Metalicity Limited Unveils New Gold Discoveries at Yundamindra
MCT (MCT) Share Update July 2024 Sunday 21st
Metalicity Limited Reports Impressive Gold Intersections at Yundamindra
Metalicity Limited (ASX: MCT) has revealed promising results from its recent RC drilling program at the Yundamindra Gold Project in Western Australia, showcasing impressive gold intersections that validate historical data and open new avenues for exploration.
Instant Summary:
- 11m @ 2.23 g/t Au from 31m (YMRC0039)
- 8m @ 1.5 g/t Au from 24m (YMRC0041)
- 4m @ 3.12 g/t Au from 12m (YMRC0001)
- 5m @ 1.62 g/t Au from 31m (YMRC0037)
- High-grade and close-to-surface mineralization
- Next phase of drilling to commence soon
Drilling Results at Yundamindra
Metalicity Limited has achieved notable success with its maiden drilling program at the Yundamindra Gold Project. The RC drilling at the Bonaparte Prospect has returned significant gold intersections, including 11m @ 2.23 g/t Au from 31m (YMRC0039), 8m @ 1.5 g/t Au from 24m (YMRC0041), 4m @ 3.12 g/t Au from 12m (YMRC0001), and 5m @ 1.62 g/t Au from 31m (YMRC0037). These results validate historical drilling data and confirm the presence of high-grade gold mineralization.
The mineralized intercepts at Bonaparte correlate well with historical drill intercepts, providing further validation and potential for resource estimation. Additionally, two 4m composite samples from separate holes at Landed at Last have unexpectedly returned positive gold assays, further confirming mineralization remaining open along strike to the north.
Historical Context and Future Plans
These results follow previous impressive findings at Landed at Last, including 14m @ 3.13 g/t Au from 28m (YMRC0003) and 9m @ 4.29 g/t Au from 51m (YMRC0004). The high-grade and near-surface nature of the mineralization at Yundamindra, situated on Mining Leases, offers a unique opportunity for Metalicity to unlock substantial value amid record gold prices.
With the prospects remaining open in all directions, Metalicity is expanding its next phase of drilling programs targeting new discoveries and expanding known mineralization. Drilling is expected to commence in the coming weeks, with planning and approvals already in place.
Strategic Importance
The Yundamindra Gold Project, located approximately 60 kilometers southwest of Laverton and 65 kilometers east of Kookynie, has shown promising potential. The recent drilling results have confirmed gold mineralization from historical drilling completed almost 40 years ago. Eight out of ten drill holes returned significant intercepts, including numerous smaller gold intervals.
The gold mineralization at Bonaparte is shallow (less than 100m from the surface) and open in all directions along strike and at depth. The combined approximate strike length of both gold lodes at Bonaparte is 350m, which, when combined with Landed at Last, adds up to over 1km of mineralized strike length at just two out of nine prospects within the Yundamindra Gold Project.
The impressive drilling results at Yundamindra are likely to positively impact Metalicity's stock price as investors react to the potential for significant gold discoveries. The validation of historical data and the high-grade nature of the mineralization enhance the project's attractiveness. The upcoming phase of drilling and the potential for resource estimation could further boost investor confidence.
Investor Reaction:
Investors and analysts have reacted positively to the announcement, with many highlighting the validation of historical data and the potential for substantial gold discoveries. The high-grade and near-surface nature of the mineralization is seen as a significant advantage, especially in the current market environment of high gold prices.
Conclusion:
Metalicity Limited's recent drilling results at the Yundamindra Gold Project have unveiled impressive gold intersections, validating historical data and opening new avenues for exploration. Investors should monitor the upcoming phase of drilling and assess the potential long-term impacts on their portfolios. Metalicity's strategic response to these discoveries will be crucial in maintaining investor confidence.