‘Start showing how big these prospects are’: Metalicity takes staged approach to high-grade Kookynie gold project
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Special Report: Methodical explorer Metalicity (ASX:MCT) has kicked off a new drilling program at the exciting, target-rich Kookynie gold project, 60km from Leonora in WA.
The project area hosts six, significant historic prospects — Champion, McTavish, Leipold, Diamantina, Cosmopolitan and Cumberland.
The historic Cosmopolitan mine alone produced 360,000oz at a very high average head grade of 15 grams per tonne (g/t) between 1896 and 1922.
In today’s terms — when +5g/t is generally considered high grade — 15g/t would make Cosmopolitan one of Australia’s highest-grade gold mines.
Metalicity has defined a significant ‘exploration target’ at Kookynie of between 294,000oz and 967,000oz, inclusive of historically stated resource estimates and previously excluded areas of underground development.
The company has successfully completed three drilling campaigns here to date, and a fourth has now kicked off.
Drilling in December confirmed that the high-grade gold extended beyond previously developed and drilled areas at Kookynie. This new staged program will follow up on these results.
Highlights include numerous shallow intersections such as 3m at 107.2g/t from 32m (Leipold), 4m at 104.8g/t from 36m (Leipold), 3m at 52.33g/t from 23m (McTavish), and 3m at 44g/t from 18m (Cumberland).
This new 40-hole drilling program is focusing on the Leipold and McTavish prospects.
Thirty holes will go into Leipold to ‘infill’ the areas shaded blue (below) to confirm and potentially re-estimate an existing 33,000oz resource to JORC 2012 standards.
The shaded blue ‘open’ area is all upside, an opportunity for Metalicity to further expand the mineralisation at Leipold in the months to come.
Likewise, the green shaded area represents an opportunity to develop similar high-grade shoots that have already been identified in shallow, but less intensive, historical drilling.
The initial 10-hole program at McTavish is designed to infill the zone between two historically worked areas and re-estimate a small existing resource to JORC 2012 standards.
Similar to Leipold, that green shaded area is an opportunity to further expand the mineralisation at the McTavish prospect in the months to come.
A drone magnetic survey is being undertaken concurrently. This will give Metalicity crucial information on the underlying geology and the ‘strike extents’ of the known mineralised areas at Leipold, McTavish, Champion and the DCC Trend.
As results are received, and geological interpretations confirmed, the exploration program will be further extended, the explorer says.
This staged approach will allow for results to be interpreted and incorporated into future plans, ensuring that all the follow-up exploratory stages are efficient and cost effective.
“With the company now funded post our recent capital raising, we now turn to continuing to develop the Kookynie gold project,” Metalicity managing director Jason Livingstone says.
“An initial 40-hole RC program is designed and is currently being executed to follow up the phenomenal drill hole results we published at Leipold and McTavish,” Livingstone says.
“This is part of a larger, staged program to really start showing how big these prospects are.
“I have every confidence that our success will be repeated, and I look forward to keeping our shareholders and the market in general, abreast as developments arise.”