Join our daily newsletter At The Bell to receive exclusive market insights
- A drone magnetic survey at Metlicity’s (MCT) Kookynie Gold Project in Western Australia has identified a 1.3-kilometre long anomaly
- The anomaly lies 2.5 kilometres from the historical Cosmopolitan Mine and initial survey results indicate that it has similar geophysical signatures
- Just north of the mine, there is another 800-metre anomaly which is relatively untested
- Drone surveys were also carried out at the Leipold-McTavish, Champion and Fortuna-Orient Well East areas, data from which is being interpreted
- Meanwhile, drilling at Kookynie continues with 64 holes completed to date
- Shares have been trading eight per cent higher at 2.7 cents
A drone magnetic survey at Metlicity’s (MCT) Kookynie Gold Project in Western Australia has identified a 1.3-kilometre long anomaly.
In June and July, an ultra-high-resolution geophysical survey was carried out at the eastern goldfields project, with the aim of improving understanding of known prospects and developing targets along an eight-kilometre stretch of a potential strike.
The newly identified anomaly lies 2.5 kilometres from the historical Cosmopolitan Mine and Managing Director Jason Livingstone said its geological signature was promising.
“This is an incredibly exciting time for the Kookynie Gold Project with such high tenure targets near the prolific Cosmopolitan Gold Mine wholly within granted tenure being generated from this exercise,” Jason said.
“The very similar settings of these targets bode very well for the prospectivity of the identified targets, especially uncovering a 1.3-kilometre anomaly some 2.5 kilometres north of the Cosmopolitan Gold Mine that has an incredibly similar signature with not a single drill hole into it,” he added.
Just north of the Cosmopolitan Mine, there is another 800-metre anomaly which is relatively untested.
Drone surveys were also carried out at the Leipold-McTavish, Champion and Fortuna-Orient Well East prospects, data from which is undergoing final interpretation and is expected soon.
Initial results have, however, identified five priority targets exhibiting geophysical and structural similarities to mineralised areas within the Cosmopolitan Mine, and Metalicity intends to secure a second drill rig to test these shortly.
Drilling across Kookynie continues and so far 64 holes have been drilled, samples from 24 of those are at the laboratory awaiting analysis.
Shares have been trading eight per cent higher at 2.7 cent at 2:01 pm AEST.
