"The remaining significant results from this Phase One drilling program are now in – which confirm the outstanding and extensive high grade, near surface gold at the Leipold and McTavish prospects.Highlights include 2m at 14.11g/t from 39m at McTavish, and 8 metres at 4.05 g/t Au from 59 metres, at Leipold.Overall, 32 of the 44 drill holes completed in Phase One returned a significant intercept.
The strike rate of significant intercepts here is incredible, Metalicity managing director Jason Livingstone says.“This program alone returned 32 from 44 drill holes completed, and to date we have drilled 63 holes in total, we have returned 48 significant intercepts,” he says.
At both prospects the company is observing widths, and most importantly grades, well and truly above their respective JORC 2004 Mineral Resource Estimates.This bodes well for when a new Mineral Resource Estimate is conducted.“This illustrates the continuous, consistent and high-grade nature of the Kookynie gold project and clearly shows the significant gold endowment.,” Livingstone says.“We know more drilling will deliver more gold and I look forward to continuing this success into our Phase Two drilling program.”
‘Aggressive’ phase two drilling: Metalicity and its joint venture partner will be returning to Leipold and McTavish to continue to expand this mineralisation as part of a larger, more aggressive 5,000m drilling program, on the week starting 20 July 2020.Phase Two drilling will initially look to significantly ‘step out’ (expand the gold zone) around Leipold just over 1 kilometre of strike length.This illustrates the known 500m long, 80m deep mineralisation area at Leipold and the targeted area for the Phase Two Drilling:
At McTavish, new drilling will expand the known mineralised strike from ~200m “to potentially delineate high grade mineralisation over a 400- 500 metre strike length”, the company says.
A drone magnetic survey has also been completed in the field with data currently being processed by a reputable geophysical consultancy.This is expected to be finalised within the next week, with results and interpretations to be folded into the Phase Two drilling program."
Both the Liepold and McTavish deposits look they they could be Company makers on their own with high grade shallow near surface gold open in all directions still.
However it's the other deposits that i'm anxiously awaiting to see drilled in the Phase 2 campaign kicking off on July 20th.
Plan Moving Forward: "The Company announced on the 6 July 2020 “Drilling to recommence at the High Grade Kookynie Gold Project” that the Company is implementing the Phase Two Drilling Programme that will initially focus on extending the known mineralisation at Leipold to over 1 kilometre, and at McTavish to approximately 500 metres. With receipt of the pending drone magnetic survey imminent, the tail end of this programme will address and drill parts of Champion, the DCC Trend and potentially Altona and our tenure immediately east of the Orient Well Mine Site.The 5,000 metres of RC drilling planned may also include within the programme an element of diamond core drilling, however, as results become available that confirm interpretations, we may move to significantly expand this programme further as the Company is well funded and positioned to execute expeditiously."
Going to be an exciting few months coming up once the Phase 2 drilling gets underway. Can't wait to see the results of the Drone magnetic survey. One big positive here has been the very fast turn around of assay results from the labs and management is obviously very proactive in delivering constant high quality results to keep the market stimulated. Would expect to see the first assay results from Phase 2 drilling around mid August, then a regular weekly dose of further results.
MCT Price at posting:
2.9¢ Sentiment: Buy Disclosure: Held
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