Metalicity (ASX:MCT) has soared today on news it has applied for Exploration License Applications (ELA’s) abutting the much-discussed exploration licences held by mining goliath Rio Tinto in the Paterson Province of the Pilbara Region.
The ELA’s cover 2,166 square kilometres and lie within an interpreted copper corridor, which is host to numerous underexplored copper occurrences and geophysical anomalies.
The Paterson ranks highly on our list of prospective geological terrains for the discovery of copper mineralisation in the Pilbara and we are encouraged by activity of the major companies nearby which supports our prospectivity models,” Metalicity Managing Director Matt Gauci said.
“Metalicity retains significant experience exploring the Paterson over the last 20 years and is currently compiling all available geological, geochemical, geophysical datasets to assist guiding future exploration activities.”
The rumour mill has been in overdrive of late regarding Rio Tinto’s recent application to build an airstrip between Port Hedland and Broome and in the past year pegging some 10,000 square kilometres of ground and kicking of a drilling campaign in the region.
Metalicity’s applications follow a copper prospectivity study completed by the company covering the Pilbara region, including the Paterson Province, which it said aligned with its strategy to focus on Nickel and Copper exploration, and the Fraser Range and Paterson Province as its preferred geological terrains.
The company has pegged the Desert Queen project – which covers a total area of 679 square kilometres in the Paterson and 20km along strike from exploration conducted by Rio Tinto and within an interpreted copper corridor.
The Mandora Beach project – which covers a total area of 1,487 square kilometres in the Paterson – adjoins tenements held by Rio Tinto and FMG and is also located within an interpreted copper corridor.
According to Metalicity, both projects have not been the subject of modern systematic exploration techniques and are considered prospective for major copper discoveries.
Metalicity has already kicked off a program of data compilation and project evaluation from available geological, geochemical, geophysical datasets to define target areas for future exploration work.
Metalicity is in the process of selling (via IPO, JV or Trade Sale) its zinc and lithium interests in WA, with completion of these transactions and receipt of staged payments of up to ~A$35M cash/shares potentially commencing in the March Quarter 2019.
Shares in Metalicity were trading at 2.3c, up 44%, after earlier hitting an intraday high of 2.5c on Tuesday.
