Short term catalysts for MCT.
1/ Assay results pending for 15 holes with
multiple holes intersecting visual quartz veining and alteration over good widths at the Liepold deposit ( 5 Holes), and McTavish deposit (10 holes). Grades around 3 g/t and over significant widths should be well received by the market.
2/
Drone Magnetic Survey completed for the Leipold-McTavish, Champion, Cosmopolitan and Altona Trends complete, with
results to be released shortly.3/ Metalicity now
plans to recommence drilling shortly to continue to test the known prospects and develop drill targets within the further 8 kilometres of strike extensions to known high grade, near surface mineralisation.
This drilling campaign will be the real game changer for MCT. This is where they will be targeting the very high grade historical gold zones around the Cosmopolitan Mine (
360,000 ounces at 15 g/t gold) and the Altona deposit ( historical grades
95,000 t @ 30g /t for 80,000 ounces of Au.)
The Company has
approved programmes of work for both reverse circulation (RC) and diamond core drilling (DD) in place over all known prospects (including E40/289, immediately east of the Orient Well Mine Site) and
can execute a larger drilling programme promptly.
4/ NME advised that some of the money they raised last week from their CR will go towards processing of the Cosmopolitan tailings. I'm assuming that these tailings from historical mining at the high grade Cosmopolitan mine area are included in the JV agreement. This could mean a fast track to production of gold for the Companies whilst the price of Gold is extremely high.
I'm expecting that wall at .03c to get knocked down on Monday as investors move back into the stock that now looks oversold in anticipation of further positive assay results being released late next week. The next hurdle is the capper at .034c, then on to test the resistance area at .039c.
