A first pass review over Metalicity’s (ASX: MCT) recently secured copper exploration projects in the red-hot Paterson province in the Pilbara has identified targets for future exploration with investors welcoming the news.
Shares in the company have gained 0.3c or 19% to 1.9c in early afternoon trade on Thursday.
The review took place over its 2,166 square kilometres of Exploration License Applications (ELA’s) which adjoin Rio Tinto’s Exploration Licenses.
Four target areas were identified covering 908 square kilometres and comprising 550 square kilometres in two target areas at the Mandora project and 358 square kilometres from two target areas at the Desert Queen project.
The target areas were selected utilising advanced geophysical filtering and structural detection modelling, as well as regional geological evaluation of structural controls of known copper mineralisation in the Paterson Province.
The Company recently appointed Corporate Geoscience Group (CGSG) to assist the company with targeting and project generation in the Pilbara seeking copper systems.
The recently secured copper exploration and ongoing project generation builds on a copper prospectivity study by Metalicity covering the Pilbara region, including the Paterson Province, as one of its preferred geological terrains, while sale of the Company’s zinc and lithium assets continues.
The target areas defined are extensive, defined from geophysical and geological modelling utilising structural controls of known copper mineralisation in the Paterson including those activities undertaken by Rio Tinto, and where the Company’s tenements are well located to the north and south,” Metalicity managing director Matt Gauci said.
“We look forward to progressing field work, remote sensing surveys and grant of the projects in 2019.”
Rumours have been swirling for some time that Rio Tinto has made a monster copper discovery on its 10,000 square kilometres in the region after a significant ramp up of activity by the major on its land.
CGSG is a highly experienced industry leading geoscience group with deep understanding of copper, gold and uranium systems particularly in the Paterson province of the Pilbara region.
