Metalicity Limited Unveils Large Scale Gold Potential at Yundamindra
METALICITY LIMITED (MCT) Share Update September 2024 Tuesday 17th
Metalicity Limited Announces Promising Gold Discoveries at Yundamindra
Metalicity Limited (ASX: MCT) has announced promising results from its recent drilling program at the Yundamindra Gold Project, indicating significant gold mineralization and the potential for a large-scale gold system.
Instant Summary:
- Drilling results show mineralization at Landed at Last and Bonaparte prospects open in all directions.
- Potential for a shallow gold orebody linking four western line prospects over 2,500m.
- Plans to expand on known mineralization and target new discoveries across 20km of potentially mineralized structures.
- Pending assay results from 33 holes at Pennyweight Point and Landed at Last prospects.
- Company name change to Arika Resources Limited effective 26 September 2024.
Exploration Success at Yundamindra
Metalicity Limited has reported encouraging results from its maiden drilling program at the Yundamindra Gold Project. The drilling, which included 77 holes across three high-priority gold deposits, has revealed significant gold mineralization at the Landed at Last and Bonaparte prospects. These findings suggest that the mineralization remains open in all directions along strike and at depth.
The company believes there is potential for a shallow gold orebody or system that could link the four western line prospects of Queen of Poland, Landed at Last, Bonaparte, and Golden Treasure. This could result in 2,500 meters of mineralization along strike.
Future Exploration Plans
Metalicity is now reviewing plans to build on the growing gold footprint at Yundamindra by expanding known mineralization and targeting new discoveries. The focus will be on the 2.5km strike extending from Landed at Last and Bonaparte, as well as over 20km of potentially mineralized structures across the wider project area. Notably, only about 20% of these structures have been drill tested, and a pipeline of over 25 high-priority targets has been identified.
Pending Assay Results
The company is also awaiting assay results from 33 holes drilled at the Pennyweight Point and Landed at Last prospects. Initial results are expected in the coming weeks. The Pennyweight Point prospect, in particular, is highly complex and required a targeted drilling program combined with a new approach to interpretation. Unlike other prospects at Yundamindra, mineralization at Pennyweight Point has presented at depth.
Strategic Exploration Program
Upon receipt and interpretation of the assay results, these findings will form part of a larger strategic expansional exploration program planned at Yundamindra. The project has a large footprint with known mineralization, demonstrating the potential for a significant gold discovery. The company is also investigating the potential to link the four western line prospects into a continuous mineralized zone.
Company Name Change
In addition to the exploration updates, Metalicity has announced a change of name to Arika Resources Limited, effective 26 September 2024. Shareholders should note that the temporary deferred settlement trading code will be MCTDB until trading starts on a normal T+2 basis on 24 September 2024.
The recent drilling results and the potential for a large-scale gold system at Yundamindra could significantly boost Metalicity's stock value. The company's strategic plans to expand known mineralization and target new discoveries are likely to attract investor interest. The pending assay results could further validate the project's potential, leading to increased market confidence.
Investor Reaction:
Analysts are likely to react positively to the news, given the promising drilling results and the strategic exploration plans. The potential for a large-scale gold system at Yundamindra, combined with record high gold prices, positions the company well for future success. However, investors will be keenly awaiting the pending assay results to confirm the project's potential.
Conclusion:
Investors should keep a close eye on Metalicity's upcoming assay results and the company's strategic exploration plans. The potential for a large-scale gold system at Yundamindra could present a significant investment opportunity. Stay informed on the latest developments and consider the long-term potential of this promising gold project.