ASX RELEASE: 6 December 2021
For personal use only
Bonanza Grades Intercepted in a New Gold Zone Identified
200m to the East of the Main Leipold Lode
RC Drilling Results
- New gold zone identified ~200 metres east of the 1km long Leipold lode sitting outside the Leipold mineralised zone subject to Mineral Resource work.
- RC Drilling in the new zone returned:
- LPRD0002 - 10 metres @ 8.34 g/t Au from 64 metres including:
- 1 metre @ 77.4 g/t Au from 74 metres; and
- LPRD0005 - 3 metres @ 3.05 g/t Au from 73 metres including:
- 1 metre @ 5.3 g/t Au from 74 metres.
- These significant new assays indicate a possible new parallel lode to the main Leipold Lode and demonstrate that the Leipold area is still very prospective for further high-grade mineralisation.
- Final assays from recent RC drilling at the Leipold Prospect at the Kookynie Gold Project1 have been returned delivering consistent grades over good widths close to surface. Significant intercepts from Leipold include:
- LPRC0135 - 3 metres @ 5.86 g/t Au from 38 metres including:
- 1 metre @ 12.25 g/t Au from 39 metres; and
- LPRC0137 - 5 metres @ 2.69 g/t Au from 82 metres including:
- 1 metre @ 10.27 g/t Au from 82 metres.
- Diamond drilling assay results, including those that appear to have extended the main Leipold Lode 150m down dip, are still pending.
- The Company also recently announced that the offer for NME is now unconditional, and encourages all NME shareholders to accept the Offer ahead of the Closing Date (unless extended) of 5:00pm (Perth time) on 15 December 2021.3
Metalicity Limited (ASX: MCT) ("MCT" or "Company") is pleased to announce the RC drilling results from the Leipold Prospect 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 announced by both the Company and NME on 20 May 2021, Metalicity now has a 51% and controlling interest in both the Kookynie & Yundamindra Gold projects.
2Please refer to ASX Announcements "First Diamond Hole at Leipold May Extend Mineralisation at Depth" dated 17/11/2021 and "Second Diamond Hole at Leipold May Extend Mineralisation a Further 100m" dated 23/11/2021.
3Please refer to ASX Announcement "Metalicity Bid For Nex Metals Now Unconditional" dated 3 December 2021.
Metalicity Limited | www.metalicity.com.au |
ASX Code: MCT | Unit B2, 20 Tarlton Crescent |
ABN: 92 086 839 992 | Perth Airport WA 6105 |
Commenting on the drilling results, Metalicity CEO, Justin Barton said:
"These are spectacular results, and the identification of an outlying bonanza intercept further adds to the excitement of this prospect. This adds up to a very exciting picture of significant potential to grow laterally, as well as along strike and down dip at Leipold, with significant mineralisation at depth encountered from the core of the diamond drilling for which we eagerly await assays.
only | This is also potentially a step change for the initial Mineral Resource Estimate. This all bodes incredibly well for | |||||||||||||
the Project and further highlights the commercial sense for the two companies with an interest in the project | ||||||||||||||
to merge to truly maximise its value. We therefore encourage all NME shareholders to accept the offer ahead | ||||||||||||||
of the closing date to help to further unlock this potential." | ||||||||||||||
Leipold Assay Results | ||||||||||||||
The results illustrated below continue to define and expand the mineralisation observed at Leipold, which | ||||||||||||||
given the nature of the mineralisation and the drilling angle, are very close to true widths for the mineralisation | ||||||||||||||
observed. These are very encouraging results at Leipold, especially for the pending Mineral Resource Estimate | ||||||||||||||
use | which has had a material change for the upcoming estimation and will be included. Furthermore, the Leipold | |||||||||||||
prospect results to date are mostly near surface and remain open at depth, highlighting the increased potential | ||||||||||||||
of this prospect. | ||||||||||||||
Table 1 below details the significant intercepts recently received from the RC drilling component of the drilling | ||||||||||||||
programme. Please note the Company has not received any assays for the diamond core to date, only RC | ||||||||||||||
samples have been returned and discussed. | ||||||||||||||
MGA94_Z51S | ||||||||||||||
From | To | Down | ||||||||||||
Hole ID | Tenement | Hole Type | Easting | Northing | RL | EOH | Dip | Azi | Hole | Grade (Au g/t) | Comments | |||
personal | (m) | (m) | Width (m) | |||||||||||
LPRC0132 | M40/22 | RC | 350,818 | 6,752,011 | 432 | 76 | -60 | 250 | 67 | 72 | 5 | 1.27 | 5 metres @ 1.27 g/t Au from 67 metres | |
LPRC0133 | M40/22 | RC | 350,786 | 6,752,039 | 432 | 64 | -60 | 250 | 45 | 47 | 2 | 3.54 | 2 metres @ 3.54 g/t Au from 45 metres | |
LPRC0134 | M40/22 | RC | 350,751 | 6,752,101 | 432 | 68 | -60 | 250 | 64 | 68 | 4 | 1.48 | 4 metres @ 1.48 g/t Au from 64 metres | |
LPRC0135 | M40/22 | RC | 350,737 | 6,752,150 | 432 | 70 | -60 | 250 | 38 | 41 | 3 | 5.86 | 3 metres @ 5.86 g/t Au from 38 metres inc. 1 metre | |
@ 12.25 g/t Au from 39 metres | ||||||||||||||
LPRC0136 | M40/22 | RC | 350,820 | 6,751,948 | 432 | 70 | -60 | 250 | No significant intercept | |||||
LPRC0137 | M40/22 | RC | 350,843 | 6,751,993 | 432 | 94 | -60 | 250 | 82 | 87 | 5 | 2.69 | 5 metres @ 2.69 g/t Au from 82 metres inc. 1 metre | |
@ 10.27 g/t Au from 82 metres | ||||||||||||||
LPRD0001 | M40/22 | RC/DD | 350,825 | 6,752,136 | 432 | 120 | -60 | 250 | - | - | - | No assays yet | Pre-collar is drilled to a depth of 82 metres, diamond | |
tail will be ~38 metres | ||||||||||||||
Observed mineralisation in core reported | ||||||||||||||
LPRD0002 | M40/22 | RC/DD | 351,007 | 6,752,051 | 432 | 225.1 | -60 | 250 | 64 | 74 | 10 | 8.34 (in RC | 17/11/2021, however, pre-collar returned - 10 | |
pre-collar) | metres @ 8.34 g/t Au from 64 metres inc. 1 metre | |||||||||||||
@ 77.4 g/t Au from 74 metres | ||||||||||||||
LPRD0003 | M40/22 | RC/DD | 351,077 | 6,752,020 | 432 | 309.4 | -80 | 250 | - | - | - | No core | Observed mineralisation reported 23/11/2021 | |
assays yet | ||||||||||||||
LPRD0004 | M40/22 | RC/DD | 350,934 | 6,752,053 | 432 | 180 | -60 | 250 | - | - | - | No core | Core pending | |
assays yet | ||||||||||||||
No core | Please see core tray images in this announcement - | |||||||||||||
LPRD0005 | M40/22 | RC/DD | 350,919 | 6,752,094 | 432 | 171.3 | -60 | 250 | - | - | - | pre-collarreturned 3 metres @ 3.05 g/t Au from 73 | ||
assays yet | ||||||||||||||
metres inc. 1 metre @ 5.3 g/t Au from 74 metres | ||||||||||||||
For
Table 1 - Leipold Prospect Anomalous Drill Hole Intercepts.
Note: Duplicates and CRM analysis was not used in the calculation of the significant intercepts. A hole listed with "no significant anomalism" means that no sample run
returned a value to trigger reporting.
The intercepts above were calculated based on a sample returning an assay value of greater than 0.5 g/t Au over an interval greater than 2 metres, but not including any more than 2 metres of internal material that graded less than 0.5 g/t Au. Intervals were based on geology and no top cut off was applied.
The Company regards the results for LPRC0132 to LPRC00137 (except for LPRC0136) to be typical, moderate grading intercepts that will assist in initial metallurgical test work and confirmation of zones within the Leipold mineralisation envelope.
However, the results within the RC pre-collar for LPRD0002 and LPRD0005 are exceptional. Ten metres at 8.34 g/t Au over a width that also includes 1 metre at 77.4 g/t Au, demonstrates a very consistent and wide
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For personal use only
mineralised intercept. This, coupled with the results in LPRD0005 RC pre-collar of 3 metres at 3.05 g/t Au, indicate a very prospective highly mineralised new gold area east of the Main Leipold Lode. It should be noted, these were not assays from the core drilling, these were assays from samples taken in the RC pre-collar. The results sit a considerable distance - circa 200 metres east of the hanging wall of the Leipold lode. The Company believes the results to date warrant further work to test the dimensions of these intercepts and how they may potentially contribute towards the Mineral Resource Estimate on a possible separate lode.
The two figures below (Figure 1 - Leipold Prospect Drill Collars Plan Layout with recent drilling, and Figure 2 - Leipold Prospect Plane of Vein Section with recent drilling) detail the locations of the drill holes discussed in this announcement. From the plan schematic, you can see the collar points for LPRD0002 and LPRD0005 are a considerable distance from the main Leipold mineralised lode and may represent a new lode at the Leipold prospect. Follow up drilling is planned for the new year within this area to develop an understanding of the dimensions applicable to these very significant intercepts in this new location:
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Figure 1 - Leipold Prospect Drill Collars Plan Layout with recent drilling*.
For Figure 1 Drilling Results;*Please refer to ASX Announcements: Metalicity Continues to Deliver Impressive Drill Hole Results for the Kookynie Gold Project, dated 22nd December 2020, Metalicity Continues to Deliver Fantastic Drill Hole Results for the Kookynie Gold Project dated 1st October 2020, Metalicity Reports Drill Hole Intercepts Up to 100 g/t Au for the Kookynie Gold Project dated 15th September 2020, Metalicity Continues to Deliver Spectacular Drill Hole Results for the Kookynie Gold Project dated 25th August 2020, Metalicity Delivers More Outstanding Drill Hole Results for the Kookynie Gold Project. Phase Two Drilling to Commence Imminently dated 10th July 2020, Metalicity Continues to Deliver Excellent Drill Hole Results for the Kookynie Gold Project dated 2nd July 2020, Metalicity Continues to Deliver Spectacular Drill Hole Results for the Kookynie Gold Project dated 25th June 2020, Metalicity Reports Drill Hole Intercepts Up To 80 g/t Au, Additional Tenement Acquisition for Kookynie dated 21st January 2020, First Diamond Hole at Leipold extendmineralisation at depth dated 17 November 2021 & Second Diamond hole at Leipold May Extend Mineralisationdown dip a further 100m" dated 23 November 2021 .
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Figure 2 - Leipold Prospect Plane of Vein Section with recent drilling*.
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Metalicity Limited published this content on 05 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 December 2021 22:41:01 UTC.