Metalicity to expand Kookynie gold drilling program
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Metalicity’s already extensive drill program at its Kookynie gold project will be significantly expanded to include the highly prospective but underexplored Mulga Plum prospect.
This expansion will follow-up on previous intercepts such as 2m at 8.84 grams per tonne (g/t) gold from 14m and 2m at 2.96g/t gold from 42m and could dramatically increase the gold footprint at the project.
Metalicity (ASX:MCT) adds that a detailed review of previous drilling results and high-resolution aeromagnetic surveys has improved understanding of the nature and location of structures that control gold mineralisation.
The current drilling programme to test extensions of previous significant results, as evidenced by recent drilling discoveriesat its neighbour Carnavale Resources’ (ASX:CAV), has progressed very well with observed alteration and rock types typical of those that host gold in the area.
Managing director Justin Barton said the current drill program of about 9,000m has been progressing very well, with some very encouraging alterations and rock types observed.
“Combined with the expanded programme to follow up some fantastic drill hole intercepts at Mulga Plum, further reinforces that we are best poised to manage this project through to realising its full potential,” he added.
“The past two and a half years has seen Metalicity invest over $6m in this project and we are continuing to focus on systematic drilling as that is the best way to create and illustrate the value and incredibly prospective nature of this project.”
The recently completed circa 9,000m aircore and reverse circulation drilling to test several exciting new targets and potential substantial extensions to the Leipold-McTavish-Champion corridor over a combined strike of about 3km has returned encouraging initial lithological and alteration observations.
This has seen numerous intersections typical of the rocks that host gold in the area.
Samples have been sent to laboratories for assay with Metalicity expecting the results to expand existing mineralisation and pave the way for further testing of these targets in future exploration drilling.
The company’s exploration efforts are now expected to focus on Mulga Plum with drilling to test for structurally controlled, near surface mineralisation anomalies and potential extensions that could be hidden under alluvial cover.
Metalicity is also continuing to undertake a detailed review and looking to generate new untested targets in the exploration areas within the tenements M40/61 and E40/332 off the back of recent structural target interpretation and analysis.
These tenements host the highly mineralised and historically productive Cosmopolitan and Altona deposits and are located within the same highly mineralised granite hosted gold system.
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.