Metalicity Limited Intersects Anomalous Cobalt up to 130 ppm at Kyarra Project
West Perth, WA / November 14, 2017 / JMN Wire / Metalicity Limited (ASX:MCT) (“MCT” or “Company”) is pleased to report results received from its maiden exploration drilling program at the Kyarra Cobalt Project (“Kyarra”), located in the Yerrida Basin, Western Australia, where the company has previously identified high grade and widespread surface cobalt results.
The drilling program was designed to understand the origin of anomalous surface cobalt geochemistry (see MCT ASX release 21 July 2017, and below) delineated over a target area of 2km x 3.5km. An initial RC percussion drilling program (Figure 4, Table 1) was completed to test whether a linear anomaly trend was associated with underlying structural/stratigraphic controlled mineralisation, or was related to scavenging of metals mobilised in the surface weathering environment by iron and manganese oxides.
The drilling has intersected a favourable stratigraphic setting and returned anomalous copper and cobalt analyses, which are consistent with the Company’s exploration targeting model at Kyarra.
The Company is working closely with sediment-hosted copper-cobalt experts at CSA Global to plan the next stage of work at Kyarra, as well as future project generation for sediment-hosted copper-cobalt mineralisation. The Company is evaluating a range of additional opportunities, both in Western Australia and overseas, to build the Company’s cobalt exploration portfolio.
The Kyarra Cobalt Project is well located in terms of access and infrastructure, located on the Goldfields Highway 40km west of Wiluna, in the Northern Goldfields region of WA. The three tenements give Metalicity a strong position in the basin. which is to the south and is interpreted to adjoin the bryah basin where similar exploration models have discovered the very high grade de-grussa and Monty copper deposits.
- Significant cobalt intersections from 1,800m RC drilling program continue to support the Company’s Central African copper-cobalt deposit model at Kyarra, Yerrida Basin, WA
- Cobalt intersected in every hole, including a shallow, south-dipping zone of 8m to 12m thickness containing anomalous cobalt mineralisation representing prospective setting for deeper high-grade mineralisation
- Interpretation of results confirm favourable geological setting for sediment-hosted cobalt mineralisation
- High priority target identified, covering 2km x 3.5km area, for future drilling to test for high grade mineralised zones associated with deeper structures from the underlying “red bed” sandstones
- Planning of the next phase of exploration program underway in conjunction with CSA Global
Metalicity Managing Director, Matt Gauci,, commented:
“Structural interpretation of the Yerrida Basin and the high grade and widespread levels of cobalt in our surface sampling results supported our view that Kyarra is prospective for copper-cobalt and nickel-cobalt deposits. Applying the prolific Central African Copperbelt exploration model, drilling continues to provide a body of evidence this model is stacking up. Drilling intersected anomalous cobalt in every hole and importantly identified an 8-12m thick zone of mineralisation that may sit above the source of cobalt mineralisation, which the company will target in the next phase of exploration.”