Metalicity supersizes Kookynie project as gold drilling continues
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The acquisition of a further 600 hectares of ground just 2km north of the historical Desdemona Mining Camp within the prolific Kookynie-Ulysses Trend takes its total landholding at the Kookynie project up to more than 11,000 hectares.
Drilling focused on the Cosmopolitan mine and the Leipold prospect is also progressing well with seven holes drilled to date. Initial assays are expected in early March.
Metalicity has already observed visible gold at the first hole it drilled this year at Cosmopolitan.
Managing director Jason Livingstone says the ability to acquire the new highly prospective ground through the application process managed by the WA Mines Department is significantly cheaper than acquiring tenements from other entities.
“E40/401 presents a great opportunity to consolidate and further explore an area that is near a well-endowed and prolific gold region,” he added.
“This, coupled with our more near-term resource development type work at Leipold and the Cosmopolitan Gold Mine areas, (shows) we are making the right decisions and taking action to ensure the company succeeds
Metalicity currently has two rigs operating at the Kookynie gold project, where three holes have been drilled at Cosmopolitan and four at Leipold.
Drilling at Cosmopolitan is designed to test unmined sections of the historical mine, which produced 360,000oz of gold at an average grade of 15 grams per tonne (g/t), and step out from known mineralisation.
At Leipold, the holes are aimed at testing the relatively shallow, down plunge extents of its mineralisation ahead of commencing a mineral resource estimate.
Recent drilling had returned hits such as 1m at 16.86g/t gold from 34m within a broader zone of 13m at 2.77g/t gold from 23m.
Samples from a further six holes at Leipold will be submitted this week, with expected assays mid to late March.
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.