Metalicity could be looking at a sizeable resource upgrade at the Champion deposit within its Kookynie project after drilling intersected significant gold intercepts.

Resource definition reverse circulation drilling returned results such as 8m grading 3.86 grams per tonne (g/t) gold from a down-hole depth of 94m including 1m at 17.75g/t gold from 96m (CPRC0044) and 4m at 1.82g/t gold from 85m including 1m at 3.93g/t gold from 86m (CPRC0046).

The results are within the vicinity of the previous intercept of 28m at 1.83g/t gold from 72m, confirming that Champion has discrete higher grade south plunging shoots like multiple other orebodies in the Kookynie area.

This is significant for Metalicity (ASX:MCT) as the south plunging shoots remain open at depth and present significant opportunities to extend the resource as well as drive further exploration targeting.

Champion currently has an estimated contained resource of 20,000oz of gold.

That’s not the only piece of good news.

Aircore and RC drilling testing the Champion North and South targets for potential strike extensions to the Champion deposit have also returned gold intercepts including 4m at 1.79g/t gold from 76m (CPRC0055) and 4m at 1.24g/t gold from 32m (CPRC0064).

“These results are another significant step in expanding and defining the Resource potential of the Kookynie Project,” chief executive officer Justin Barton said.

“We remain committed to the Kookynie and Yundamindra Projects and continue to expand the footprint and highlight the significant prospective upside of these projects.”

Metalicity has an effective interest of 67.8% in the two projects through its direct ownerships of 51% and its 34.3% shareholding in joint venture partner Nex Metals.

Next steps

The company now plans to collect and dispatch 1m samples from the 4m composite intervals for more detailed assaying.

This will help identify any internal higher-grade zones of gold mineralisation within the significant intersections as well as the lower grade anomalous occurrences which will help guide future follow-up drill programs.

Assays are also pending for samples collected from the base of the oxidation/weathering boundary for multi-element analysis.

Follow-up drilling will further delineate and expand on the interpreted mineralised zone as well as identify any potential for mineralised extensions at depth into the fresh bedrock.

 

 

 

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.

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