Metalicity has scored a 118.4g/t gold hit at the Leipold prospect. Pic: Getty Images
Mining
Metalicity has once again demonstrated the prospectivity of its Kookynie project near Leonora with deeper drilling returning a top intersection of 1m at 118.4g/t gold.
The intersection, which is within a broader 2m intersection grading 59.9g/t (grams per tonne) gold from 147m, is the highlight of the latest batch of assays that confirmed downdip extensions to mineralisation at the Leipold prospect.
Importantly, the downdip extensions represent a step change at the prospect as they have the potential to significantly increase mineralisation envelopes.
Metalicity (ASX:MCT) adds that mineralisation at Leipold has now been defined over a strike length of 800 metres, which remains open to the north, and to a vertical depth of 130m that remains open at depth, while the downdip component has been defined to just 200m.
“The results received to date confirm the downdip extensions to the mineralisation observed at Leipold, which is highly encouraging,” managing director Jason Livingstone said.
“The confirmation of down dip extensions of very high-grade lodes intercepted by LPRC0107 where an interval of 2 metres at 59.9 g/t gold from 147 metres that also included a spectacular result of 118.4 g/t gold.”
He added the results bode well for the company’s upcoming resource update.
Assays are pending for a further 22 holes at Leipold before Metalicity can finalise the drill hole database and begin resource estimation.
The strong demand for assaying in Australia also means that the company is waiting on a considerable backlog of results as it has received assays for just 19 of the 89 holes that it has drilled on Kookynie this year.
Despite this, the company has already seen some promising signs with drilling at the Altona prospect confirming the presence of high-grade mineralisation comparable to historical production from the Altona Mining Centre.
Altona had produced 88,700oz of gold between 1900 and 1965 at an average grade of 30g/t gold.
To top it off, drilling at the Cosmopolitan prospect in and around the historical Cosmopolitan gold mine has intersected visible gold.
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.
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