YERRIDA COBALT EXPLORATION COMMENCES
ASX Announcement 24 April 2018
HIGHLIGHTS
- RC drill rig has mobilised to the Yerrida Cobalt Project to test deeper structures at the K1 copper-cobalt target, identified from field mapping, sampling and the company’s initial 1,800m RC drill program, which intersected a significant cobalt horizon to a depth of 150m
- The shallow, south-dipping cobalt horizon contains anomalous mineralisation associated with highgrade sulphides associated with deeper structures from the underlying “red bed” sandstones
- Field exploration teams have also commenced work, including rock chip sampling and geological mapping to generate further drill targets at K2, K3 and K4 within the Yerrida Basin
- Metalicity has developed an exploration model that has characteristics compatible to the Central African Copperbelt – a prolific copper-cobalt and nickel-cobalt geological setting
- The additional targets have been generated via a recent review of the entire Yerrida Basin by the preeminent Dr Dennis Gee and analysis of previous work by copper-cobalt expert Dr Simon Dorling
Metalicity Limited (ASX:MCT) (“MCT” or “Company”) is pleased to report an RC drill rig and field exploration team have commenced work at the 100% Metalicity-owned Yerrida cobalt project, located in WA.
The exploration activity will investigate the Yerrida project’s geological setting, which is considered analogous to the Central African Copperbelt, a prolific mining province hosting structural/stratigraphic-controlled copper-cobalt and nickel -cobalt sulphide mineralisation.
The planned drill program is targeting deeper structures from the the shallow, south-dipping, zone of 8m to 12m cobalt horizon. Exploration at the horizon recently intersected anomalous cobalt mineralisation which provides support for the geological setting’s potential to host further high-grade copper-cobalt mineralisation associated with the underlying “red bed” sandstones of the Yerrida Basin.
Additionally, field exploration teams have commenced a work program, including geological mapping and rock chip sampling, using a 250m X 250m pattern over a radius of 1km, to generate further drill targets at K2 and K3 which have been recently generated within the Yerrida Basin (Figure 2).
Metalicity Managing Director Matthew Gauci commented:
“The commencement of exploration at Yerrida is of significant importance to the Company, as we are not only targeting deeper, highly-prospective structures adjoined to the identified cobalt horizon, we are also testing an exploration model which could deliver substantial exploration upside.
“At a time when battery minerals are increasingly in demand, globally, Metalicity is investigating the similar geological setting shared by the Yerrida project and the internationally renowned Central African Copperbelt.”
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ADMIRAL BAY ZINC PROJECT TO SEEK A LISTING ON TSX-V
ASX announcement 28 March 2018
Metalicity Limited (ASX:MCT) (“MCT” or “Company”) is pleased to report that it has resolved to pursue a strategy of listing the Admiral Bay Zinc Project (“Admiral Bay”) in Canada, on the TSX Venture Exchange (“TSXV”), and has received endorsement from project stakeholders and some of the world’s largest mining investors including Resource Capital Funds (“RCF”) and China Minmetals (“Minmetals”).
During the course of the previous 6 months the Company has received numerous reverse enquiries from Canadian investment banks and fund managers concerning Admiral Bay, with the scale and quality of Admiral Bay being of particular interest. Further, the relative value ascribed to the asset by ASX investors is very attractive to those investment banks and fund managers. While some of those market participants can invest on the ASX, and indeed a number of North American institutions corner-stoned the Company’s recent capital raising, far and away the majority of them predominantly focus on the North American markets, and have actively encouraged the Company to seek a listing of Admiral Bay on the TSX-V.
This very strong market interest will best allow the progression of Admiral Bay through a Preliminary Economic Assessment (PEA), its next round of resource and exploration drilling, followed by completion of a PreFeasibility Study (PFS), and ultimately into production.
TSX-V Listing Process
Meetings held with leading North American investment banks, stock brokers, research analysts and fund managers, during and after the PDAC Conference in early March reinforced the quantity and quality of North American market interest in Admiral Bay. The overwhelming view of these market participants was that the most attractive listing process and structure for MCT shareholders and new investors is an Initial Public Offering (IPO) of Admiral Bay onto the TSX-V.
Metalicity will form 100% owned subsidiary in Vancouver, Canada, to be named Kimberley Mining Limited (“Kimberley Mining”) and, pending shareholder approval, will effectively vend Admiral Bay into Kimberley Mining. Kimberley Mining would then undertake an initial public offering in Canada and seek a listing on the TSX-V concurrently with the completion of the offering
Metalicity is finalising the appointment of highly credible Toronto based mining executives to the board of Kimberley Mining, as well as 3 Metalicity directors, to advance the listing. The Company is also already advanced in finalising a short list of senior management with outstanding candidates having very quickly emerged, most nominated by fund managers and investment banks.
The Company is now working through the pathway to the listing of Admiral Bay onto the TSX-V in conjunction with its advisors and will keep the market informed as to timing, process, capital structure, cash/share quantum to Metalicity, senior management, and a syndicate of brokers for the TSV-V listing.
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YERRIDA COBALT PROJECT DRILLIING TO COMMENCE
ASX Announcement 13 March 2018
HIGHLIGHTS
- Exploration has commenced at the Company’s 100% owned Yerrida Cobalt Project, including the identification of additional priority targets for a proposed 1,000m Diamond and/or RC Drill program.
- One high priority target area at K1, was identified from field mapping, rock chip sampling and the company’s first pass 1,800m RC drill program to a depth of 150m, which successfully intersectea significant cobalt horizon or halo to regional base metal transportation
- This shallow, south-dipping, horizon of 8m to 12m thickness containing anomalous cobalt mineralisation, provides important support for the potential to find deeper high-grade mineralisation associated with deeper structures from the underlying “red bed” sandstones
- A further three targets at K2, K3 and K4 have been generated focussed on areas of interpreted NWstriking lineaments for possible fluid leakage as well as geological characteristics that are compatible to the geological setting of the prolific copper-cobalt deposits of the Central African Copperbelt
- The additional targets have been generated via a recent review of the entire Yerrida Basin by the preeminent Dr Dennis Gee and a review of previous work by copper- cobalt expert Dr Simon Dorling
Metalicity Limited (ASX:MCT) (“MCT” or “Company”) is pleased to report new targets have been generated while further field work and an approximate 4 hole 1,000m Diamond and/or RC drilling program is set to commence at the Yerrida Cobalt Project, located in the Yerrida Basin, WA.
The company has developed an exploration model that has characteristics compatible to the geological setting of the prolific central African copper-cobalt belt with previous exploration by Metalicity demonstrating a geological setting considered amenable to hosting structural/stratigraphic-controlled copper-cobalt mineralisation and nickel-cobalt mineralisation.
Previous exploration by Metalicity identified a high priority target area over approximately 7km2 which includes widespread surface geochemical anomalies including up to 6,400ppm Cobalt and 1,500ppm cobalt, while drilling intersected primary stratigraphic controls on mineralisation or a halo to regional base metal transport over a 8-12m thick zone containing anomalous cobalt at the K1 target (See ASX:MCT 14/11/17).
Managing Director Matt Gauci commented: “Recent drilling intersected stratabound intervals of geochemically anomalous copper and cobalt mineralisation which are interpreted to indicate primary stratigraphic controls on mineralisation or a halo to regional base metal transport. A deeper hole is planned to test the potential for high grade mineralisation associated with deeper structures from the underlying “red bed” sandstones at K1, while a further 3 regional targets have been generated associated with an interpreted NW-striking fault at K2-K4 for field work and drilling to test for leakage and cobalt mineralisation”.
Yerrida Cobalt Exploration Project
The Yerrida Cobalt Project (100% owned by Metalicity) is located in the Yerrida Basin, WA, which has a geological setting considered amenable to hosting structural/stratigraphic-controlled copper-cobalt mineralisation and potentially also nickel-cobalt mineralisation.
Exploration Model
Based on a geological evaluation of the region, the Company has developed an exploration model that has characteristics compatible to the geological setting of the prolific copper-cobalt and nickel-cobalt deposits of the Central African Copperbelt (Figure 1), where new discoveries continue to be made based on advances in exploration concepts.
