- Metalicity (MCT) receives first assays from a maiden exploration program at its recently-acquired Mt Surprise project in North Queensland
- The company says the rock chip results are “outstanding”, returning up to 20.75 per cent copper and 41.7 grams per tonne silver
- Initial exploration also identified a new gossanous outcrop extending for 100 metres with base metal samples of 2.94 per cent lead and 0.2 per cent zinc
- Metalicity now plans to undertake follow-up activities in the coming weeks
- Company shares ended the day 12.5 per cent in the red to close at 0.35 cents
Metalicity (MCT) has received its first batch of assay results from maiden exploration at its recently-acquired Mt Surprise project in North Queensland.
The company initiated the maiden program early last month, and it included a detailed review, geological field mapping and rock chip sampling.
The assay results come from rock chip samples that the materials stock described as “outstanding” and “high grade”.
According to Metalicity, assay results from the initial batch indicated the presence of high-grade copper mineralisation from historic excavations and confirmed visual observations of abundant copper sulphide mineralisation.
Highlighted results include 20.75 per cent copper and 41.7 grams per tonne (g/t) silver, 11.65 per cent copper and 10.34 g/t silver, and 10.06 per cent copper, 39.57 g/t silver, and 0.48 g/t gold.
The company also identified a new mineralised gossanous outcrop that spans 100 metres long and five metres wide.
A further three samples from the new gossanous outcrop returned “significant” results for other base metal mineralisation and include 2.94 per cent lead, 44.97 g/t silver, and 0.2 per cent zinc.
“To find an outcropping gossan of that size was particularly interesting, but to have these high-grade results returned is an excellent endorsement of the high prospectivity of this recently acquired tenure and to the company’s maiden exploration activities in North Queensland,” MCT Managing Director Justin Barton said.
“This now provides Metalicity with multiple mineral anomalies and targets to follow up.”
Metalicity plans to undertake follow-up exploration in the next few weeks and is still waiting on results for potential lithium samples.
The results will help define a future targeted lithium program at Mt Surprise.
Company shares ended the day 12.5 per cent in the red to close at 0.35 cents.