Special Report: A Phase One drilling program at Kookynie was an overwhelming success for high flying junior gold explorer Metalicity, confirming “thick, continuous high-grade mineralisation at very shallow depths that is open in all directions”.

The Metalicity (ASX:MCT) share price is up 115 per cent over the past month, as investors reward outstanding gold intercepts from drilling at the historic Kookynie project in the Eastern Goldfields region of WA.

The remaining significant results from this Phase One drilling program are now in – which confirm the outstanding and extensive high grade, near surface gold at the Leipold and McTavish prospects.

Highlights include 2m at 14.11g/t from 39m at McTavish, and 8 metres at 4.05 g/t Au from 59 metres, at Leipold.

Overall, 32 of the 44 drill holes completed in Phase One returned a significant intercept. The strike rate of significant intercepts here is incredible, Metalicity managing director Jason Livingstone says.

“This program alone returned 32 from 44 drill holes completed, and to date we have drilled 63 holes in total, we have returned 48 significant intercepts,” he says.

At both prospects the company is observing widths, and most importantly grades, well and truly above their respective JORC 2004 Mineral Resource Estimates.

This bodes well for when a new Mineral Resource Estimate is conducted.

“This illustrates the continuous, consistent and high-grade nature of the Kookynie gold project and clearly shows the significant gold endowment.,” Livingstone says.

“We know more drilling will deliver more gold and I look forward to continuing this success into our Phase Two drilling program.”


‘Aggressive’ phase two drilling

Metalicity and its joint venture partner will be returning to Leipold and McTavish to continue to expand this mineralisation as part of a larger, more aggressive 5,000m drilling program, on the week starting 20 July 2020.

Phase Two drilling will initially look to significantly ‘step out’ (expand the gold zone) around Leipold just over 1 kilometre of strike length.

This illustrates the known 500m long, 80m deep mineralisation area at Leipold and the targeted area for the Phase Two Drilling:

Pic: The Leipold Prospect

At McTavish, new drilling will expand the known mineralised strike from ~200m “to potentially delineate high grade mineralisation over a 400- 500 metre strike length”, the company says.

The McTavish Prospect

A drone magnetic survey has also been completed in the field with data currently being processed by a reputable geophysical consultancy.

This is expected to be finalised within the next week, with results and interpretations to be folded into the Phase Two drilling program.

Metalicity Ltd Share Price Chart



This story was developed in collaboration with Metalicity, a Stockhead advertiser at the time of publishing.
This story does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.