Recent drilling has extended Metalicity’s (ASX:MCT) Leipold prospect by a further 200m to over 1km of strike — a major positive ahead of the upcoming resource estimate.
Results such as 2m grading 4.7 grams per tonne (g/t) gold from 65m including 1m at 8.4g/t gold from 66m and 4m at 3.4g/t gold from 127m have also defined mineralisation to a vertical depth of just 130m.
The mineralisation remains ‘open’ at depth and to the north towards the McTavish prospect, just 2km away.
With drilling also indicating that mineralisation at McTavish extends along strike to the south, the company believes the 2km of strike between the two prospects is increasingly prospective for defining similar high-grade lodes.
“These results demonstrate a consistent mineralised zone which bodes incredibly well for the impending resource estimate,” chief executive officer Justin Barton said.
“We have nearly a kilometre of strike defined at Leipold and have not defined the down dip limit yet.”
He added that while the pending maiden JORC resource is a “fantastic culmination of 2 years’ worth of hard work, it is just the beginning for the Leipold, McTavish and Champion prospects as they are all open in at least one direction.
Kookynie project drilling
Since drilling at the broader Kookynie project near Leonora, WA, started this year, the company has drilled 102 holes totalling 12,538m.
This includes 22 holes at Leipold, 17 of which returned mineralised intercepts.
Leipold also holds the distinction of being the first prospect to have all assays back from the laboratory with assays from 58 holes still outstanding for the McTavish, Champion and Cosmopolitan prospects.
Once assays have been received for all prospects, Metalicity will release its maiden resource estimate.
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.