Metalicity snaps up more ground around historic, high grade Kookynie gold project
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Special Report: This tenure, which hosts significant historical gold mineralisation, will enhance Metalicity’s (ASX:MCT) jam-packed pipeline of high grade drilling targets at Kookynie.
Metalicity will acquire the gold rights at Ardea Resources’ (ASX:ARL) Mulga Plum project and outright buy two prospecting licenses abutting the Champion leases.
The two agreements increase the high grade Kookynie project to ~10,800ha in size.
Metalicity says they represent a de-risked exploration play where follow up drilling in prospective zones has demonstrated “significant in-situ mineralisation”.
Mulga Plum is at the western extremity of the historic Niagara and Kookynie Goldfields.
In early 2020, Ardea completed 25 drill holes. Significant intercepts included 2m at 8.84 g/t gold, just 14m from surface.
Rock chip samples ranged between 0.02 g/t to 17.1 g/t gold, with an average of 1.8 g/t.
Metalicity has also entered into an outright purchase agreement to acquire tenements P40/1407 and P40/1430 for just $20,000.
These two tenements neighbour the Champion lease and host the historic Batavia mining centre that produced 8,168 tonnes at super high grades of ~31g/t gold between 1898 and 1940.
Very little to no modern exploration has been conducted over these tenements, Metalicity says.
“The location of the prospects and general mineralised trends bode well for prospectivity of these leases in conjunction with our overall land package in this vicinity,” the company says.
“Both form part of the pipeline of exploration targets for Metalicity to explore and potentially develop.
“Given the success of our drone magnetic survey over key areas elsewhere in the Kookynie Gold Project, Metalicity will move to have the Mulga Plum, Batavia and the recently approved Wandin tenement (E40/390) surveyed, with prospect generation exercises to be performed ready for drill testing when scheduling allows.”
Metalicity also continues to assess opportunities for further consolidation in the Kookynie area.
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.