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The latest announcement is out from Metalicity Limited ( (AU:ARI) ).
Arika Resources has secured up to A$211,213 in co-funding under Western Australia’s Exploration Incentive Scheme to support deep diamond drilling at its 80%-owned Kookynie Gold Project, with an agreement in place to move to full ownership. The funding will subsidise drilling at high-priority extensional targets beneath and along strike from the historic Cosmopolitan mine and related prospects, identified through a recent independent 3D technical review.
The company believes the Cosmopolitan, Altona and nearby Puzzle deposits form a single, large Archean orogenic gold system controlled by major shear zones and linking structures that remain largely untested at depth. Management draws parallels with large-scale deposits such as Sons of Gwalia, highlighting the potential for significant extensions below historic workings, which, if confirmed by the upcoming drilling program, could materially enhance Arika’s growth pipeline and regional standing in the Leonora-Kookynie district.
More about Metalicity Limited
Arika Resources Limited is an Australian gold exploration company focused on advancing high-grade projects in Western Australia’s Northeastern Goldfields. Its key assets include the historic Cosmopolitan and Altona gold mines within the Kookynie Gold Project, where it is consolidating ownership and applying modern exploration techniques to under-explored mineral systems.
YTD Price Performance: -21.21%
Average Trading Volume: 3,690,509
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$30.23M
For an in-depth examination of ARI stock, go to TipRanks’ Overview page.