Metalicity Ltd (ASX:MCT) has detected significant structural gold targets from a geochemical soil sampling program at the company’s Rocky Gully Project, which covers 1200 square kilometres of granted tenements, located in the Albany Fraser Belt, Western Australia.
The geological soil sampling consisted of 1573 samples collected across the entire project area.
Metalicity’s sampling targeted the Proterozoic rocks of the Albany Fraser belt, which further along strike host the Tropicana Gold Mine of AngloGold Ashanti Ltd (ASX:AGG).
The Proterozoic aged rocks of the Albany Fraser belt are emerging as important hosts to gold mineralisation in addition to nickel mineralisation at the Nova mine and West Musgraves Project.
Several new gold anomalies, including up to 24 parts per billion (ppb) gold were detected across the project.
Follow up in fill sampling is being accelerated to define this anomaly for drill testing.
These new targets build on previously identified gold targets where anomalous gold in soil results of 24 ppb to 187 ppb gold were reported, similar to the initial Tropicana gold in soil anomalies of 25 ppb to 237 ppb gold, which led to the discovery of a 6.2 million ounces at 1.74 g/t gold deposit.
Metalicity is currently integrating all geophysical data to determine the trend and potential bedrock source for these soil anomalies.
The shares of Metalicity has rallied by about 148% since the beginning of 2016.
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