Confirms significant and extensive high grade gold near surface
Metalicity Limited (ASX: MCT) has received positive results from first assays from the Phase Two Drilling Programme at the Kookynie Gold Project in the Eastern Goldfields of Western Australia.
The company has received assays for the first 16 holes of the expanded drilling programme currently underway at the Kookynie Gold Project.
Managing Director, Jason Livingstone, said that so far, the drilling has confirmed significant and extensive high grade, near surface gold mineralisation at the Leipold Prospect that not only continues to the southern strike extents, but down dip as well.
There are 24 drill holes remaining at the laboratory pending analysis, which is due in late August with further samples being dispatched periodically, with drilling still underway at the Kookynie Gold Project.
“It is incredibly pleasing to have extended the mineralisation at Leipold along strike and down dip with the return of the initial holes,” Mr Livingstone said.
“It is apparent that the Leipold mineralisation extends a considerable distance, some 250 metres south, past our previous drilling, and I look forward to receiving the balance of the assays and the results from our current drilling which is underway.”
Noteworthy is the consistent widths and relatively consistent grades observed at the Leipold Prospect in relation to the structural framework that hosts the mineralisation. The structural framework appears to be a general north south trending auriferous vein dipping moderately shallow towards the east, but with cross cutting south west trending cross structures with south easterly dips interacting and producing these plunging higher grading shoots. Therefore, with the exceptions of significantly wider mineralised intercepts, we are observing a general halo of mineralisation but with higher grading, southerly plunging shoots within the mineralised envelope.
Whilst the company has validated its structural interpretation through this drilling, the rationale behind the very high detailed drone magnetic survey is to allow for an efficient and high confidence interpretation of the 8 kilometres of strike the Kookynie Gold Project hosts from these known Prospects.
Applying this learning to other targets within the Project will ensure that targets are evaluated efficiently, and work performed will be as effective as possible.
The Kookynie Project is host to seven, significant prospects; Champion, McTavish, Leipold, Diamantina, Cosmopolitan and Cumberland (collectively known as the DCC Trend), and finally, the Altona Trend 1.5 kilometres east of the DCC Trend. The company also reports a drone magnetic survey has been completed and data processed, with “Compass Geological”, the consultancy who performed the fact mapping when the company first entered into the farm in agreement with Nex Metals, contracted to perform the detailed interpretation and target generation. This is progressing well, and the company expects to publish the results of this exercise late this week/early the following week.
