- Junior explorer Metalicity (MCT) is expanding its footprint in the Eastern Goldfields of Western Australia
- The new tenement covers 600 hectares along the Kookynie-Ulysses Trend, bringing the company’s claims in the area to over 11,000 hectares
- Meanwhile, drilling at the Kookynie Gold Project remains ongoing
- So far, the program has drilled seven holes, and the initial assays are expected in early March
- Metalicity is trading steady at 1.3 cents per share
Junior explorer Metalicity (MCT) is expanding its footprint in the Eastern Goldfields of Western Australia.
The new tenement covers 600 hectares along the Kookynie-Ulysses Trend, bringing the company’s claims in the area to over 11,000 hectares.
Notably, the tenement is two kilometres from the historical Desdemona Mining Camp, which operated between 1987 and 1936 and produced ore grades up to 28.55g/t.
This latest land purchase adds to the company’s ongoing earn-in agreement with fellow ASX-lister Nex Metals (NME). Through the agreement, Metalicity can earn up to 51 per cent in the Kookynie and Yundamindra Gold Projects by spending $5 million to develop the properties.
Metalicity Managing Director Jason Livingstone said the new tenement presents a great opportunity to consolidate and further explore the area.
“To be able to acquire such highly prospective ground through the application process managed by the Mines Department is a significantly cheaper methodology compared to the sales and acquisition process of purchasing tenure from other entities,” he added.
Meanwhile, drilling at the Kookynie Gold Project remains ongoing. So far, the program has drilled seven holes, and the initial assays are expected in early March.
In a promising early turn, visible gold has been uncovered at the Cosmopolitan Gold Mine area, which will now be the main focus of the remaining drilling.
Metalicity is trading steady at 1.3 cents per share at 9:46 am AEDT.