공시 • Dec 10
Metalicity Limited Provides Market Update on Current Drilling Programme At the Kookynie Gold Project
Metalicity Limited provided market update on current Drilling Programme at the Kookynie Gold Project in the Eastern Goldfields, Western Australia, approximately 60 kilometres south southwest of Leonora. Assay & Drilling Discussion The Kookynie Project is host to eight, significant prospects; Champion, McTavish, Leipold, the DCC Trend, Altona, Orient Well East, Wandin and Mulga Plum. The map below details the prospect locations relative to the tenure: Altona Programme The drilling programme completed at Altona was designed to follow up and step out from known existing workings to evaluate the presence of remnant mineralisation. Mapping and geophysical interpretations were completed to evaluate this prospect, and a 24-hole programme for 2,394 metre has been executed. As previously reported, the Altona structure has been intersected in the drilling to date in ALTRC0012. The drill hole was orientated slightly oblique to the main north south structure, so represents a skewed thickness, that is showing a thickness that is wider than true thickness. However, intersecting the Altona Structure is highly encouraging and the Company looks forward to presenting the results in due course. Leipold North Based on the ultra-high-resolution drone magnetic survey that highlighted some significant and analogous anomalies, 26 RC holes have been completed for a total of 1,956 metres. These anomalies have very similar signatures to their respective known mineralised counterparts and represent an incredible opportunity for exploration success.At the Leipold North target, the Company interprets this to be the offset extension to the main Leipold drilling that has returned spectacular, near surface and high-grade drilling results including: LPRC0077 - 4 metres @ 26.91 g/t Au from 65 metres, inc. 1 metre @ 100.77 g/t Au from 67 metres, LPRC0049 - 10 metres @ 7.44 g/t Au from 108 metres, inc. 2 metres @ 21.03 g/t Au from 111 metres, LPRC0049 - 2 metres @ 35.23 g/t Au from 124 metres, LPRC0053 - 4 metres @ 17.29 g/t Au from 103 metres, inc. 2 metres @ 28.79 g/t Au from 104 metres. Drilling to date has intersected iron-stained quartz veining of similar nature to that hosting the observed Leipold mineralisation. The lateral extents of this veining have not been ascertained; however, the veining is coincidental with a similar geophysical signature to the main Leipold Prospect, validating structural interpretation to the potential of being the offset strike extents of the main Leipold structure. Assays are pending. Cosmopolitan North Targets The Cosmopolitan North target appears to be a strike extension and possible repeat of the prolific Cosmopolitan Gold Mine \that has historically produced 360,000 ounces at an average head grade of 15 g/t Au. The Cosmopolitan North Target has had 3 east-west reconnaissance lines of drilling (21 holes for 1,908 metres) performed over this target. Host rocks encountered are similar to the host lithologies observed at the Cosmopolitan Gold Mine with minor alteration noted. Results are pending for this programme but confirmation that the area hosts similar lithologies bodes well for prospectivity and will assist in further drill targeting. The Orient Well East target is directly along strike from the Historical Orient Well Mine and, so far, 15 holes for 1,206 metres have been completed. The drilling is designed to test the structural disruptions highlighted in the aerial drone survey completed. To date, the general observations are that the area is dominated by a sequence of highly magnetic basalts, moving into a de-magnetised basalt juxtaposed against volcaniclastics. Of note is extensive alteration and sulphide mineralogy demonstrating that a mineralised fluid has passed through this area. Furthermore, quartz carbonate veins coincident with the contact between the altered and de-magnetised basalt and volcaniclastics bodes incredibly well for analogous mineralisation to the historic Orient Well Mine. Plan Moving Forward The priority for the Company is to clear the back log of samples at the laboratory and report the results, however, the company do need to complete its QC checks to ensure that the results are fair and reflective of the observed geology. The plan for the remaining time in 2020 is to finalise the drilling at Orient Well East and complete 3 drill holes at Leipold within the historically drilled areas to: confirm historical drilling, and provide samples for pilot metallurgical test work of transitional and fresh mineralization within an area that would most likely be the start of any potential mining operation in this Prospect. Then finally, as the rig departs the area for the year, and timing dependent, follow up on the recent drilling at Mulga Plum. 2020 has been an incredibly busy year for the Company. The bulk of the 2020 programmes have been completed, with assays pending on the most recent work. With this information derived and appropriately interrogated, the exploration and development schedule for 2021 has been developed.