Metalicity (ASX: MCT) has kicked-off drilling at the Kookynie gold project in Western Australia where exploration has unearthed numerous near surface high-grade gold intersections.
Notable historical intersections were 3m at 107.2 grams per tonne gold from 32m, 4m at 104.8g/t gold from 36m, and 3m at 52.33g/t gold from 23m.
Metalicity then followed up on the historical results with its own drilling in December last year, which returned 5m at 17.9g/t gold from 48m, including 1m at 80.17g/t gold from 51m; and 6m at 9.4g/t gold from 26m, including 1m at 19g/t gold from 26m.
The project also hosts the historic Cosmopolitan mine which produced 360,000 ounces of gold at an average grade of 15g/t.
As a result of the historic and new data, Metalicity has firmed up an exploration target for the project between 294,000oz and 967,000oz of gold.
Kookynie hosts six primary prospects including Champion, McTavish, Leipold, Diamantina, Cosmopolitan and Cumberland.
“With the company now funded post our recent capital raising, we now turn to continuing to develop the Kookynie gold project,” Metalicity managing director Jason Livingstone said.
He added the company’s current campaign will involve 40 reverse circulation holes and will concentrate on Leipold and McTavish where recent drilling produced high-grade results.
“This is part of a larger stage program 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.
Kookynie gold project
Metalicity is earning an interest in the Kookynie and Yundamindra projects via a farm-in deal with Nex Metals Exploration.
Kookynie spans more than 7,000 hectares after 3,300ha were granted in the March quarter.
The project lies about 50km south of Leonora in WA and Metalicity has now completed three drilling programs at the asset.