Metalicity scores best ever 100g/t gold hit at Kookynie
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Special Report: Metalicity’s Kookynie gold project in WA’s Eastern Goldfields continues to excite with second phase drilling returning some of the best intersections to date.
This includes a 1m intersection grading 100.77 grams per tonne (g/t) gold from 67m within a broader 4m zone at 26.91g/t gold from 65m, 4m at 17.29g/t gold from 103m and 8m at 9.33g/t gold from 97m.
Metalicity (ASX:MCT) has now received assays for 40 holes of the expanded drilling program that is currently underway at Kookynie and expects to receive results from a further 38 holes in late September.
“With such spectacular results being returned from our work on a consistent basis, coupled with a further 21 targets defined from the drone magnetic survey, we are well funded and poised to significantly accelerate our exploration and development efforts at the Kookynie gold project,” managing director Jason Livingstone said.
“The recent assays are some of the best intersections drilled by Metalicity to date, and the rest of 2020 and beyond is shaping up to be an incredibly exciting time for the company as we step up our work programs to capitalise on these continued outstanding results.”
The phase-two drilling program is designed to significantly step out and continue to confirm the mineralisation observed in the company’s previous drilling programs.
Metalicity says the results demonstrate that very shallow mineralisation exists at the Leipold prospect and the down dip extensions are showing the continuation of high-grade plunges.
The company added that consistent widths and relatively consistent grades had been observed in relation to the north-south trending structural framework that hosted the mineralisation.
With the exception of significantly wider mineralised intercepts, Metalicity is observing a general halo of mineralisation but with higher grading, southerly plunging shoots within the mineralised envelope.
While the drilling has validated its structural interpretation, Metalicity added the recent detailed drone magnetic survey would allow for an efficient and high-confidence interpretation of the 8km of strike that is hosted within the Kookynie project.
Future drilling is expected to be expanded to continue evaluating the Champion, Fortuna and Altona prospects, along with returning to the Cosmopolitan gold mine area that produced 360,000oz of gold at an impressive 15g/t between 1896 and 1922.
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.