Metalicity Limited (ASX: MCT) has commenced a new drilling campaign at the Kookynie Gold Project near Leonora in Western Australia.
The staged programme is following up a number of significant intercepts from a December 2019 drilling campaign which confirmed mineralisation extends past previously developed and drilled areas for the Kookynie Gold Project.
Managing Director, Jason Livingstone says Kookynie is underexplored, but does contain some excellent intersections including: Leipold-3m @ 107.2 g/t Au from 32m; Leipold-4m @ 104.8 g/t Au from 36m; McTavish-3m @ 52.33 g/t Au from 23m; and Cumberland 3m @ 44.0 g/t Au from 18m.
Metalicity has also defined a significant “Exploration Target” of between 294,000 ounces and 967,000 ounces and is inclusive of historically stated mineral resource estimates and previously excluded areas of underground development.
With the company now funded post our recent capital raising, we now turn to continuing to develop the Kookynie Gold Project,” Mr Livingstone said.
“An initial 40-hole RC programme is designed and is currently being executed to follow up the phenomenal drill hole results we published at Leipold and McTavish.
“This is part of a larger, staged programme 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.”
Mr Livingstone said Following the recent successful entitlement issue and placement the Company is now in a position to accelerate exploration and development of the Kookynie Gold Project.
Based on the results obtained from the initial drilling programmes, the proposal is to continue with the same the same methodical, results driven approach to the exploration of the Prospects we have performed before.
The objective is to efficiently explore the large high grade mineralised systems that the company’s initial work identified. The first stage of this expanded exploration programme will be concentrated on the Leipold and McTavish Prospects.
Concurrent to this drilling, a drone magnetic survey will be undertaken to assist in geological interpretations of the strike extents of the known mineralised areas of Leipold, McTavish, Champion and the DCC Trend.
As results are received, and geological interpretations confirmed, the exploration programme will be further extended. This proposed staged approach will allow for results to be interpreted and incorporated into future plans, ensuring that all the follow-up exploratory stages will be carried out as efficiently and cost effective as possible.