Metalicity Confirms Kookynie Mineralisation

THE DRILL SERGEANT: Metalicity (ASX: MCT) announced promising intercepts from an initial drilling program at the company’s Kookynie project in the Eastern Goldfields of Western Australia.

Metalicity said the results had confirmed mineralisation extends past previously developed and drilled areas for the Kookynie project.

The Kookynie project is host to six, prospective prospects; Champion, McTavish, Leipold, Diamantina, Cosmopolitan and Cumberland.

The company reported that drilling had confirmed mineralisation at Champion, McTavish and the DCC (DiamantinaCosmopolitan-Cumberland) Trend.

2 metres at 22.1 grams per tonne gold from 76m;

4m at 6.4g/t gold from 67m, including 1m at 15.47g/t gold from 67m;

2m at 1.4g/t gold from 72m; and

mineralised zone over 9m with:
0.72m at 3.1g/t gold from 167m,
0.21m at 8.8g/t gold from 173.07m,
1.15m at 1.5g/t gold from 174.85m.

Channel sampling of the exposed DCC Trend structure in the Cumberland Pit returned: 1.85m at 4.3g/t gold, including 0.68m at 7.1g/t gold.

Four of the six holes completed returned healthy intersections.

Metalicity’s structural model confirmed, large (approximately 2.6 kilometres) strike extents of known mineralisation at DCC plus a further three kilometres at McTavish and Leipold were also identified and are yet to be tested.

The company declared this initial program reaffirms the excellent exploration potential of the Kookynie gold project.

“Our drilling program was designed to test whether the historical drilling has defined the limits of the known mineralisation,” Metalicity managing director Jason Livingstone said in the company’s announcement to the Australian Securities Exchange.

“Having stepped out and targeted the gaps, we have confirmed that mineralisation is present well past the constraints of the previously drilled areas.

“This program has allowed us to reach a substantiated decision point to start planning for a high-grade resource development phase.

“The high hit-ratio of mineralised intercepts for holes drilled is testament to the prospectively of the project.

“With a more substantial drill program, more higher-grade results can be expected.

“This is exceptionally exciting to confirm and extend the mineralisation at the known prospects, our drilling, especially the diamond core drilling, and mapping, has highlighted the significant strike extents of the untested DCC Trend.

“In addition, the parallel structure, the Altona historical workings, has received little to no modern exploration attention whilst having historically produced nearly 90,000 ounces.

“Together with our farm-in partner, Nex Metals Explorations Ltd, we have the opportunity to move quickly into a systematic, resource development phase on the areas of known mineralisation, coupled with testing the strike extents of all the prospects.

“To the north of Cumberland, we have 2.6 kilometres of structure to test, to the south of Diamantina, 1.8 kilometres, let alone the Altona area which hosts 3.7 kilometres of structure.

“To juxtapose this against that the main DCC Trend, where 360,000 ounces has been produced, is hosted in 1.4 kilometres of this structure.

“We have not only confirmed that mineralisation exists and extends in the historical areas, but still have around eight kilometres of the same or similar structure to explore.”