Join our daily newsletter At The Bell to receive exclusive market insights
- Metalicity (MCT) intersects up to 77.4 grams of gold per tonne (g/t) 200 metres east of the Leipold Lode in Western Australia
- The new results received continue to define and expand the mineralisation at Leipold and are encouraging for the pending mineral resource estimate
- Additionally, the results indicate a possible new parallel lode and demonstrate the area is still very prospective for further high-grade mineralisation
- Once results from the diamond core have been received, Metalicity will revise the MRE and will undertake a follow-up drilling program
- Shares in Metalicity are up 11.1 per cent on the market and are trading at one cent
Metalicity (MCT) has intersected up to 77.4 grams of gold per tonne (g/t) 200 metres east of the Leipold Lode within the Leipold Prospect.
The Leipold Prospect is part of the Kookynie Gold Project, which is situated in the Eastern Goldfields and lies roughly 180 kilometres north of Kalgoorlie in Western Australia.
New results include 10 metres at 8.34g/t gold from 34 metres including one metre at 77.4g/t from 74 metres, and three metres at 3.05g/t gold from 73 metres including one metre at 5.3g/t gold from 74 metres.
These results continue to define and expand the mineralisation at Leipold and are “encouraging” for the pending mineral resource estimate (MRE).
Additionally, these results indicate a possible new parallel lode to the Leipold Lode and demonstrate the area is still very prospective for further high-grade mineralisation.
CEO Justin Barton called these results spectacular.
“These are spectacular results, and the identification of an outlying bonanza intercept further adds to the excitement of this prospect,” Mr Barton commented.
“This adds up to a very exciting picture of significant potential to grow laterally, as well as along strike and down dip at Leipold, with significant mineralisation at depth encountered from the core of the diamond drilling for which we eagerly await assays.”
Once results from the diamond core have been received, Metalicity will revise the MRE and will undertake a follow-up drilling program.
Shares in Metalicity were up 11.1 per cent on the market and were trading at one cent at 11:20 am AEDT.
