Metalicity (ASX:MCT) primed for long-awaited Leonora drilling

Metalicity (ASX:MCT) primed for long-awaited Leonora drilling

March 6, 2024 Off By Jack Baker

Metalicity has lodged its approvals as it prepares for the first drilling in a decade at Yundamindra, a project which historically produced very high-grade close-to-surface gold southeast of Leonora in the Western Australian Goldfields.

Yundamindra historically produced 74 kilotonnes at 19.3 grams per tonne gold for 45,000 ounces but has still only been subject to limited shallow drilling to a maximum depth of 50 to 80 metres.

The Perth-based developer will first target the project’s highly prospective Western Line, including a Landed at Last prospect which has shown the project’s high-grade and shallow nature, with strikes as strong as 11m @ 5.85g/t Au from 40m.

Metalicity Managing Director Justin Barton said that following a recent favourable Wardens Court decision regarding the tenements, the company has been undertaking extensive reviews while awaiting final approvals.

“The Yundamindra Gold Project has not seen any drilling in over a decade and even then, it has historically only seen limited shallow drilling yet delivered significant intercepts and offers an opportunity for Metalicity to confirm and extend the known mineralisation occurrences within the area, whilst targeting new discoveries,” Barton said.

“Metalicity’s maiden drilling program at the Yundamindra Gold Project will initially focus on the western line with highly prospective Landed at Last prospect, which have returned significant historical intercepts that remain open along strike and at depth.”

The company’s geophysical consultants are now reviewing the available data to assist and prioritise drill targeting while looking to generate more high-grade gold targets.

Gold mining remains a largely fragmented industry, but a spate of merger and acquisition deals is expected to intensify, with particular attention on the premier gold district at Leonora.

Raleigh Finlayson’s Genesis Minerals (ASX:GMD) fired an opening salvo with its acquisition of St Barbara’s flagship Gwalia Mine, while fellow Leonora residents Silver Lake Resources (ASX:SLR) and Red 5 (ASX:RED) are on collision course to merge into a mid-tier producer and regional power.

Consolidation has put an onus on building up intercepts and ounces surrounding the big players, and Metalicity and its JV partner Nex Metals Explorations (ASX:NME) now prepare to take their first proper look into Yundamindra alongside its nearby Kookynie flagship project.

Significant intercepts

Landed at Last prospect

  • 11m @ 5.85g/t Au from 40m in LW32
  • 10m @ 9.99g/t Au from 10m in LW34
  • 9m @ 8.56g/t Au from 36m in LW33
  • 6m @ 11.18g/t Au from 41m in LN93
  • 2m @ 23.29g/t Au from 30m in LN11

Other prospects

  • Pennyweight Point – 8m @ 56.36g/t Au from 44m in PV095
  • Golden Treasure – 1m @ 48.1g/t Au from 12m in TDN18
  • Queen May – 2m @ 39.49g/t Au from 31m in QMN5
  • Wauchope – 2m @ 7.21g/t Au from 30m in HC007

MCT Kookynie Map

Metalicity shares a Leonora projects location map featuring nearby mills

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