Metalicity survey hints at scale of Kookynie gold project
Special Report: Metalicity has highlighted the potential scale of its Kookynie gold project in WA with a recent drone magnetic survey uncovering multiple high priority targets.
The survey has generated 21 high priority targets outside of known mineralised areas such as Leipold, McTavish and the DCC Trend.
Metalicity (ASX:MCT) managing director Jason Livingstone told Stockhead the geophysical anomalies observed by the survey were under a thin cover of transported sediments.
The cover would have prevented exploration or development of those zones for turn of the century explorers, and even modern-day geochemical sampling, given the absence of any sort of surface geochemical anomalism.
“This all adds up to a fantastic opportunity to discover further Cosmopolitan type mineralised areas,” he added.
“To speak colloquially, when I put my geologist hat on, these types of anomalies get me really excited. They are relatively untouched and represent an incredible opportunity to potentially find another Cosmopolitan gold mine.”
Cosmpolitan produced 360,000oz of gold at an impressive 15 grams per tonne (g/t) between 1896 and 1922.
Drilling is also ongoing at Kookynie, with over 70 holes now completed. Assays have been reported for 16 holes and are pending for another 24 holes.
The drone survey over the Kookynie project, which has seven significant prospects, was designed to map out its lithological and structural complexities to develop targets along the untested 8km of strike, as well as gain a better understanding of the structures that control mineralisation at known prospects.
Some notable targets identified by the survey include a geophysical anomaly about 700m north of the Leipold pit that appears slightly offset by a cross cutting structure, but also displays an incredibly similar signature to the mineralisation observed at Leipold.
Similarly, a 400m geophysical anomaly has been noted about 500m north of the historical McTavish workings.
The company also observed the contact in the magnetic intensity displayed by the northwest-southeast trending structures that influence mineralisation on the north-south trending structures, saying that they have not been investigated historically.
Metalicity also noted late last month that the survey had identified a ‘compelling’ 1.3km geophysical anomaly that is on strike and 2.5km north of Cosmopolitan.
The company plans to expand its current drilling program to continue evaluating the Champion and Altona prospects along with returning to Cosmpolitan.
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.