Barely two days after applying for exploration licences in the Pilbara’s latest exploration hotspot – the Paterson Province – WA miner Metalicity (ASX:MCT) has latched on to ground in the Fraser Range in search of Nova-Bollinger style nickel copper, as well as a tenement in the Albany-Fraser belt.
The land grab occurs at a time where Metalicity is preparing for a new era, with the proposed unloading its Admiral Bay zinc project through a spinoff to the Canadian bourse well advanced and the company adding favourable tenements in some attractive geological destinations.
Holdings in the Fraser Range consist of a total of 243 km2 within 20km of the newly discovered Silver Knight deposit and 10km from the Nova-Bollinger Nickel Copper mine.
Commenting on the new acquisitions, Metalicity managing director Matt Gauci said,
The Fraser Range ranks highly on our list of prospective geological terrains for the discovery of magmatic Nickel-Copper and VMS Copper mineralisation and we are encouraged by the continued discoveries by other companies nearby which supports our prospectivity models.
“We are currently compiling all available local geological information to assist guiding future exploration activities,” he added.
The Company is also inspecting the Biranup project in the Albany Fraser belt, to the north of the Fraser Range project.
The Biranup project consists of 393km2 and is also a nearology play, located 20km from the Tropicana gold deposit. The area was originally inspected for gold, leaving a number of nickel-copper targets untested.
Metalicity will look to enter two three-month option and sale agreements to acquire the projects.
To acquire the three month option for the Fraser Range project the company will pay Romany Minerals $20,000 and can acquire the tenement for a quarter of a million dollars in cash and shares.
Metalicity can also pay $20,000 for a three-month option for the Biranup project to Ventnor Resources and pay half a million dollars for a 40 percent stake. Metalicity is also granted the opportunity to increase this up to a total of 80 percent ownership.
