Release date- 29072019 - Metalicity Limited (ASX: MCT) ('MCT' or 'Company') is pleased to provide a quarterly activities report for the period ending 30 June 2019, which saw the Company commence its maiden drilling campaign at the highly prospective Kookynie Gold Project, located in the West Australian Goldfields (please refer to ASX Announcement, 'Drilling Commences at Kookynie Gold Project' dated 26 June 2019).
Commenting on the period, Metalicity Managing Director Jason Livingstone said: 'The commencement of drilling is a really pleasing development for the Company, which has seen its revitalised exploration strategy identify top-quality prospects and execute an agreement to farm-in and start resource drilling.'
'While the Kookynie and Yundamindra Gold Projects represent an outstanding opportunity for the Company, Metalicity will continue to develop its assets in the Paterson Province, Musgrave and Fraser Range, while also assisting Kimberley Mining in developing investment opportunities for its zinc assets.'
'It truly is an exciting time at Metalicity, and I am honoured that I have been given the role of Managing Director and I look forward to creating value through well executed exploration, development and acquisition.'
Please refer to ASX Announcement 'Metalicity Farms Into Eastern Goldfields Gold Projects' dated 6 May, 2019.
During the period, Metalicity completed petrographic investigations - the analysis of rock composition via polished thin sections, and multi-element analytical work from diamond core available from the DMIRS Kalgoorlie Core Library within its Fraser Range North Project.
Metalicity intends to expedite grant of the tenements and follow-up these targets with a ground, moving loop electro-magnetic (EM) survey, which will further define the source of the magnetic anomaly.
The rationalisation of the above tenure will see a return to Metalicity of approximately $167,000 through the return of rents that have been forward paid when the tenure was applied for.
Metalicity is the largest shareholder in Canadian company Kimberley Mining Limited (KML), (81.1%), KML holds the Admiral Bay Zinc Project and incidental zinc assets.