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Metalicity shares rise on drilling lithium pegmatites; moving onto cobalt

Published: 03:10 25 Sep 2017 BST

a chart showing rising share prices
Drilling at Kyarra Cobalt Project starting soon

Metalicity Ltd (ASX:MCT) has successfully completed its lithium drilling program at the Pilgangoora North Project in Western Australia, with the drilling intersecting pegmatites in every hole.

The company also received the last remaining regulatory approvals paving the way for its maiden drill program at the Kyarra Cobalt Project in the Yerrida Basin, Western Australia.

Metalicity’s shares were last trading circa 11% higher intra-day, at $0.049.

The Pilangoora North project was acquired by Metalicity in January 2017.

The company has already identified and mapped significant lithium bearing pegmatites during its field exploration at the project.

The southernmost pegmatites are located 1 kilometre along strike to the north from the Lynas Find deposit, where intersections including 21 metres at 2.64% lithium have been recorded.

Metalicity’s initial 500-600 metres drilling was aimed at testing for mineralised pegmatites extending north into the southern parts of the tenement below the pegmatites already mapped at surface.

The drilling intersected pegmatites in every hole, and samples are currently being assayed with the results expected by month-end.

The Kyarra Cobalt Project is considered highly prospective for structural/stratigraphic-controlled copper-cobalt and potentially nickel-cobalt mineralisation.

The initial 1,800-metre reverse circulation drill program at Kyarra will commence shortly.

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