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- Metalicity (MCT) and its farm-in partner, Nex Metals Exploration (NME), has identified extremely high-grade mineralisation at the Cosmopolitan Gold Mine in WA
- This identification comes from recently collected and analysed samples from historical mining completed at the mine
- Historical results peaked as high as 428.6 grammes per tonne gold and suggests that high-grade mineralisation may still exist in some areas
- Metalicity will now continue to work on the historical data and drill holes to test the potential extensions of the mineralisation
- Company shares are up 7.14 per cent and are trading for 1.5 cents each just before midday
Metalicity (MCT) and its farm-in partner, Nex Metals Exploration (NME), has identified extremely high-grade mineralisation at the Cosmopolitan Gold Mine.
This identification comes from recently collected and analysed samples from historical mining completed at the mine.
The Cosmopolitan Gold Mine is located within the Kookynie Gold Project, which lies 60 kilometres southeast from Leonora in Western Australia.
Kookynie also hosts the Champion, McTavish, Leipold, Cumberland, and Diamantina prospects.
Between 1896 and 1922, Cosmopolitan produced 360,000 ounces at an average grade of 15g/t gold.
Historical underground channel sampling at the mine identified significant high-grade mineralisation and recent work by Metalicity and Nex Metals has revealed a potential upside in what was thought to be exhausted and mined out areas.
Of the 2438 historical samples, 110 returned grades above 100g/t, 444 returned grades above 50g/t, and 1046 returned grades above 20g/t.
More significant results include 2.2 metres at 433.2g/t gold, 3.2 metres at 428.6g/t gold, and two metres at 330.6g/t gold.
These results and findings suggest a significant opportunity that high-grade mineralisation may still exist in some areas.
“On the back of this information we are working through, it is clear that the opportunity at Cosmopolitan and the wider Kookynie gold project is now multiple times what we thought it could be,” Managing Director Jason Livingstone stated.
“The widths and grades of mineralisation of ore illustrated by the historic channel sampling presents Metalicity with an incredible dataset to assist in defining our work programmes moving forward with this project,” he added.
Metalicity will now continue to work on the historical data and drill holes to test the potential extensions of the mineralisation.
Company shares are up 7.14 per cent and are trading for 1.5 cents each at 11:55 am AEST.
