b74706ab314031577879d1.pdf



ASX ANNOUNCEMENT


Yandal Gold Project Additional Assay Results Received 15 October 2015

Highlights

  • Final 1m assay results returned from RC drilling completed at the Woorana, Mt Joel 4800N, Fat Lady and Anomaly 45 Gold Prospects, best high-grade downhole intercepts include;

    Woorana Prospect

    • 3m @ 5.15g/t Au from 2m in hole WRC1523;
    • 1m @ 43.20g/t Au from 12m in hole WRC1525;
    • 2m @ 15.75g/t Au from 5m in hole WRC1526 and;
    • 5m @ 6.43g/t Au from 14m in hole WRC1531. Mt Joel 4800N Prospect
    • 5m @ 4.96g/t Au from 23m in hole MJRC1504;
    • 15m @ 5.13g/t Au from 43m in hole MJRC1508;
    • 8m @ 1.82g/t from 16m in hole MJRC 1512. Fat Lady Prospect
    • 11m @ 0.81g/t Au from surface in hole FLRC1506;
    • 20m @ 0.69g/t Au from 53m in hole FLRC1507. Anomaly 45 Prospect
    • 14m @ 1.46g/t Au from 72m in hole ARC1514;
    • 18m @ 1.44g/t from 72m in hole ARC1517;
    • 13m @ 1.67g/t from 67m in hole ARC1518.
  • Follow up drilling to test priority targets to commence in the December Quarter.



    159 Stirling Highway, Nedlands WA 6009

    PO Box 1104, Nedlands WA 6909

    Tel: +61 8 9386 9534

    Fax: +61 8 9386 9473

    E: admin@metaliko.com.au

    ACN 120 974 567

    Metaliko Resources Limited (ASX: MKO) ('Metaliko' or the 'Company') is pleased to announce assay results from recent Reverse Circulation ('RC') drilling at the flagship Yandal Gold Project ('YGP') in Western Australia. The company has been actively exploring historic deposits and new prospects within the +800km2 project that includes the 2.3 Mtpa Bronzewing CIL/CIP treatment facility ('BZW') (Figure 1).


    The new drilling tested several advanced exploration prospects and was part of the same program that extended and confirmed known mineralisation at the Corboys Gold Deposit (refer ASX announcement dated 30 September 2015). New results at the Woorana and Mt Joel 4800N Prospects are considered highly encouraging as a number of shallow high-grade hits have been encountered. Geological interpretations are currently under review for all prospects tested to date.


    Of particular importance is the correlation of the recent drilling to the historic drilling in terms of location, duplication and accuracy. Metaliko is targetting 3-5 million tonnes of mill feed to recommission the BZW plant and there is potential to source this from a number of prospects concurrently.


    Figure 1: Yandal Project Location Plan


    YGP - Woorana Prospect


    At the Woorana Prospect located ~25km to the southeast of BZW, shallow high grade gold assays were returned from RC drilling (16 holes for 452m). The holes were planned to extend and confirm historic mineralisation and follow-up on promising results returned from holes WRC1501-1519 drilled earlier by MKO (refer ASX announcements dated 9 & 17 June 2015).


    These results confirmed the high-grade narrow nature of the prospect and further exploratory drilling is warranted at depth. Best downhole 1m intercepts include;


    • 3m @ 5.15g/t Au from 2m in hole WRC1512 including;

      • 1m @ 12.35g/t Au from 3m;

    • 1m @ 43.20g/t Au from 12m in hole WRC1525;

    • 2m @ 15.75g/t Au from 5m in hole WRC1526 including;

      • 1m @ 21.10g/t Au from 5m;

    • 5m @ 6.43g/t Au from 14m in hole WRC1531 including;

      • 2m @ 15.08g/t Au from 16m.


        Figure 2: Woorana Prospect Plan Showing Historic and Recent Drill Hole Collars (New holes in red)


        The holes were drilled between 15-30m deep and targeted supergene oxide, quartz vein and shear hosted mineralisation identified from previous RC and RAB/AC regolith drilling. To date mineralisation has been defined in narrow semi-continuous zones for over 700m of strike and it is affected by localised depletion and supergene enrichment zones.

        In addition to the above prospect, several other areas along the Woorana trend have previously demonstrated encouraging and extensive amounts of near surface, gold mineralisation. New POW's have been lodged in anticipation of further drill testing. A full list of Woorana Prospect RC drilling 1m significant assays (>0.50g/t Au) and collar details are included in Table 1 and a plan of the drilling is included as Figure 2.


        YGP - Mt Joel 4800N Prospect


        The Mt Joel 4800N Prospect is located ~20km northeast of BZW (Figure 1) on Mining Lease M53/295 and is 70% owned by Metaliko and 30% owned by Mr Mark Creasy. Mr Creasy is free-carried to a 'Decision To Mine' whereby he can elect to contribute or dilute to a royalty. Fifteeen new RC holes were drilled at the prospect comprising 793m at depths ranging from 24-77m downhole.


        Figure 3: Mt Joel 4800N Location Plan Showing Historic and Recent Drill Hole Collars



        METALIKO RESOURCES


        MT JOEL HISTORIC DRILLING


        At Mt Joel there are a number of historic prospects that have received significant and often intense exploration drilling and resulted in at least two moderate-grade, unclassified deposits as shown in Figure 3.

        To date Metaliko hasn't conducted enough confirmatory exploration activity on the prospects to meet the JORC Code Guidelines to quote the historic resources. Mt Joel 4800N comprises supergene gold within saprolitic clays overlying a sub-vertical stockwork vein system.


        Drilling from this current program has intersected some encouraging results requiring follow-up to determine the significance in an overall resource context. Best results include;


    • 8m @ 2.38g/t Au from 42m in hole MJRC1502;

    • 5m @ 4.96g/t Au from 23m in hole MJRC1504;

    • 1m @ 7.95/t Au from 39m in hole MJRC1508 and;

    • 15m @ 5.13g/t Au from 43m including;

      • 9m @ 7.73g/t Au from 46m.


        Figure 4: Mt Joel 4800N Prospect Plan Showing Historic and Recent Drill Hole Collars



        MJRC1504

        5m @ 4.96g/t Au from 23m incl; 4m @ 5.65g/t Au from 23m


        MJRC1503 (NSA)


        MJRC1501

        4m @ 0.57g/t Au from 12m


        MJRC1508

        4m @ 2.66g/t Au from 37m incl; 1m @ 7.95g/t Au from 39m and 15m @ 5.13g/t Au from 43m incl; 9m @ 7.73g/t Au from 46m incl; 6m @ 8.71g/t Au from 46m

        MJRC1502

        1m @ 0.53g/t Au from 14m and 2m @ 2.57g/t Au from 17m and 8m @ 2.51g/t Au from 42m incl; 4m @ 3.32g/t Au from 44m


        MJRC1511

        3m @ 1.91g/t Au from 30m incl; 1m @ 4.19g/t Au from 35m and 1m @ 0.92g/t Au from 35m and 2m @ 3.42g/t Au from 58m


        MJRC1507

        1m @ 3.09g/t Au from 17m


        MJRC1505 (NSA)


        MJRC1506

        1m @ 0.72g/t Au from 14m and 2m @ 2.47g/t Au from 24m


        MJRC1509 (NSA)


        MJRC1514

        4m @ 1.00g/t Au from 16m and 1m @ 0.60g/t Au from 22m and 1m @ 4.41g/t Au from 35m

        MJRC1513 (NSA)


        MJRC1510

        3m @ 1.12g/t Au from 25m and 2m @ 2.31g/t Au from 36m


        MJRC1512

        8m @ 1.82g/t Au from 16m incl; 3m @ 3.68g/t Au from 16m and 9m @ 1.62g/t Au from 29m incl; 5m @ 2.37g/t Au from 32m and 1m @ 1.16g/t Au from 50m


        MJRC1515

        1m @ 1.33g/t Au from 26m


        A full list of Mt Joel 4800N Prospect RC drilling 1m significant assays (>0.50g/t Au) and collar details are included in Table 1 and a plan of the drilling is included as Figure 3.


        YGP - Fat Lady Prospect


        The Fat Lady Prospect is located ~20kms north of the Bronzewing Treatment Plant (Figure 1). The prospect is subject to the same joint venture agreement with Mr Creasy (70/30) as the Mt Joel Prospects.

        Seven holes for 440m between 30-102m depth were drilled to confirm and extend previously identified mineralisation. Results were generally as expected with multiple low to moderate grade intercepts within broader zones of lower grade gold (>0.30g/t and


        Due to the near surface and potentially large, low-grade bulk tonnages , the prospect has potential to be developed as a satellite operation and utilise a crush/screen/heap leach process route. Significant savings would be made by utilising the gold extraction and crushing facilities at the BZW plant. Sighter metallurgical testwork has been commissioned. A full list of Fat Lady Prospect RC drilling 1m significant assays (>0.30g/t Au) and collar details are included in Table 1 and a plan of the drilling is included as Figure 4.


        Best intercepts from the current program included;


    • 11m @ 0.81g/t Au from 0m in hole FLRC1506;

    • 20m @ 0.69g/t Au from 53m in hole FLRC1508 including;

      • 1m @ 2.18g/t Au from 57m and;

      • 1m @ 2.57g/t Au from 68m and;

    • 5m @ 1.24g/t Au from 91m including;

      • 3m @ 2.01g/t Au from 93m and;

    • 6m @ 0.75g/t Au from 20m in hole FLRC1508 including;

      • 1m @ 2.35g/t Au from 20m and;

    • 3m @ 2.26g/t Au from 28m.


      YGP - Anomaly 45 Prospect


      The Anomaly 45 Prospect is located ~12km southwest of BZW (Figure 1) and broad intercepts of oxide gold mineralisation had been returned from earlier programs. The current program comprised five holes for 534m to downhole depths of between 88-130m. Best downhole intercepts included;


    • 14m @ 1.46g/t Au from 72m in hole ARC1514 including;

      • 7m @ 2.04g/t Au from 77m;

    • 18m @ 1.44g/t Au from 72m in hole ARC1516 including;

      • 7m @ 1.71g/t Au from 72m and;

      • 9m @ 1.43g/t Au from 81m.


The holes at Anomaly 45 were designed to confirm and extend previously identified mineralisation and support the compilation of a JORC Compliant Mineral Resource Estimate. The new results confirm broadly continuous intercepts of low to moderate grades that have the potential to be mined via open pit methods. Like the Fat Lady Prospect, the size and extent of the low grade gold mineralisation (e.g. 0.3 - 1.0 g/t) is consistent with a potential heap leach scenario. Higher grade ore would likely be treated via the CIL process. A full review of the Anomaly 45 exploration results and metallurgy is underway.


A full list of Anomaly 45 Prospect RC drilling 1m significant assays (>0.50g/t Au) and collar details are included in Table 1 and a plan of the drilling is included as Figure 5.


Further discussion and details of approved follow-up work programs to advance the YGP towards recommencement of production will be released as they come to hand.


For further information, please contact:


Dr Michael Ruane, Executive Director admin@metaliko.com.au Office Phone +61 8 9386 9534

Figure 5: Fat Lady Prospect Plan Showing Historic and Recent Drill Hole Collars (New holes in red)



FLRC1510 (NSA)


FLRC1511

5m @ 0.46g/t Au from 33m


FLRC1505


FLRC1512

1m @ 1.59g/t Au from 27m and 2m@ 0.87g/t Au from 73m



FLRC1504


FLRC1503


FLRC1502

FLRC1508

6m @ 0.75g/t Au from 20m incl; 1m @ 2.35g/t Au from 20m and 3m @ 2.26g/t Au from 28m incl; 1m @ 5.87g/t Au from 28m and 2m @ 0.92g/t Au from 34m and 2m @ 0.68g/t Au from 38m and 2m @ 0.87g/t Au from 44m and 1m @1.32g/t Au from 50m and 6m @ 0.46g/t Au from 53m


FLRC1506

11m @ 0.81g/t Au from 0m incl; 6m @ 1.17g/t Au from 5m and 3m @ 0.62g/t Au from 20m and 1m @ 0.85g/t Au from 32m


FLRC1501

FLRC1507

20m @ 0.69g/t Au from 53m incl; 1m @ 2.18g/t Au from 57m incl; 1m @ 2.70g/t Au from 68m and 2m @ 0.52g/t Au from 84m and 5m @ 1.24g/t Au from 91m incl; 3m @ 2.01g/t Au from 93m


FLRC1509

3m @ 0.76g/t Au from 5m and 3m @ 1.05g/t Au from 11m incl; 1m @ 1.86g/t Au from 12m and 6m @ 0.77g/t Au from 29m incl; 1m @ 2.23g/t Au from 34m and 1m @ 0.89g/t Au from 45m and 3m @ 0.75g/t Au from 60m incl; 1m @1.87g/t Au from 62m

Figure 6: Anomaly 45 Prospect Plan Showing Historic and Recent Drill Hole Collars (New holes in red)



ARC1512

ARC1513



ARC1511


ARC1510

ARC1509


ARC1508


ARC1514

5m @ 0.94g/t Au from 19m and 14m @ 1.46g/t Au from 72m incl; 7m @ 2.04g/t Au from 68m and 10m @ 1.37g/t Au from 90m incl; 6m @ 1.72g/t Au from 94m and 2m @ 0.92g/t Au from 105m and 1m @ 0.75g/t Au from 110m

ARC1515

1m @ 1.78g/t Au from 28m and 1m @ 1.19g/t Au from 34m and 2m @ 0.67g/t Au from 47m and 5m @ 0.72g/t Au from 52m and 1m @ 0.79g/t Au from 72m and 1m @ 1.46g/t Au from 75m and 2m @ 0.67g/t Au from 80m


ARC1502


ARC1501


ARC1504


ARC1503


ARC1516

1m @ 1.46g/t Au from 44m and 1m @ 1.44g/t Au from 48m and 1m @ 0.72g/t Au from 67m



ARC1517

18m @ 1.44g/t Au from 72m incl; 7m @ 1.71g/t Au from 72m incl; 9m @ 1.43g/t Au from 81m

ARC1505


ARC1506


ARC1518

1m @ 2.55g/t Au from 35m and 1m @ 0.85g/t Au from 45m and 13m @ 1.67g/t Au from 67m incl; 7m @ 1.98g/t Au from 73m and 1m @ 1.78g/t Au from 84m


ARC1507

Table 1: Yandal Project RC Drilling 1m Split Assays Significant Intercepts (Au AR50 is an Aqua Regia asssy, Au FA50 is a fire assay and drill intercepts are downhole widths, but close to being true width).


Hole ID North (m) East

(m)


Depth (m)


Dip (deg.)


Azimuth (deg.)


From (m)


To (m)


Interval (m)

Au (AR50)

g/t

Au (FA50)

g/t

WOORANA PROSPECT (Significant Assays >0.50g/t Au)


WRC1520

6958479

317033

16

-60

270

NSA

WRC1521

6958479

317050

24

-60

270

17

18

1

3.67

3.89

WRC1522

6958454

317026

18

-60

270

NSA

WRC1523

6958447

317035

18

-60

270

2

5

3

5.15

Including

3

4

1

12.35

13.00

WRC1524

6958436

317064

30

-60

270

18

21

3

1.12

WRC1525

6958435

317050

26

-60

270

12

13

1

43.20

41.30

17

18

1

1.10

1.20

WRC1526

6958437

317038

18

-60

270

5

7

2

15.75

15.42

Including

5

6

1

21.10

20.89

WRC1527

6958436

317030

18

-60

270

0

3

3

4.79

Including

0

1

1

9.44

10.06

WRC1528

6958427

317031

18

-60

270

3

5

2

3.80

4.10

Including

3

4

1

5.68

6.04

WRC1529

6958415

317034

24

-60

270

NSA

WRC1530

6958416

317045

27

-60

270

9

10

2

1.21

13

14

1

1.99

2.24

WRC1531

6958412

317056

30

-60

270

14

19

5

6.43

Including

16

18

2

14.27

15.08

Including

16

17

1

22.58

23.80

WRC1532

6958404

317024

15

-60

270

NSA

WRC1533

6958404

317033

20

-60

270

NSA

WRC1534

6958379

317048

26

-60

270

14

15

1

0.50

16

17

1

2.83

2.78

WRC1535

6958381

317042

24

-60

270

12

14

2

1.14

1.18

MT JOEL PROSPECT (Significant Assays >0.50g/t Au)


MJRC1501

6984472

306822

36

-60

215

12

16

4

0.57

MJRC1502

6984463

306838

50

-60

215

14

15

1

0.53

17

19

2

2.35

2.57

42

50

8

2.38

2.51

Including

44

48

4

3.11

3.32

MJRC1503

6984474

306809

24

-60

215

NSA

MJRC1504

6984486

306817

46

-60

215

23

28

5

4.60

4.96

Including

23

27

4

5.18

5.65

MJRC1505

6984452

306831

24

-60

215

NSA

MJRC1506

6984449

306854

66

-60

215

8

9

1

0.72

24

26

2

2.34

2.47

MJRC1507

6984458

306874

34

-60

215

17

18

1

2.91

3.09

MJRC1508

6984490

306834

60

-60

215

37

41

4

2.66

Including

39

40

1

7.95

43

58

15

5.13



Hole ID


North (m)

East (m)

Depth (m)

Dip (deg.)

Azimuth (deg.)

From (m)

To (m)

Interval (m)

Au (AR50)

g/t

Au (FA50)

g/t

Including

46

55

9

7.49

7.73

Including

46

52

6

8.47

8.71

MJRC1509

6984431

306872

50

-60

215

NSA

MJRC1510

6984448

306884

75

-60

215

25

28

3

1.12

36

38

2

2.31

MJRC1511

6984464

306896

77

215

215

30

33

3

1.91

Including

30

31

1

4.19

3.89

35

36

1

0.83

0.92

58

60

2

3.42

Including

58

59

1

5.89

6.18

MJRC1512

6984440

306893

68

215

215

16

24

8

1.82

Including

16

19

3

3.68

29

38

9

1.62

Including

32

37

5

2.37

50

51

1

1.16

MJRC1513

6984408

306886

38

215

215

NSA

MJRC1514

6984427

306902

75

215

215

16

20

4

1.00

22

23

1

0.60

35

36

1

4.41

MJRC1515

6984402

306898

70

215

215

26

27

1

1.33

FAT LADY PROSPECT (Significant Assays >0.30g/t Au)


FLRC1506

6985905

305506

42

-60

270

0

11

11

0.81

Including

5

11

6

1.17

20

23

3

0.62

31

32

1

0.85

FLRC1507

6985754

305574

102

-60

270

53

73

20

0.69

Including

57

58

1

2.18

2.13

Including

68

69

1

2.57

2.70

84

86

2

0.52

91

96

5

1.24

Including

93

96

3

1.93

2.01

FLRC1508

6985955

305515

80

-60

270

20

26

6

0.75

Including

20

21

1

2.25

2.35

28

31

3

2.26

Including

28

29

1

5.66

5.87

34

36

2

0.92

38

40

2

0.68

44

46

2

0.87

50

51

1

1.27

1.32

53

59

6

0.46



Hole ID


North (m)

East (m)

Depth (m)

Dip (deg.)

Azimuth (deg.)

From (m)

To (m)

Interval (m)

Au (AR50)

g/t

Au (FA50)

g/t

FLRC1509

6985756

305516

66

-60

270

5

8

3

0.76

11

14

3

1.05

Including

12

13

1

1.86

1.81

29

35

6

0.77

Including

34

35

1

2.23

2.20

45

46

1

0.85

0.89

60

63

3

0.75

Including

62

63

1

1.69

1.87

FLRC1510

6986169

305418

30

-60

251

NSA

FLRC1511

6986179

305449

40

-60

251

33

38

5

0.46

FLRC1512

6986096

305529

80

-60

270

27

28

1

1.33

1.59

73

75

2

0.81

0.87

ANOMALY 45 PROSPECT (Significant Assays >0.50g/t Au)


ARC1514

6959014

298603

130

-60

77

19

24

5

0.94

72

86

14

1.46

Including

77

84

7

2.04

90

100

10

1.37

Including

94

100

6

1.72

105

107

2

0.92

110

111

1

0.71

0.75

ARC1515

6959034

298658

100

-60

77

28

29

1

1.78

1.69

34

35

1

1.18

1.19

47

49

2

0.67

52

57

5

0.72

72

73

1

0.69

0.79

75

76

1

1.33

1.46

80

82

2

0.67

ARC1516

6958987

298666

88

-60

77

44

45

1

1.46

1.45

48

49

1

1.39

1.44

67

68

1

0.68

0.72

ARC1517

6958973

298594

120

-60

77

72

90

18

1.44

Including

72

79

7

1.71

Including

81

90

9

1.43

ARC1518

6958957

298628

96

-60

77

35

36

1

2.55

2.49

45

46

1

0.79

0.85

51

62

11

0.95

67

80

13

1.67

Including

73

80

7

1.98

84

85

1

1.74

1.78

Competent Person Statement


This ASX release has been compiled by Michael Ruane using information on exploration results supplied by Mr David O'Farrell and Mr Lorry Hughes. David O'Farrell and Lorry Hughes are both members of the Australian Institute of Mining and Metallurgy with sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserve'. David O'Farrell and Lorry Hughes consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.


Investor Coverage


Recent news on Company activities can be found on the Metaliko Resources Limited website http://www.metaliko.com.au/


About Metaliko Resources Limited


Metaliko acquired the Yandal Project in 2014 which included the Bronzewing 2.3mtpa capacity CIP/CIL plant, associated infrastructure, historic open pit and underground mines, numerous historic resources/prospects, an extensive geological database and Yandal exploration tenements. The Yandal tenements have produced >3.5 million ounces of gold from a number of deposits with processing at the Bronzewing plant in the period 1988 - 2013.


Strong potential remains at the Yandal Project to extend existing resources and make new economic disoveries. Metaliko's immediate focus is:


  • An extensive reassessment of the historical data base.

  • Consolidate tenement holdings - Third Parties.

  • Commence targeted exploration programs.

  • Exploration will be aimed at making new significant gold discoveries.

  • Assess resources close to surface for potential early cash flow opportunities.

  • Assess current plant inventory and identify items that are surplus to requirements.

  • To realise the value of existing Kalgoorlie based resources and tenements by either progressing to mining via JV's and toll treatment or by farm-in on the large tenement holding in the Eastern Goldfields.


When mining and milling operations were last active over a 2.5 year period up until 2013 the Bronzewing plant operated at nameplate capacity treating ~5.3Mt of primary ore. The plant is on care and maintenance and remains in excellent condition.

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