Metalicity Ltd (ASX:MCT) has secured options to obtain two nickel-copper projects in the highly prospective Albany Fraser Belt of Western Australia.
The two 3-month option and sale agreements cover the Fraser Range and Biranup projects and support Metalicity’s strategy to focus on nickel and copper.
They cover a total of 636 square kilometres and lie within two parts of the Albany Fraser Belt, which is one of the company’s preferred geological terrains.
Project is near Nova-Bollinger
Fraser Range project covers 243 square kilometres in the Fraser Range zone of the belt, within 20 kilometres of the new Silver Knight deposit and the operational Nova-Bollinger nickel-copper deposit of Independence Group NL (ASX:IGO).
Numerous magmatic nickel-copper targets remain untested with modern systematic exploration techniques.
The company has paid Romany Minerals Pty Ltd $20,000 to secure the option and if it is exercised, will pay a further $250,000 in cash or shares to acquire 100%.
Close to Tropicana
Biranup covers 393 square kilometres in the Birranup zone of the belt, within 20 kilometres of the Tropicana gold deposit.
It was previously the subject of primarily gold exploration with numerous magmatic nickel-copper and VMS-type copper targets identified which remain untested with modern systematic exploration.
Ventnor Resources Ltd (ASX:VRX) has been paid $20,000 by Metalicity to secure the option and if exercised will be paid a further $500,000 in cash or shares for a 40% stake.
Metalicity can earn a further 20% by spending $1 million and a subsequent 20% with expenditure of another $1 million.
Fraser Range “ranks highly”
The company’s 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.
“We are encouraged by the continued discoveries by other companies nearby which supports our prospectivity models.”
Compiling geological information
All available local geological information is being compiled to assist in guiding future exploration activities.
This involves a comprehensive program of data compilation and project evaluation from a significant database of geological, geochemical, geophysical and drill hole datasets.
The company has significant experience exploring the Albany Fraser Belt for magmatic nickel-copper deposits over the past 20 years.
ELAs generated in Paterson province
Earlier this week, Metalicity reported that it had generated 2,166 square kilometres of Exploration Licence Applications (ELA’s) in the Paterson province of the Pilbara region.
This ground adjoins Rio Tinto plc’s (LON:RIO) exploration licences and is within an interpreted copper corridor, which hosts numerous underexplored copper occurrences and geophysical anomalies.
The project generation builds on a copper prospectivity study completed by Metalicity covering the Pilbara, including Paterson province, which is also a preferred geological terrain.
Data compilation and project evaluation are underway to ascertain areas of interest within the Desert Queen and Mandora Beach ELA’s for possible future exploration.
Disposing of non-core assets
Metalicity recently started a process to sell its WA zinc and lithium interests with the completion of these transactions anticipated during this quarter and the following quarter.