Metalicity (ASX:MCT) is preparing to fire up the drill rigs in the WA Goldfields next month, following the definition of a bulky exploration target at its Kookynie project, which estimates the presence of 230,000- to 510,000 ounces of gold.
The exploration target is based on pre-JORC 2012 mineral resource estimates, drilling results and production from a myriad of mothballed mine sites are littered across the Kookynie project.
Chief among the historical mines is the Cosmopolitan gold mine produced 360,000 ounces of gold from discovery in 1895 to 1922.
The Kookynie project is situated along the Keith-Kilkenny Tectonic Zone, 180 km north of Kalgoorlie and includes the Champion, McTavish, Leipold, Diamantina and Cumberland mines, in addition to Cosmopolitan.
The exploration target is based on in-depth analysis of production and drilling at each of the individual mine sites.
While the area has not received any modern exploration over the last 25 years, the ground has proved rich pickings for gold exploration.
Most of the current drilling is less than 50 metres at all prospects and Metalicity will be looking for down-dip extensions at the mines.
Historical results from down-plunge extensions include 1m @ 28.04 g/t Au from 338.5m at Diamantina and 3m @ 44 g/t Au from 18m in KOYC106 at Cumberland.
Commenting on the upcoming drilling, Metalicity CEO Mat Longworth said: “The Kookynie Gold Project presents an opportunity to define high-quality ounces in a short period of time.
“Having access to a wealth of historical work including mineral resource estimates, historical production and drilling results has greatly assisted Metalicity to quickly estimate an Exploration Target of between 230,000 ounces and 510,000 ounces.
“We are also buoyed by the fact that all Prospects at Kookynie are open along strike and down dip which bodes well for MCT to define and extend resources with our upcoming drilling campaign,” he said.
The Company has confirmed its exploration will focus on defining and extending known mineralisation, rather than developing early stage discoveries of new prospects.
Metalcitiy acquired the rights to farm-in to the Kookynie project and Yundamindra project, which is 65 kms east of Kookynie, from fellow listed explorer Nex Metals earlier this month.
As per the agreement, Metalicity holds the option to earn 51% of the projects by spending a minimum $500,000 inside 12 months of the agreement, as well as conducting at least $5 million on project development over 5 years.