Shares in Metalicity (ASX:MCT) have gained today on news it has made three new project area applications over highly prospective ground in the Paterson Province, Western Australia.
The applications – over prospective ground for nickel-copper-cobalt and possible PGM mineralisation – significantly expands its footprint in the emerging Cu-Au-Ni Paterson Province.
The applications come after Metalicity’s consultants applied advanced filtering and algorithm-driven structural modelling to acquired geophysical data sets.
The results produced three highly prospective areas of which Metalicity has moved to acquire through the application of seven Exploration Licenses totalling an additional ~3,000km2 within the province.
The exceptional, high quality public data on offer provided the Company with an opportunity to interrogate the entire strike length of the Paterson Province,” Metalicity General Manager – Exploration & Development Jason Livingstone said.
“From this work, we identified numerous targets based on the filtering and machine learning techniques previously developed whereby known mineral occurrence signatures were defined and looked for elsewhere.”
Mr Livingstone said the three projects represent highly prospective ground for Ni-Cu-Au with possible PGM mineralisation.
“We are excited to be able to present these recent acquisitions, totalling approximately 3,000km2, to our shareholders and look forward to working with the communities upon grant of this tenure,” he said.
Warburton
The Warburton project area is regarded as the priority one target and is a large sediment-hosted or sedimentary-exhalative copper horizon spanning ~80 km within the Bentley sub group.
Previous exploration by WMC identified some 200 copper mineral occurrences and geochemically anomalous soils over a significant strike length hosted in a range of mid-Proterozoic sedimentary and volcanic rocks of the Bentley Subgroup.
Metalicity believes with modern geophysical and geochemical methods available today, coupled with the post data collection processing capabilities on offer and examples of cropped out mineralisation within the project area, the Warburton project offers a unique opportunity to refine and add to the datasets collected to date to generate highly prospective drill targets with a high probability of exploration success.
Paterson South
Paterson South hosts several strong discrete magnetic anomalies coincident with a basement highs and gravity ridges. These coincident geophysical anomalies are analogous to Greatland Gold’s Haverion Prospect. Metalicity expanded its footprint in this locality with an additional ~1,200km2 of exploration tenure.
Pandora
The project is described as a large cluster of magnetic highs on the northern side of a major crustalscale gravity ridge with known local Ni-Cu-PGE-Au mineralisation.
The geophysical signatures also suggest potential for IOCG Cu-Au systems. Notably, the Pandora Prospect was first drilled by Cassini Resources. Their drilling noted highly anomalous copper and nickel results.
Whilst sub-economic grades were returned, the Company believes, given its interrogation of the available datasets, that the work carried out was not optimised for the target styles and a more relevant work program needs to be adopted.
Shares in Metalicity have gained 0.1c or 8.3%, to 1.3c in afternoon trade.
