Metalicity (ASX:MCT) reported drilling results from its recent program at the Yundamindra Gold Project, specifically at the Pennyweight Point prospect.
The first hole drilled returned an impressive intercept of 30m at 3.86 grams per tonne of gold from 89m, including 20m at 4.37 g/t gold from 99m.
The Pennyweight Point prospect, which had not seen drilling activity in over a decade, is the focus of Metalicity's maiden drilling program.
Metalicity Managing Director Justin Barton stated, "The Pennyweight Point prospect has not been drilled in over a decade, so the results of our maiden drilling program at the prospect have been eagerly anticipated."
Although we have only received assays from the first 2 holes drilled at Pennyweight Point, the excellent results show a high-grade thick intersection of 30m that correlate with historical drilling and clearly demonstrates the outstanding potential of the Yundamindra Project," added Barton.
The mineralisation at Pennyweight Point remains open at depth, along strike, and down dip, which is promising for further exploratory efforts.
Additionally, Metalicity awaits assays from another 31 drill holes, including 21 at Pennyweight Point and 10 at the Landed at Last prospect, expected in the coming weeks.
The Yundamindra Gold Project is strategically located 65km southeast of Leonora and is easily accessible by road, enhancing its logistical advantages.
The project sits on a mining lease and has shown historical high-grade production before 1970, with 74kt at 19.3 g/t gold.
Investors are keenly awaiting the results from the additional drill holes, as Metalicity continues to realise the significant gold potential at Yundamindra.