Eight km of gold strike identified
Metalicity Limited’s (ASX: MCT) confidence in the potential of the high grade Kookynie Gold Project in WA has been boosted through the identification of approximately 8km of strike extensions to the known gold mineralisation.
Managing Director, Jason Livingstone said the significant breakthrough has been made through mapping work and the re- processing of regional geophysics.
The Kookynie Project includes the high grade historical Cosmopolitan mine which produced 360,000 ounces of gold at 15 g/t.
Metalicity has now identified that the structures that host Cosmopolitan extend for approximately 2km to the north and south of the mine. The strike extensions are untested by modern exploration and no drilling has been conducted.
The company has also identified 4km of strike extensions to the Altona historical mine which produced 80,000 ounces at a very high grade of 30 g/t gold.
A further 2km of strike extensions to the Champion, Leipold and McTavish Deposits have also been identified.
The 8kms of strike extensions to the structures that host the gold mineralisation at Kookynie demonstrate the potential size of the mineralised system.
Mr Livingstone said that with an “Exploration Target” of between 294,000 ounces and 967,000 ounces, and inclusive of historically stated mineral resource estimates and previously excluded areas of underground development already in place, this further enhances Metalicity’s belief of camp scale gold potential at Kookynie.
Metalicity is planning to drill test these strike extensions shortly. To refine the targets for drill testing, the company has engaged RocAerial to recommence a highly detailed magnetic geophysical survey.
The survey is currently underway and is expected to take circa 2-3 weeks and will be conducted over the 8 km of strike potential from the known mineralised areas of Leipold, McTavish, Champion, Diamantina-Cosmopolitan-Cumberland and the Altona trends.
Concurrent with our drilling programme underway at the Kookynie Gold Project, we have engaged RocAerial with their drone to complete a very high detailed geophysical survey over all live tenure within this Project,” Mr Livingstone said.
“I am very keen to further define the structural framework that potentially hosts mineralisation north and south of the prolific Cosmopolitan Gold Mine which produced 360,000 ounces of gold and the strike continuation of Champion, but also the significant two kilometre trend between Leipold and McTavish. Let alone the Altona trend some 1.5 kilometres east of the Cosmopolitan where some 80,000 ounces has been produced historically with very little follow up work done in the modern era.
“Having circa eight kilometres of strike potential within such a historically prolific gold producing region is exciting to say the least. This geophysical programme will give us the detail needed to ensure our target generation is efficient and that any follow up drilling planned is targeted and effective as possible.
“We are drilling immediately along strike, up and down dip with the areas that we know of at Leipold and McTavish. To generate solid targets to follow up on outside of these areas and within such a rich gold endowed region with the Kookynie Gold Project is incredibly exciting.”