Consolidates Area Around WA Gold Project
Metalicity Limited (ASX: MCT) has acquired key, highly prospective land tenure proximal to the Kookynie Gold Project in Western Australia.
Managing Director, Jason Livingstone, said the company has entered into purchase agreements for the gold rights at the Mulga Plum Project and a further outright acquisition of two prospecting licenses abutting the Champion leases.
“I am incredibly pleased to have been able to secure access to these tenements to complement our land holding and exploration activities,” Mr Livingstone said.
“The additional tenure allows the company to develop a pipeline of Prospects outside of the known areas of mineralisation to significantly improve our chances of exploration success.
“I would like to thank all parties involved as this allows Metalicity to continue our consolidation efforts of highly prospective ground within this prolific district in the Eastern Goldfields.”
The Mulga Plum Project is located at the western extremity of the historic Niagara and Kookynie Goldfields within the Malcolm greenstone belt.
The previous operator, Ardea Resources, completed 25 RC drill holes for 1,518 metres in early 2020.
The drilling information was made available to Metalicity and field visits have been conducted during 2020. As stated by Ardea Resources (ASX announcement 27 February 2020), and validated by Metalicity during field visits and during a full database review, significant intercepts include:
- AJAR0003 – 2 metres @ 1.19 g/t Au from 20 metres & 2 metres @ 2.96 g/t Au from 42 metres,
- AJAR0006 – 2 metres @ 1 g/t Au from 18 metres,
- AJAR0007 – 2 metres @ 1.25 g/t Au from 38 metres,
- AJAR0009 – 2 metres @ 8.84 g/t Au from 14metres, &
- AJAR0011 – 6 metres @ 1.22 g/t Au from 10 metres.
Furthermore, rock chip samples completed by Ardea and validated by Metalicity ranged from 0.02 g/t Au to 17.1 g/t Au with an average of 1.8 g/t Au.
Metalicity has also entered into an outright purchase agreement with a private prospector to acquire permits P40/1407 and P40/1430. These two tenements are contiguous with the Champion lease and host the historic Batavia mining centre that produced 8,168 tonnes @ 30.974 g/t Au between 1898 and 1940.
Key details around the transaction are as follows:
- Metalicity to acquire both tenements for a total consideration of $20,000 plus GST.
- No surviving royalties exist
