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    High-quality gold potential for Metalicity’s Kookynie exploration target

    Metalicity Limited (ASX: MCT) has announced a JORC 2012 Code compliant Exploration Target for the Kookynie Project in the Eastern Goldfields, Western Australia.

    The company reported that the Kookynie Gold Project is estimated to have a total Exploration Target of between 230,000 ounces and 510,000 ounces and is exclusive of historically stated mineral resource estimates.

    The Exploration Target was estimated using data from historical pre-JORC 2012 mineral resource estimates, historical production, and historical drilling results. The Exploration Target provides an estimate of potential to be tested by drilling.

    MCT said that the initial drill programme will identify mineralisation extents and lead to further drilling to define mineral resources over the coming 12 months.

    Since entering into the farm-in agreement with Nex Metals Explorations Ltd, Metalicity has completed detailed assessment of past exploration to facilitate stating the Exploration Target; commenced on-ground exploration; and prepared for upcoming drilling campaign.

    Kookynie gold project

    The Kookynie Project is located approximately 200 kilometers north of Kalgoorlie and over 50 kilometers south of Leonora on the main gold trend. The Project is situated within the North Coolgardie Mineral field covering the Keith-Kilkenny Tectonic Zone (KKTZ).

    The Kookynie Project is host to six, significant prospects; Champion, McTavish, Leipold, Diamantina, Cosmopolitan, and Cumberland.

    Farm-in agreement

    Metalicity Ltd. had recently entered into a farm-in agreement to earn a 51% joint venture stake in Nex Metals Explorations Ltd.’s Kookynie and Yundamindera gold projects in Western Australia.

    According to the agreement, MCT has to spend a minimum $500,000 before withdrawal and $5 million over up to 5 years to earn 51% of the Projects. Upon 51% earn in completion, NME and MCT will form a co-contributing joint venture to develop the Kookynie and Yundamindra Projects.

    Metalicity reported that since entering into the farm-in agreement, it has completed a detailed assessment of past exploration to facilitate stating the Exploration Target; commenced on-ground exploration; and prepared for drilling campaign.

    Exploration target estimated for Kookynie

    MCT announced that the exploration target for Kookynie was estimated in accordance with JORC 2012 guidelines utilising data from historical work, including the review of pre-JORC 2012 mineral resource estimates, historical production and drilling results.

    The company reported that the Kookynie Gold Project is estimated to have a total Exploration Target of between 230,000 ounces and 510,000 ounces and is exclusive of historically stated mineral resource estimates.

    It may be noted that all six prospects at Kookynie were assessed in the preparation of the Exploration Target.

    The company said that the first phase of exploration at Kookynie will focus on defining and extending known mineralisation rather than early stage exploration to find prospects.

    Drilling program planned

    Metalicity said that it is preparing to fire up the drill rigs in the WA to confirm the mineralisation. The drilling programme will involve between 1,000 meters to 1,500 meters of reverse circulation (RC) drilling, and 800 meters to 1,200 meters of diamond core (DD) drilling.

    The drilling is scheduled to commence in late June and is estimated to take several months to complete.

    Metalicity also noted that the result of fulfilling the farm-in agreement spend of $5 million may result in the Exploration Target being reported as a mineral resource estimate at suitable classifications amenable to making economic decisions via appropriate studies at the time.

    Future plans

    MCT said that it will be rolling out an exploration programme with a modern methodical approach across both the Kookynie and Yundamindra Projects to define ounces.

    The company said that the key exploration focus would be the expansion and confirmation of existing mineralisation, especially at depth, as most of the current drilling is less than 50 metres at all prospects.

    Metalicity noted that the unique granite and intrusive related mineralisation identified at both Yundamindra and Kookynie provide a focus on this previously poorly understood mineralisation styles.

    The Company said that it plans to apply state of the art mineralisation models and techniques alongside rigorous drill testing.

    CEO comments

    Metalicity CEO Mat Longworth said: “The Kookynie Gold Project presents an opportunity to define high quality ounces in a short period of time. Having access to a wealth of historical work including mineral resource estimates, historical production and drilling results has greatly assisted Metalicity to quickly estimate an Exploration Target of between 230,000 ounces and 510,000 ounces.

    We are also buoyed by the fact that all Prospects at Kookynie are open along strike and down dip which bodes well for MCT to define and extend resources with our upcoming drilling campaign. We are excited to be progressing with this project and look forward to delivering further exciting news flow in the near term.”

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    • Delayed Prices (USD) - Last Updated 29-06-2022
    • Gold $1,819.40
    • Silver $20.79
    • Platinum $909.00
    • Palladium $1,802.00
    • Dalian Iron Ore i2209 $121.88
    • Aluminium $2,495.50
    • Cobalt $72,400.00
    • Copper $8,417.50
    • Lead $2,003.50
    • Nickel $22,882.00
    • Tin $26,991.00
    • Zinc $3,318.00