Metalicity Ltd (ASX:MCT) says that a 77-hole maiden drilling program at its Yundamindra gold project in Western Austrlia has shown the presence of high-grade mineralisation, with its Landed at Last and Bonaparte prospects remaining open in all directions along strike and at depth.
Based on results from this program, the company is tipping a potential shallow orebody or system connecting 4 western line prospects – Queen of Poland, Landed at Last, Bonaparte and Golden Treasure – encompassing 2,500 metres of mineralisation along strike.
Metalicity says its future exploration will focus on the 2.5 kilometres of strike extending from Landed at Last and Bonaparte, together with more than 20 kilometres worth of potentially mineralised structures across the wider project – of which only 20% have been drill tested, although a pipeline of over 25 high priority targets have been identified.
The company also pointed to an upcoming change of name – to Arika Resources Ltd – which will be effective from September 26.
Managing director Justin Barton said recent work at Yundamindra had shown the future potential for further growth.
“Drilling from our maiden program has validated significant high grades and intersections at the Yundamindra Gold Project and provided invaluable insights into what we believe is potentially a substantial gold system,” he said.
“We are awaiting the assay results from our first drilling at the highly prospective Pennyweight Point prospect, with results expected in the coming weeks.
“With continued record high gold prices and prospects open along strike and at depth, and a pipeline of brownfield and greenfield targets, we believe the Company is well positioned for exploration success.”
Metalicity has been trading at 1.7 cents.