Metalicity has identified new priority targets while further field work and a drilling program is set to begin at its wholly-owned Yerrida cobalt project in the Yerrida Basin, Western Australia.
Exploration has commenced at Yerrida, including the identification of additional priority targets for a proposed 1,000m Diamond and/or RC Drill program.
One high priority target area at K1 was identified from field mapping, rock chip sampling and the company’s first pass 1,800m RC drill program to a depth of 150m, which successfully intersected a significant cobalt horizon or halo to regional base metal transportation.
According to Metalicity, this shallow, south-dipping, horizon of 8m to 12m thickness containing anomalous cobalt mineralisation provides important support for the potential to find deeper high-grade mineralisation associated with deeper structures from the underlying “red bed” sandstones.
A further three targets at K2, K3 and K4 have been generated focussed on areas of interpreted NW striking lineaments for possible fluid leakage as well as geological characteristics that are compatible to the geological setting of the prolific copper-cobalt deposits of the Central African Copperbelt
The additional targets have been generated via a recent review of the entire Yerrida Basin by the preeminent Dr Dennis Gee and a review of previous work by copper- cobalt expert Dr Simon Dorling
Recent drilling intersected stratabound intervals of geochemically anomalous copper and cobalt mineralisation which are interpreted to indicate primary stratigraphic controls on mineralisation or a halo to regional base metal transport,” Metalicity Managing Director Matt Gauci commented.
“A deeper hole is planned to test the potential for high grade mineralisation associated with deeper structures from the underlying “red bed” sandstones at K1, while a further 3 regional targets have been generated associated with an interpreted NW-striking fault at K2-K4 for field work and drilling to test for leakage and cobalt mineralisation”.
Yerrida is located in the Yerrida Basin, WA, which has a geological setting considered amenable to hosting structural/stratigraphic-controlled copper-cobalt mineralisation and potentially also nickel-cobalt mineralisation.
Shares in Metalicity were trading at 3.4c in afternoon trade.