Base metals developer Metalicity Limited has secured options over ground it considers to be very prospective for magmatic nickel-copper targets and volcanogenic massive sulphide or “VMS” style copper mineralisation in the illustrious Fraser Range province in southern WA.
The company has executed a 3 month option and sale agreement to acquire 100% of the Fraser Range project from private company Romany Minerals Pty Ltd in a cash and scrip deal worth $270,000.
The Fraser Range project covers 243 square kilometres and is within 20km of the Creasy Group’s recently discovered Silver Knight copper-nickel-cobalt resource and only 40km north of the revered Nova-Bollinger nickel-copper deposit being mined by Independence Group.
According to Metalicity, the surrounding region has numerous other magmatic nickel-copper targets that remain untested by modern systematic exploration techniques.
The company also consummated a separate 3 month option and sale agreement with ASX listed Ventnor Resources, where Metalicity can earn up to 80% of the Biranup project, located 20km northeast of the Tropicana gold mine, also on the Albany Fraser belt.
The optioned project area at Biranup covers a total area of 393 square kilometres.
Metalicity can achieve the 80% holding in the project via a staged cash and scrip deal worth up to $2.7m for Ventnor.
This region was previously subject to mainly gold focussed exploration, however, there are still a significant number of untested nickel-copper targets and VMS copper targets in this isolated part of the Fraser Range belt.
Metalicity 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 and we are encouraged by … discoveries … nearby which supports our prospectivity models”.
The announcement of the deals comes just days after the company said it had also staked nearly 2200 square kilometres over two new copper exploration plays in the strongly endowed and under-explored Paterson province in the eastern Pilbara of WA.
In a transparent change of company strategy, Metalicity is in the process of selling off its zinc and lithium assets in WA to concentrate solely on copper, nickel and cobalt exploration.
After completing a comprehensive regional base metals prospectivity study, the company has now swooped on exploration ground in the Pilbara and the Fraser Range provinces that it believes have significant unrealised potential for new mineral discoveries.
The company appears to have jumped onto some prospective looking exploration ground in proven copper-nickel-gold districts in both the Fraser Range and Pilbara regions.
With the potential release of significant funding from its offloaded Admiral Bay and other non-core assets flowing as early as the March quarter of 2019, Metalicity could be in an enviable position to hit the ground running next year with plenty of cash to throw at its new project acquisitions.
28 May 2024
02 May 2024
