.05g/t gold from 73m (LPRD0005).
Importantly for Metalicity (ASX:MCT), the results indicate a possible new parallel lode to the main Leipold Lode and demonstrates that the area is very prospective for further high-grade mineralisation.
“These are spectacular results, and the identification of an outlying bonanza intercept further adds to the excitement of this prospect,” chief executive officer Justin Barton said.
“This adds up to a very exciting picture of significant potential to grow laterally, as well as along strike and down dip at Leipold, with significant mineralisation at depth encountered from the core of the diamond drilling for which we eagerly await assays.”
He added that the potential to deliver a step change in the initial resource estimate bodes well for the project and highlights the commercial sense behind its proposed acquisition of Nex Metals Exploration (ASX:NME).
Assays are pending for the company’s diamond drilling.
The results from the RC pre-collars of both LPRD0002 and LPRD0005 are considered to be exceptional with the 10m intersection in the LPRD0002 demonstrating a very consistent and wide mineralised intercept.
Results from the diamond drilling portion of both holes are expected to be intriguing to say the least, with the company already planning to test the dimensions of these intercepts and how they may potentially contribute towards the resource estimate on a possible separate lode.
Follow up drilling is planned for the new year within this area.
Density measurements from the core are being completed and will form the basis for the tonnage aspect of the resource estimate.
Metalicity expects these to be completed by early December with the metallurgical test work also expected to be finalised by mid-December 2021 as well.
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.