Western Australian base metals prospector Metalicty has made two nickel-copper project area applications in the prolific Fraser Range region, in south-east Western Australia.
The project area has been the subject of quality historic exploration, however activities were primarily searching for Olympic Dam-style mineralisation.
The exploration conducted during the 1980’s featured magnetic and gravity surveys, as well as diamond drilling.
While the Olympic Dam-type mineralisation was not encountered, Metalicity has reviewed the results and believes the tenements may hold a significant target.
The company reports that one of the drill sites, which was drilled to a depth of 363 metres, encountered a mafic intrusive.
The entire basement intercept from 170.5 metres to end of hole encountered traces of chalcopyrite and pyrite disseminations.
Chalcopyrite is a copper sulphide mineral and Metalicity has taken samples of the drilled matrial for additional geochemical analysis.
Commenting on the project area acquisitions, Metalicity general manager for exploration and development, Mr Jason Livingstone said:
Our regional prospect generation activities are identifying fantastic targets.
“With the great work being conducted by the Department of Mines, Industry Regulation and Safety, we were able to view this core that was drilled in 1980 to confirm the presence of chalcopyrite.
“A credit to the Department and proof that we are generating a pipeline of highly prospective projects for Metalicity,” he said.
In addition to its revised exploration strategy, Metalicity has also confirmed that the company maintains its intention to spin-out its zinc assets to Kimberley Mining on the Canadian TSX-V exchange.
Metalicity unveiled its plan to offload its zinc assets to the Canadian exchange in March 2018, primarily seeking stronger market reception for its Admiral Bay project, which contains some of the world’s largest undeveloped zinc deposits.
Metalicity has said that despite worldwide market conditions remaining unconducive to mining IPOs its prospectus is at an advanced stage.
While its corporate activities have stalled Metalicity has confirmed that it has completed a review of a geophysical data set, known as SEEBASE from the Geological Survey of Western Australia, which covers the Pilbara region.
The review included its Admiral Bay project area, with Metalicity noting the survey has demonstrated stronger accumulations of base metal sulphide at site, further adding value to its IPO.