METALICITY LIMITED ASX RELEASE: 1 April 2021
Kookynie Maiden JORC 2012 Mineral Resource Estimate
● A conservative Total Mineral Resource Estimate of 1.58Mt @ 1.6 g/t Au for 81,000 ounces:
o Leipold - 1.08Mt @ 1.5 g/t Au for 53,000 ounces,
o Champion - 0.38Mt @ 1.7 g/t Au for 20,000 ounces, &
o McTavish - 0.2Mt @ 2 g/t Au for 8,000 ounces.
● The Mineral Resource Estimate is within our expectations of the "Exploration Target" and highlights the very early-stage nature of the Resource with significant upside potential shown as further work is done to extend the resource envelope.
● All resources are open along strike and down dip, with further infill drilling required to encapsulate recent extensional gold hits along strike and down dip, outside the current resource envelope.
● This announcement does not include Diamond core assaying results from the December 2021 drilling programme which are due in the coming weeks.
● These pending results may materially impact on the estimates for Leipold and McTavish.
● Core demonstrates that the resources are open at depth.
● Further to this, the current Air Core/Reverse Circulation programme progressing well, with over 5,000m already drilled and being sent to laboratories for assay.
● A comparison and contrast of the historical estimates completed by our Joint Venture partner in 2011, found that pre-Metalicity drilling data had numerous issues, mainly collar positioning that had the historical drilling off set from recent drilling. Therefore, with the historical drilling unable to be re-surveyed, coupled with the lack of QAQC and down hole survey, historical data pre-Metalicity involvement was excluded for all Prospects, as it did not meet JORC Code (2012) requirements.
Metalicity Limited (ASX: MCT) ("MCT" or "Company") is pleased to announce the Mineral Resource Estimate from the Leipold, Champion and McTavish Prospects at the Kookynie Gold Project1 in the Eastern Goldfields, Western Australia, approximately 60 kilometres south southwest of Leonora.
1Please refer to ASX Announcement "Metalicity Achieves Earn-In On The Kookynie & Yundamindra Gold Projects" dated 20th May 2021 with Nex Metals Explorations Ltd, ASX:NME. As reported on 20 May 2021, Metalicity now has a 51% and controlling interest in both the Kookynie & Yundamindra Gold projects.
Commenting on the Mineral Resource Estimate, Metalicity Managing Director, Justin Barton said:
"This is an incredible launching pad for Metalicity to build from. These initial Resource Estimates from Leipold, McTavish and Champion were always the low hanging fruit, and these 3 resources all remain open at depth and along strike. Our diamond core drilling from Leipold and McTavish has already demonstrated that these structures continue at depth, and we eagerly await those results which are due shortly. This coupled with our significant step-out air core/reverse circulation drilling, which is progressing exceptionally well, makes for a very exciting next few months."
"The additional drilling required to expand the size of the envelope for these resources highlights the very early nature of this estimate, however, with all the prospects remaining open along strike and at depth, we are very
Metalicity Limited | www.metalicity.com.au |
ASX Code: MCT | Unit B2, 20 Tarlton Crescent |
ABN: 92 086 839 992 | Perth Airport WA 6105 |
excited by the incredible scope to increase these dramatically and quickly. This coupled with the fact that we have also barely scratched the surface at Cosmopolitan and Altona. This is beautifully illustrated in Genesis's recent MRE announcement, which shows a significant increase over the years for their mineral resources, highlighting the exceptional growth potential in the area which we are actively endeavoured to emulate in a reduced time frame."
Kookynie Mineral Resource Estimate
Type | Indicated | Inferred | Total |
Tonnage ktAu g/tAu Ounces | Tonnage ktAu g/tAu Ounces | Tonnage ktAu g/tAu Ounces | |
Oxide Transitional Fresh | 10 140 300
| 70 240 320
| 80 380 620
|
Tota l | 450 1.3 19,000 | 630 1.7 34,000 | 1,080 1.5 53,000 |
The Company engaged Ashmore Advisory Pty Ltd ("Ashmore") to complete the Mineral Resource Estimate ("MRE") for the Leipold, McTavish and Champion Prospects. These estimates were in turn audited by CSA Global Pty Ltd ("CSA") to ensure that the estimates presented were robust, but to also compare and contrast these new estimates, with historical estimates completed by our Joint Venture partner in 2011.
The comparison found that pre-Metalicity drilling data had numerous issues, mainly collar positioning that had the historical drilling off set from recent drilling. Therefore, with the historical drilling unable to be re-surveyed, coupled with the lack of QAQC and down hole survey, historical data pre-Metalicity involvement was excluded for all Prospects.
Please refer to Table 1 for the Total Mineral Resource Estimate Breakdown":
Kookynie Gold Project
March 2022 Mineral Resource Estimate (0.5g/t Au Cut-off)
Deposit | Indicated | Inferred | Total |
Tonnage ktAu g/tAu Ounces | Tonnage ktAu g/tAu Ounces | Tonnage ktAu g/tAu Ounces | |
Leipold Champion McTavish | 450 1.3 19,000 | 630 380 120
| 1,080 380 120
|
Total | 450 1.3 19,000 | 1,130 1.7 62,000 | 1,580 1.6 81,000 |
Table 1 - Kookynie Mineral Resource Estimate Tables.
Leipold Mineral Resource
The Leipold MRE demonstrates an incredibly consistent and robust mineralisation model. Leipold is open down dip as demonstrated by the diamond core returned from the late 2021 drilling programme (please refer to ASX Announcement "Second Diamond Hole at Leipold May Extend Mineralisation Down Dip a Further 100m" dated 23 November 2021).
The two diamond core holes at Leipold demonstrate that the structure that hosts mineralisation have more than doubled the known mineralisation from a previous depth of 130m vertically (currently defined by this MRE) from surface to 270m. Further, the Leipold Lode has been extended from surface down dip to a distance of 370m and remains open - this bodes incredibly well for future resource development at the Leipold Resource.
A full breakdown on classification and weathering state is detailed in Table 2 and an illustrative long section showing the MRE is detailed in Figure 1:
Leipold Deposit
March 2022 Mineral Resource Estimate (0.5g/t Au Cut-off)
Table 2 - Leipold Mineral Resource Estimate Table.
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personal use only
Figure 1 - Leipold Plane of Vein Long Section with MRE Outline.
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Type | Tota l |
Tonnage ktAu g/tAu Ounce s | |
Oxide Transitional Fresh | 40 50 30 1.6 2,000 2.3 4,000 1.9 2,000 |
Tota l | 120 2.0 8,000 |
Figure 2 - Leipold Mineral Resource Classification - Plan View.
McTavish Mineral Resource
The McTavish Mineral Resource is open at depth and along strike with an apparent southern plunge to mineralisation similar to both the Leipold and Champion orebodies providing greater confidence in targeting resource extensions. The drilling to date has concentrated on the historical workings and has culminated into this estimate presented here.
Figure 3 details a plane of vein long section for the McTavish Mineral Resource and Table 3 details the breakdown on classification and weathering state as reported.
McTavish Deposit
March 2022 Inferred Mineral Resource Estimate (0.5g/t Au Cut-off)
Table 3 - McTavish Mineral Resource Estimate Table.
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Figure 3 - McTavish Prospect Plane of Vein Section with block model (All Inferred).
Champion Mineral Resource
The same is applicable at Champion as for McTavish whereby the Mineral Resource is open at depth and along strike. The drilling to date has concentrated on the historical workings and has culminated into this estimate presented here.
Figure 4 details a plane of vein long section for the McTavish Mineral Resource and Table 4 details the breakdown on classification and weathering state as reported.
Champion Deposit
March 2022 Inferred Mineral Resource Estimate (0.5g/t Au Cut-off)
Type | Total |
Tonnage ktAu g/tAu Ounces | |
Oxide Transitional Fresh | 10 70 300 2.2 1,000 1.9 4,000 1.6 16,000 |
Total | 380 1.7 20,000 |
Table 4 - Champion Mineral Resource Estimate Table.
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Metalicity Limited published this content on 01 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 April 2022 04:42:49 UTC.
