Metalicity Share Price Moves up, Still a Long Way to Go (ASX:MCT)
At time of writing the share price of Metalicity Ltd [ASX:MCT] is up more than 7%, trading at 1.4 cents.
It’s been a rocky road for the MCT share price since it scaled the heights of June 2020:
We take a look at the latest news out of MCT, as it secures a ‘strategic tenement’, and the outlook for the MCT share price.
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Highlights from the MCT announcement
Here they are:
‘● Metalicity secures an additional 600 hectares within the prolific Kookynie-Ulysses Trend which strengthens the Company’s land holding at the Kookynie Gold Project.
‘● Tenements under control/application by Metalicity at the Kookynie Gold Project now over 11,000 hectares.
‘● Tenement application within 2 kilometres of the historic Desdemona Mining Camp.
‘● 2021 Drilling Campaign at the Kookynie Gold Project progressing strongly with two rigs scheduled on the Project: o Programme is ongoing with 7 holes drilled to date with assays pending, first assays expected early March. Immediate focus will be:
‘▪ near to the Cosmopolitan mine which produced 360,000oz at a very high average head grade of 15 grams per tonne (g/t). ▪ the Leipold prospect which has returned multiple high-grade assays. o Visible gold intersection reported on 4 February 2021 from the Cosmopolitan Gold Mine area.’
You can see the new tenement in the northern most section of the figure below:
Source: Metalicity Ltd
Right next to the ‘historic’ Desdemona Mining Camp.
Visible gold is always a bonus too, even if it’s early days.
Outlook for MCT share price
In a previous piece, I noted that many assays were still pending from the project.
Since then, the MCT share price traded down for a number of reasons.
Looking at the chart, there could be some support around the current level of 1.4 cents where it bounced.
But even if gold looks to be forming a double bottom at the moment with a strengthening AUD, now could be the time to find out about Australia’s chance to become the gold epicentre of the world.
Exploration spend is accelerating in a big way, even if the price looks to be faltering.
If you’re bullish about gold’s long-term prospects it’s a must-read.
For The Daily Reckoning Australia