- A conservative Total Mineral Resource Estimate of 1.58Mt @ 1.6 g/t Au for 81,000 ounces:
o Leipold – 1.08Mt @ 1.5 g/t Au for 53,000 ounces,
o Champion – 0.38Mt @ 1.7 g/t Au for 20,000 ounces, &
o McTavish – 0.2Mt @ 2 g/t Au for 8,000 ounces. - The Mineral Resource Estimate is within our expectations of the “Exploration Target” and highlights the very early-stage nature of the Resource with significant upside potential shown as further work is done to extend the resource envelope.
- All resources are open along strike and down dip, with further infill drilling required to encapsulate recent extensional gold hits along strike and down dip, outside the current resource envelope.
- This announcement does not include Diamond core assaying results from the December 2021 drilling programme which are due in the coming weeks.
- These pending results may materially impact on the estimates for Leipold and McTavish.
- Core demonstrates that the resources are open at depth.
- Further to this, the current Air Core/Reverse Circulation programme progressing well, with over 5,000m already drilled and being sent to laboratories for assay.
- A comparison and contrast of the historical estimates completed by our Joint Venture partner in 2011, found that pre-Metalicity drilling data had numerous issues, mainly collar positioning that had the historical drilling off set from recent drilling. Therefore, with the historical drilling unable to be re-surveyed, coupled with the lack of QAQC and down hole survey, historical data pre-Metalicity involvement was excluded for all Prospects, as it did not meet JORC Code (2012) requirements.
Kookynie Mineral Resource Estimate
The Company engaged Ashmore Advisory Pty Ltd (“Ashmore”) to complete the Mineral Resource Estimate (“MRE”) for the Leipold, McTavish and Champion Prospects. These estimates were in turn audited by CSA Global Pty Ltd (“CSA”) to ensure that the estimates presented were robust, but to also compare and contrast these new estimates, with historical estimates completed by our Joint Venture partner in 2011.
The comparison found that pre-Metalicity drilling data had numerous issues, mainly collar positioning that had the historical drilling off set from recent drilling. Therefore, with the historical drilling unable to be re-surveyed,
coupled with the lack of QAQC and down hole survey, historical data pre-Metalicity involvement was excluded for all Prospects.
DATE: April 1, 2022
SOURCE: Metalicity