Highlights
Preliminary 1m assay results returned from RC drilling completed at the Corboys Gold Deposit, best downhole intercepts include;
Hole CBRC1520
5m @ 9.38g/t Au from 16m including;
1m @ 39.15g/t Au from 17m
Hole CBRC1531
8m @ 7.02g/t Au from 50m including;
1m @ 29.40g/t Au from 50m and;
1m @ 15.57g/t Au from 54m.
Potential to expand the existing JORC Compliant Mineral Resource Estimate - update planned to be completed in the December Quarter.
Further 1m assay results from RC drilling at the Woorana, Fat Lady, Mt Joel 4800N and Anomaly 45 Prospects expected early October.
Metaliko Resources Limited (ASX: MKO) ('Metaliko' or the 'Company') is pleased to announce assay results from individual 1m samples from recent Reverse Circulation ('RC') drilling at the flagship Yandal Gold Project ('YGP') in Western Australia. The company has been actively exploring historic deposits and new prospects within the +800km2 project that includes the 2.3 Mtpa Bronzewing CIL/CIP treatment facility ('BZW') (Figure 1).
A total of 47 shallow RC holes for 2,146m were drilled at the Corboys Prospect (see ASX announcement dated 3 September 2015) which is located ~40km north of and within economic
159 Stirling Highway, Nedlands WA 6009
PO Box 1104, Nedlands WA 6909
Tel: +61 8 9386 9534
Fax: +61 8 9386 9473
E: admin@metaliko.com.au
ACN 120 974 567
haulage distance to BZW. Significant downhole 1m intercepts >0.50g/t Au with drill collar details are listed in Table 1.
The Corboys Deposit has a current unconstrained, JORC 2012 Indicated Mineral Resource Estimate of 2.8Mt @ 1.22 g/t Au for 112,000 oz using a 0.5 g/t Au lower grade cut-off (refer ASX announcement dated 23 February 2015). Metaliko are targetting 3-5 million tonnes of mill feed to recommission the plant. A significant portion of this target may be derived from the Corboys Deposit.
The recent drilling has confirmed the potential to increase the resource base at the YGP and improves confidence in the current resource model (refer ASX announcement dated 9 July 2015). The results in general show good correlation with the resource model block grade estimates. Following receipt of the final 1m-split results a differential GPS hole collar survey will be completed and a revision of the geological interpretation to support an updated Mineral Resource Estimate.
Figure 1: Yandal Project Location Plan
The holes which were drilled to reduce data spacing to 10-50m in certain areas, targeted specific gold lodes along the entire known strike extent (Figure 2) and tested mineralisation zones to vertical depths to 75m. The Corboys mineralisation dips east, is hosted in north striking, semi-continuous quartz veins and shears at a granite-greenstone contact. It has been defined over 1,200m in strike length to date with individual shoots averaging from 1-4m wide.
The mineralisation is considered to be open in most directions. Recent auger sampling has defined significant gold-in-soil anomalies that warrant further exploration to the immediate north and west. The expansion of the Corboys resource and the completion of a pit optimisation study in support of an updated open pit Mining Proposal is an immediate priority for the Company. In addtion detailed exploration in the immediate region for other shallow deposits including the Tuscana and Greenstone Hill Prospects will be carried out to assess the potential to expand the area resource base.
Preliminary results from individual 1m samples from drilling at the Woorana, Fat Lady, Mt Joel 4800N and Anomaly 45 Prospects are expected to be available in early October.
Figure 2: Corboys Deposit Plan Showing Historic and Recent Drill Hole Collars and the Current Resource Block Model at Surface (Block colour/Au grades: purple/>3.0g/t, orange/1.0-3.0g/t, brown/0.5-1.0g/t and grey/
Further results and details on approved forward work programs will be released as they come to hand.
For further information, please contact:
Dr Michael Ruane, Executive Director admin@metaliko.com.au
Office Phone +61 8 9386 9534
Table 1: Yandal Project RC Drilling 4m Composite Samples Significant Intercepts (Au AR50 is an Aqua Regia asssy, Au FA50 is a fire assay and drill intercepts are downhole widths, but close to being true width).
Hole ID North (m) East
(m)
Depth (m)
Dip (deg.)
Azimuth (deg.)
From (m)
To (m)
Interval (m)
Au (AR50)
g/t
Au (FA50)
g/t
CORBOYS DEPOSIT (Significant Assays >0.50g/t Au)
CBRC1501 | 7002374 | 298862 | 36 | -60 | 256 | 8 | 9 | 1 | 0.53 | 0.54 |
11 | 12 | 1 | 0.71 | 0.72 | ||||||
CBRC1502 | 7002380 | 298882 | 42 | -60 | 256 | 27 | 28 | 1 | 2.96 | 3.26 |
30 | 31 | 1 | 0.54 | 0.59 | ||||||
CBRC1503 | 7002357 | 298873 | 36 | -60 | 256 | 10 | 11 | 1 | 4.83 | 5.07 |
CBRC1504 | 7002362 | 298892 | 42 | -60 | 256 | - | - | |||
CBRC1505 | 7002417 | 298865 | 36 | -60 | 256 | 8 | 11 | 3 | 1.35 | 1.35 |
13 | 15 | 2 | 1.41 | 1.43 | ||||||
CBRC1506 | 7002421 | 298884 | 48 | -60 | 256 | 24 | 26 | 2 | 0.77 | 0.83 |
29 | 31 | 2 | 3.12 | 3.26 | ||||||
35 | 36 | 1 | 1.53 | 1.39 | ||||||
46 | 48 | 2 | 1.87 | 1.98 | ||||||
CBRC1507 | 7002437 | 298857 | 36 | -60 | 256 | - | - | |||
CBRC1508 | 7002442 | 298878 | 48 | -60 | 256 | 19 | 20 | 1 | 1.04 | 1.19 |
38 | 41 | 3 | 1.61 | 1.52 | ||||||
43 | 44 | 1 | 7.54 | 8.05 | ||||||
CBRC1509 | 7002446 | 298843 | 24 | -60 | 256 | 5 | 6 | 1 | 0.71 | 0.69 |
CBRC1510 | 7002357 | 298862 | 24 | -60 | 256 | - | - | |||
CBRC1511 | 7002337 | 298876 | 30 | -60 | 256 | 1 | 2 | 1 | 0.50 | |
CBRC1512 | 7002336 | 298864 | 24 | -60 | 256 | - | - | |||
CBRC1513 | 7002755 | 298768 | 80 | -60 | 256 | 68 | 71 | 3 | 1.64 | |
Including | 68 | 69 | 1 | 3.68 | 4.04 | |||||
CBRC1514 | 7002671 | 298850 | 96 | -60 | 256 | 89 | 90 | 1 | 2.53 | 2.69 |
93 | 94 | 1 | 0.55 | 0.59 | ||||||
95 | 96 | 1 | 0.61 | 0.70 | ||||||
CBRC1515 | 7003011 | 298567 | 84 | -60 | 256 | - | - | |||
CBRC1516 | 7003026 | 298641 | 84 | -60 | 256 | 34 | 35 | 1 | 2.92 | 3.01 |
69 | 70 | 1 | 1.25 | 1.56 | ||||||
73 | 74 | 1 | 0.88 | 0.95 | ||||||
79 | 80 | 1 | 0.81 | 0.86 | ||||||
CBRC1517 | 7003017 | 298559 | 78 | -60 | 256 | 19 | 20 | 1 | 2.02 | 2.20 |
57 | 58 | 1 | 0.72 | |||||||
62 | 70 | 8 | 1.84 | |||||||
Including | 62 | 63 | 1 | 2.85 | 3.09 | |||||
Including | 65 | 67 | 2 | 3.77 | 3.92 | |||||
CBRC1518 | 7002937 | 298621 | 90 | -60 | 256 | 17 | 18 | 1 | 2.89 | 3.27 |
76 | 82 | 6 | 2.44 | |||||||
Including | 79 | 80 | 1 | 2.56 | 2.69 | |||||
Including | 81 | 82 | 1 | 6.95 | 6.85 | |||||
86 | 90 | 4 | 2.03 | |||||||
Including | 87 | 89 | 2 | 3.13 | 2.96 |
Hole ID | North (m) | East (m) | Depth (m) | Dip (deg.) | Azimuth (deg.) | From (m) | To (m) | Interval (m) | Au (AR50) g/t | Au (FA50) g/t |
CBRC1519 | 7003055 | 298417 | 24 | -60 | 256 | 13 | 14 | 1 | 1.67 | 1.75 |
22 | 23 | 1 | 2.28 | 2.39 | ||||||
CBRC1520 | 7003060 | 298438 | 36 | -60 | 256 | 0 | 1 | 1 | 0.97 | |
6 | 7 | 1 | 2.51 | 2.6 | ||||||
10 | 11 | 1 | 0.68 | |||||||
13 | 14 | 1 | 0.74 | 0.74 | ||||||
16 | 21 | 5 | 9.38 | |||||||
Including | 16 | 18 | 2 | 22.83 | 22.86 | |||||
Including | 17 | 18 | 1 | 38.75 | 39.15 | |||||
27 | 28 | 1 | 2.42 | 2.51 | ||||||
CBRC1521 | 7003066 | 298416 | 24 | -60 | 256 | 22 | 23 | 1 | 0.96 | 1.02 |
CBRC1522 | 7003068 | 298429 | 36 | -60 | 256 | 8 | 11 | 3 | 1.40 | |
Including | 8 | 9 | 1 | 3.05 | 2.99 | |||||
24 | 25 | 1 | 5.47 | 5.45 | ||||||
30 | 32 | 2 | 1.14 | |||||||
CBRC1523 | 7003079 | 298592 | 42 | -60 | 256 | 28 | 35 | 7 | 1.07 | |
CBRC1524 | 7003150 | 298345 | 30 | -60 | 256 | 2 | 4 | 2 | 0.83 | |
10 | 13 | 3 | 0.95 | |||||||
22 | 24 | 2 | 1.47 | |||||||
CBRC1525 | 7003161 | 298387 | 60 | -60 | 256 | 17 | 18 | 1 | 3.71 | 3.69 |
25 | 26 | 1 | 20.75 | 21.28 | ||||||
28 | 29 | 1 | 5.44 | 5.57 | ||||||
32 | 34 | 2 | 5.71 | |||||||
37 | 38 | 1 | 1.10 | 1.19 | ||||||
41 | 42 | 1 | 2.55 | 2.65 | ||||||
54 | 56 | 2 | 1.97 | |||||||
Including | 54 | 55 | 1 | 3.08 | 3.23 | |||||
CBRC1526 | 7003073 | 298451 | 36 | -60 | 256 | 11 | 15 | 4 | 0.77 | |
18 | 19 | 1 | 1.37 | 1.33 | ||||||
27 | 30 | 3 | 3.99 | |||||||
Including | 29 | 30 | 1 | 10.83 | 6.95 | |||||
32 | 36 | 4 | 1.11 | |||||||
CBRC1527 | 7003223 | 298217 | 40 | -60 | 256 | 6 | 7 | 1 | 0.70 | 0.78 |
14 | 16 | 2 | 0.92 | |||||||
27 | 32 | 5 | 1.42 | |||||||
Including | 27 | 28 | 1 | 3.66 | 3.81 | |||||
CBRC1528 | 7003277 | 298343 | 100 | -60 | 256 | 68 | 76 | 8 | 1.78 | |
Including | 69 | 70 | 1 | 2.15 | ||||||
Including | 74 | 76 | 2 | 4.15 | ||||||
99 | 100 | 1 | 1.07 | 1.15 | ||||||
CBRC1529 | 7003239 | 298198 | 20 | -60 | 256 | 5 | 8 | 3 | 1.41 | |
Including | 6 | 8 | 2 | 1.84 | 1.79 | |||||
11 | 13 | 2 | 0.65 | |||||||
15 | 16 | 1 | 0.80 | 0.82 | ||||||
CBRC1530 | 7003223 | 298184 | 36 | -60 | 256 | 1 | 4 | 3 | 1.38 |
Hole ID | North (m) | East (m) | Depth (m) | Dip (deg.) | Azimuth (deg.) | From (m) | To (m) | Interval (m) | Au (AR50) g/t | Au (FA50) g/t |
Including | 1 | 2 | 1 | 3.00 | 3.21 | |||||
24 | 31 | 7 | 1.58 | |||||||
Including | 29 | 31 | 2 | 3.90 | 3.76 | |||||
Including | 29 | 30 | 1 | 5.12 | 4.91 | |||||
CBRC1531 | 7003288 | 298311 | 84 | -60 | 256 | 50 | 58 | 8 | 7.02 | |
Including | 50 | 55 | 5 | 10.56 | 10.77 | |||||
Including | 50 | 51 | 1 | 29.40 | 28.65 | |||||
Including | 54 | 55 | 1 | 14.25 | 15.57 | |||||
62 | 67 | 5 | 1.87 | |||||||
Including | 62 | 63 | 1 | 3.92 | 4.31 | |||||
Including | 64 | 66 | 2 | 2.38 | 2.39 | |||||
69 | 70 | 1 | 1.24 | 1.34 | ||||||
CBRC1532 | 7003293 | 298258 | 54 | -60 | 256 | 16 | 17 | 1 | 1.06 | |
30 | 36 | 6 | 3.15 | |||||||
Including | 32 | 34 | 2 | 7.91 | 7.81 | |||||
CBRC1533 | 7003284 | 298239 | 36 | -60 | 256 | 22 | 24 | 4 | 1.96 | |
22 | 23 | 1 | 5.20 | 4.99 | ||||||
CBRC1534 | 7003309 | 298293 | 78 | -60 | 256 | 40 | 41 | 1 | 0.59 | |
43 | 46 | 3 | 2.37 | |||||||
Including | 45 | 46 | 1 | 6.37 | 6.45 | |||||
49 | 50 | 1 | 1.10 | 1.08 | ||||||
55 | 56 | 1 | 2.56 | 2.65 | ||||||
58 | 59 | 1 | 0.76 | |||||||
CBRC1535 | 7003310 | 298222 | 20 | -60 | 256 | 8 | 12 | 4 | 5.78 | |
Including | 8 | 9 | 1 | 3.61 | 3.70 | |||||
Including | 10 | 11 | 1 | 18.4 | 19.12 | |||||
CBRC1536 | 7003323 | 298271 | 50 | -60 | 256 | 28 | 29 | 1 | 0.74 | |
32 | 40 | 8 | 1.17 | |||||||
Including | 34 | 35 | 1 | 2.86 | 2.48 | |||||
Including | 39 | 40 | 1 | 2.83 | 3.11 | |||||
CBRC1537 | 7003342 | 298213 | 30 | -60 | 76 | - | - | |||
CBRC1538 | 7003401 | 298203 | 54 | -60 | 256 | 28 | 29 | 1 | 2.72 | 2.93 |
35 | 36 | 1 | 2.56 | 2.75 | ||||||
41 | 42 | 1 | 1.00 | 1.11 | ||||||
46 | 48 | 2 | 2.51 | |||||||
Including | 46 | 47 | 1 | 3.92 | 4.08 | |||||
CBRC1539 | 7003412 | 298187 | 30 | -60 | 256 | 0 | 1 | 1 | 0.70 | |
CBRC1540 | 7003415 | 298206 | 54 | -60 | 256 | - | - | |||
CBRC1541 | 7003489 | 298123 | 24 | -60 | 256 | - | - | |||
CBRC1542 | 7003313 | 298320 | 84 | -60 | 256 | 61 | 63 | 2 | 2.65 | |
Including | 62 | 63 | 1 | 4.26 | 4.30 | |||||
82 | 83 | 1 | 1.56 | 1.65 | ||||||
CBRC1543 | 7003336 | 298176 | 18 | -60 | 256 | 3 | 4 | 3 | 0.94 | |
7 | 8 | 1 | 0.56 | |||||||
CBRC1544 | 7003341 | 298199 | 24 | -60 | 256 | 1 | 2 | 1 | 0.53 |
Hole ID | North (m) | East (m) | Depth (m) | Dip (deg.) | Azimuth (deg.) | From (m) | To (m) | Interval (m) | Au (AR50) g/t | Au (FA50) g/t |
10 | 15 | 5 | 1.21 | |||||||
Including | 10 | 12 | 2 | 1.84 | 1.90 | |||||
23 | 24 | 1 | 0.98 | |||||||
CBRC1545 | 7003376 | 298206 | 42 | -60 | 256 | 20 | 21 | 1 | 4.36 | 4.52 |
CBRC1546 | 7002461 | 298836 | 18 | -60 | 256 | - | - | |||
CBRC1547 | 7002461 | 298848 | 24 | -60 | 256 | - | - |
Competent Person Statement
This ASX release has been compiled by Michael Ruane using information on exploration results supplied by Mr David O'Farrell and Mr Lorry Hughes. David O'Farrell and Lorry Hughes are both members of the Australian Institute of Mining and Metallurgy with sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserve'. David O'Farrell and Lorry Hughes consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.
Investor Coverage
Recent news on Company activities can be found on the Metaliko Resources Limited website http://www.metaliko.com.au/
About Metaliko Resources Limited
Metaliko acquired the Yandal Project in 2014 which included the Bronzewing 2.3mtpa capacity CIP/CIL plant, associated infrastructure, historic open pit and underground mines, numerous historic resources/prospects, an extensive geological database and Yandal exploration tenements. The Yandal tenements have produced >3.5 million ounces of gold from a number of deposits with processing at the Bronzewing plant in the period 1988 - 2013.
Strong potential remains at the Yandal Project to extend existing resources and make new economic disoveries. Metaliko's immediate focus is:
An extensive reassessment of the historical data base.
Consolidate tenement holdings - Third Parties.
Commence targeted exploration programs.
Exploration will be aimed at making new significant gold discoveries.
Assess resources close to surface for potential early cash flow opportunities.
Assess current plant inventory and identify items that are surplus to requirements.
To realise the value of existing Kalgoorlie based resources and tenements by either progressing to mining via JV's and toll treatment or by farm-in on the large tenement holding in the Eastern Goldfields.
When mining and milling operations were last active over a 2.5 year period up until 2013 the Bronzewing plant operated at nameplate capacity treating ~5.3Mt of primary ore. The plant is on care and maintenance and remains in excellent condition.
Appendix 1
(Criteria in this section apply to all succeeding sections, note data in this section is extracted from historic reports)
Criteria | JORC Code explanation | Commentary |
Sampling techniques |
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Drilling techniques |
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Drill sample recovery |
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Logging |
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Criteria | JORC Code explanation | Commentary |
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Sub-sampling techniques and sample preparation |
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Quality of assay data and laboratory tests |
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Verification of sampling and assaying |
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Location of data points |
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Data spacing and distribution |
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Criteria | JORC Code explanation | Commentary |
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Orientation of data in relation to geological structure |
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Sample security |
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Audits or reviews |
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(Criteria in this section apply to all succeeding sections)
Criteria | JORC Code explanation | Commentary |
Mineral tenement and land tenure status |
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Exploration done by other parties |
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Geology |
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Drill hole Information |
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Criteria | JORC Code explanation | Commentary |
that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. | ||
Data aggregation methods |
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Relationship between mineralisation widths and intercept lengths |
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Diagrams |
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Balanced reporting |
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Other substantive exploration data |
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Further work |
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distributed by |