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$tockhead today...

METALICITY (ASX:MCT)

(Up on no news)

Gold play Metalicity – one of three explorers due a re-rate, according to stock picker Simon Popple – has rebounded from recent lows over the past few days.

On 4 February, Metalicity announced drilling had restarted at the flagship Kookynie project.

Visible gold was intersected in the first hole at the high priority Cosmopolitan prospect, ~100m from the historic high-grade Cosmopolitan mine workings.

This hit indicates possible extensions to the historic high-grade gold.

“Back in the day, the Cosmopolitan mine produced 360,000oz at a very high average head grade of 15 grams per tonne (g/t),” Popple said on March 3.

“I must stress, this could be a complete fluke – probably one reason why the shares did not move when it was announced – but if a lot more gold can be found (which will require more drilling), the shares should start to pick up,” he said.

Investors should know more about Cosmopolitan very soon.