Metalicity Share Price Soars on High-Grade Gold Find (ASX:MCT)
It’s been a huge win for Metalcity Ltd [ASX:MCT] today.
This junior gold miner has delivered — in their own words — a spectacular first assay. Posting some incredibly high grades from their promising Kookynie Project.
Standing out were three key intersections of 3m @ 20.7g/t, 2m @ 17.9g/t, and 4m @ 16.3g/t respectively. With all but one drill hole returning a decent intercept.
As a result, the MCT share price is up 85.71% in intraday trading.
Scrounging for pay dirt
This big discovery is a huge development for Metalicity.
The assays themselves have really only just started. With this initial 11-hole drilling making up only a quarter of the full 44-hole initiative.
But if these early results are anything to go by, they may have a huge winner on their hands. One that may have much broader implications for the entire area. As Metalicity’s Managing Director, Jason Livingstone, comments:
‘We started 2020 with some great intersections and the spectacular results are continuing. With all our drilling programmes to date, we have managed to intersect the mineralised structure at all prospects especially at the Leipold Prospect.
‘With every drill hole completed we continue to illustrate that the Kookynie Gold Project has the potential to be a prolific gold area. Again, these results are very shallow, which if converted to resources and reserves, could be potentially open pittable.’
Crucially, Kookynie is home to seven prospects right now. All of which have the potential to be gold-rich sites, ripe for the picking.
We’ll certainly find out in the coming weeks as more drilling is finalised.
More results to come
For Metalicity shareholders it’s an exciting time.
Today’s result has already delivered a solid gain. But, with more news to come, the returns could be even larger.
It will all depend on how lucrative the remaining 33 holes will be.
Whatever the result may be, it is clear that Metalicity has established themselves as a promising junior miner. One that will hopefully be able to build upon the strong momentum they now have.
As for investors, well it may be a little late to take a punt on buying in now.
Unless you’re the speculative type, this trade may be a little tough to stomach. But it should serve as a reminder of the popularity of gold right now. A precious metal that is definitely in vogue.
That doesn’t surprise us one bit. After all, gold may be the one asset that every investor needs to own during this pandemic. An asset that has long been a safe haven in times of uncertainty.
Don’t take my word for it though, listen to the experts like Jim Rickards…
He’s been making the case for gold for years now. Detailing in minute detail how people can use it to not only protect their wealth, but also grow it. Check out Jim’s full report, right here, for all the info you could need.
For The Daily Reckoning Australia