THE DRILL SERGEANT: Metalicity (ASX: MCT) has calculated a JORC 2012 Code-compliant Exploration Target for the company’s Kookynie project in the Eastern Goldfields of Western Australia.
Although conceptual in nature, Metalicity explained the Exploration Target had been estimated in accordance with JORC 2012 guidelines utilising data from historical work, including the review of pre-JORC 2012 mineral resource estimates, historical production and drilling results.
“The Kookynie gold project presents an opportunity to define high quality ounces in a short period of time,” Metalicity CEO Mat Longworth said in the company’s announcement to the Australian Securities Exchange.
“Having access to a wealth of historical work including mineral resource estimates, historical production and drilling results has greatly assisted Metalicity to quickly estimate an Exploration Target of between 230,000 ounces and 510,000 ounces.
“We are also buoyed by the fact that all Prospects at Kookynie are open along strike and down dip which bodes well for MCT to define and extend resources with our upcoming drilling campaign.
“We are excited to be progressing with this project and look forward to delivering further exciting news flow in the near term.”
The Kookynie project consists sixsignificant prospects; Champion, McTavish, Leipold, Diamantina, Cosmopolitan and Cumberland.
Metalicity has assessed each of these when preparing the Exploration Target based on an in-depth review of existing data of historical production and exploration.
At Cosmopolitan, the mineralisation is believed to be some 150 metres to 200m down dip from historic workings with no mineralisation assumed within the area of historic workings.
The upper end grade is estimated to be the historic mined grade.
At Diamantina and Cumberland, mineralisation is thought to be around 250m to 350m down dip and 500m along strike.
The maximum grade is assumed to be the historically mined grade of Cosmopolitan as the Diamantina and Cumberland are strike continuations of that mineralisation.
At Champion, McTavish and Leipold, the mineralisation is considered between 100m to 120m down dip and along strike.
The upper grade is assumed to be between 4 grams per tonne gold and 6g/t gold based on averages of drill hole intersections within the structures hosting mineralisation.
Metalicity indicated its first phase of exploration at Kookynie will focus on defining and extending known mineralisation rather than early stage exploration to find prospects as the company believes stating Exploration Targets in accordance with JORC 2012 guidelines will provide the market an insight on what exploration at Kookynie may produce.
The company’s intention is to scope out the extents of the mineralisation then define mineralisation quality at these prospects prior to conducting formal resource estimates.