Visible gold a promising start for Metalicity’s Cosmopolitan drilling
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Special Report: Metalicity (ASX:MCT) has kicked off the year in grand style with the first hole at the high-priority Cosmopolitan prospect intersecting visible gold.
The visible gold intersection at 228m within the first hole about 100m north of the historical mine workings is also a promising start to the company’s work in and around the Cosmopolitan gold mine as it indicates possible extensions to the high-grade mineralisation.
Cosmopolitan had produced about 360,000oz of gold at an average grade of nearly 15g/t – well above the 5g/t that is generally considered to be high-grade – between 1896 and 1922.
Managing director Jason Livingstone says visible gold is always exciting when drilling and is a “phenomenal” way to start the year’s exploration though he cautioned that assays would be needed to really quantify the actual gold content.
More holes are underway at Cosmopolitan to test the extensions of the mineralisation with assays to follow and at the Leipold prospect to test the down-plunge mineralised trends.
The drilling at Cosmopolitan is designed to test unmined sections of the historical mine and step out from known mineralisation.
This is guided by historical drilling and channel samples taken in 1905.
Metalicity notes that the interval of visible gold from a depth of 228m is interpreted to be consistent with the overall gold mineralisation at the mine.
At Leipold, the company is carrying out further step-out drilling based on exploration to date with the most recent holes hitting up to 1m at 16.86g/t gold from 34m within a broader zone of 13m at 2.77g/t gold from 23m.
This is intended to test the relatively shallow, down plunge extents of the Leipold Prospect ahead of commencing a mineral 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.