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METALICITY LIMITED

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Location and Background
  • Located in the Canning Basin, Kimberley Region; Excellent infrastructure nearby
  • Mississippi Valley Type (MVT) deposit with zinc, lead, silver and barite
  • Discovered in 1981 during petroleum exploration
  • Drilled and assessed by CRA Exploration Pty Ltd from 1986 to 1992 and Kagara Ltd from 2004 to 2009
  • More than $50M* invested to date
  • Two granted ML’s and 1 granted EL covering 25km of mineralisation
  • MCT consider the project a potential Tier 1 Asset
Geology and Mineralisation
  • Strongly structurally focussed Mississippi Valley Type (MVT) deposit
  • Extensive 18km mineralised corridor along the Admiral Bay Fault Zone – major early basin-margin fault
  • Mineralisation localised in favourable shallow-water limestones on a fault-controlled palaeohigh
  • Upper zinc-rich and lower lead-rich zones up to 20m and 15m thick respectively
  • Similarities to other carbonate-deposits and a sub-set of MVT deposits characterised by higher grades
Mineral Resource Estimate
  • Inferred Mineral Resource1 of 170Mt @ 7.5% ZnEq (4.1% Zn, 2.7% Pb, 25 g/t Ag) at a cut-off grade of 3% Zn+Pb reported under JORC 2012 criteria
  • Includes higher-grade zone of 20 Mt at 10% ZnEq at 7.7% ZnEq cut-off
  • Geological assessment supports potential for additional higher grade zones
Exploration Target Range
  • The MRE is currently limited to 2.1 km of a sparsely-drilled 18 km mineralised corridor
  • High ratio (90%) of mineralised intersections supports continuity
  • Exploration Target Range (exlcusive of MRE) of: 160–210 Mt at 4.4–4.8% Zn, 2.2–2.4% Pb and 23g/t Ag over 18km strike
  • Note that the potential quantities and grades are conceptual in nature, that there has been insufficient exploration to estimate Mineral Resources and that it is uncertain whether further exploration will result in the estimation of Mineral ResourcesGlobal Benchmarking
  • Globally, there are numerous undeveloped copper-zinc and or polymetallic-zinc projects
  • Admiral Bay MRE is currently 4th largest undeveloped pure zinc project in the world.
  • In Australia, there are numerous undeveloped copper-zinc and or polymetallic-zinc projects
  • Admiral Bay MRE is currently the equal largest undeveloped zinc project in Australia, and with the ETR added by far the largest in Australia
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Location and Background
  • The Kyarra Cobalt Project is located in the Yerrida Basin, WA and is considered highly prospective for structural/stratigraphic-controlled copper-cobalt and potentially nickel mineralisation. Based on a geological evaluation of the region the Company has developed an exploration model that includes numerous aspects of significant copper-cobalt (+/- nickel) deposits of the Central African Copperbelt, where new discoveries continue to be made based on advances in exploration concepts.
  • Within the Kyarra Cobalt project area anomalous historical results have been reported including up to 0.64% Co from surface samples and 2m at 612 ppm Co from drilling, across an initial strike extent of approximately 25km.
  • Three granted exploration licenses covering 643 km2 provide a dominant land holding in the district.
  • The Yerrida Basin is an emerging cobalt district where the Company commands a significant landholding of tenements strategically located in a prospective geological setting. The widespread cobalt anomalism identified over an initial 25km strike extent at Kyarra West represents a compelling target area for further study and drilling.
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Regional Geology
  • Yerrida Group rocks are flat-lying to shallowly dipping and unconformably overly Archaean granite greenstones to the south, including the N-S trending Joyner’s Find Greenstone belt immediately to the east of the tenements; where various steeply dipping greenstone lithologies including mafic volcanics, BIFs and other sediments host a number of Fe and Au prospects
  • The Yerrida Group comprises an early sag-basin succession dominated by siliciclastic and evaporitic sediments deposited in a shallow-water environment, overlain by arenaceous, argillaceous and mafic volcanic rocks.
  • The units of interest within the Project area are carbonaceous and calcareous, pyritic shales and siltstones of the Maraloou Formation. Zones of limestone breccia and stromatolitic limestone are present at the base of this unit, in mineralised zones observed in diamond core.
Mineralisation
  • The Yerrida Basin sedimentary package also contains a number of the key elements necessary for SEDEX style base metal mineralisation, including evaporites, siliciclastics, hydrocarbons and basin bounding faults.
  • Extensive exploration activities were completed in the late 1980’s and 1990’s focussed on discovery of base metal deposits using this model.
  • Within the area that includes the Kyarra Cobalt Project approximately 2000 surface geochemistry samples, 770 RAB holes (0-96m deep), 116 RC holes (4-250m deep) and 9 diamond drill holes (75-405m deep) were completed by various operators including Renison Goldfields Consolidated (RGC).
  • Anomalous Cu, Zn, Pb, Ni and Co detected in surface geochemistry and drilling culminated in the discovery of the Magellan (now Paroo Station) Lead deposit 12km east of E53/1894.
  • The company has developed a new exploration model targeting sedimentary hosted copper-cobalt-nickel deposits similar ot those discovered in the Central Africal Copperbelt.
Successful results
  • The Company is currently undertaking surface exploration with successful results in the Kyarra West area.
  • The most recent rock chip sampling results show results of up to 1,500ppm C and >1% Zn in weathered near-surface area.
  • The current theory, suggest that this anomalism has been observed to be associated with west-north-west striking breccia zones interpreted to be related to deep-seated structures and to represent part of a plumbing system for metalliferous fluids upward and southward into suitable trap horizons.
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NEW LITHIUM TARGETS IDENTIFIED AT PILGANGOORA

Comprehensive review of Metalicity’s lithium exploration projects in the Pilbara region by lithium experts at CSA Global, has identified new target areas that have not been previously identified nor systematically explored

At Pilgangoora North new high priority target area identified and prioritised for further exploration

At Wodgina South new priority target area identified and prioritised for further exploration

Thorough mapping, rock chip and bulk sampling program to commence in the March Q 2018

Field visit completed in conjunction with one of Asia’s largest mineral resource groups and one of the worlds biggest lithium ion battery groups to evaluate lithium potential at Pilgangoora North and Wodgina South

Metalicity Limited (ASX:MCT) (“MCT” or “Company”) is pleased to report that following the appointment of CSA to undertake a comprehensive review of the Company’s lithium exploration projects in the Pilbara, including the 100% owned Pilgangoora North and Wodgina South projects, new high priority targets have been defined and prioritised for future exploration and potentially drilling.

The Pilgangoora North project adjoins the world class Pilgangoora Deposit of Pilbara Minerals Limited (ASX:pLS) and was acquired from Fortescue Metals Group (ASX:FMG), a shareholder of Metalicity. Preliminary mapping, satellite imagery and rock ship sampling has defined a series of pegmatites over a 10km trend. The Wodgina South project was acquired by the company via systematic project generation, where preliminary mapping, satellite imagery and rock ship sampling has defined a series of pegmatites over a 5km trend.

The review by CSA Global included a comprehensive compilation and assessment of data sets not previously used. CSA Global concluded that the projects have not been systematically explored to date; however, they are considered prospective for rare element and lithium-bearing pegmatites. Systematic field mapping, rock sampling and geochemical analysis is required to define fertile granites and fractionation trends that could point towards further lithium-bearing pegmatite targets. Based on work done to date, and CSA Global’s review of the regional setting, one higher priority target area has been selected for Pilgangoora North and for Wodgina South.

At Pilgangoora North the high priority target covers an area of approximately 4km X 2km (8km2), while the Wodgina South high priority target area covers 2km X 1km (2km2). Both targets have been selected based on the preliminary assessment of pegmatite sampling to date and evidence for higher fractionation in pegmatites in these area’s. In addition, Geoscience Australia regional potassium the radiometric data indicates that the “Pilgangoora” greenstone belt possibly extends through the Pilgangoora North project, while the “Wodgina” greenstone belt is interpreted to extend through the Wodgina South project.

Key recommendations for future work at the newly identified targets at both Pilgangoora North and Wodgina South include additional field mapping of the interpreted and confirmed pegmatites and collect bulk pegmatite samples, and, samples of blocky K-feldspar and muscovite, to obtain additional fractionation and mineralisation data.

The CSA Global review included a field visit to both Pilgangoora North and Wodgina South in conjunction with one of Asia’s largest mineral resource groups and one of the worlds biggest Lithium-ion battery producers, where discussions are underway regarding future cooperation. Exploration is scheduled to commence in the March Quarter with CSA Global appointed to undertake the recommended work program.

http://www.asx.com.au/asxpdf/20171214/pdf/43q50284f9chlb.pdf
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Exploring World Class Lennard Shelf of the Kimberly Region
  • Zinc project pipeline strengthened through the exercise of the option to acquire the high grade Napier Range Zinc Project and the Emanuel Range Zinc Project located in the Lennard Shelf, Kimberley Region, WA.
  • Napier Range contains the Wagon Pass deposit which is a JORC 2012 Inferred Mineral Resource Estimate (MRE) of 750Kt at 13.6% ZnEq (Table 1) and an adjoining Exploration Target Range (ETR)* of 100Kt-200Kt at 10%-15% ZnEq.
  • Napier Range also contains an additional ETR of 1-4Mt at 10-15% ZnEq across a number of separate prospects within the mining leases that are priority targets for drilling.
  • The Emanuel Range Zinc Project comprises an extensive 30km strike of a largely untested targets adjoining the large tonnage high grade Pillara Zinc deposit, located in the Pillara Range of the Kimberley Region, WA.
  • The projects are classed as Mississippi Valley Type deposits which typically demonstrate simple and conventional process flowsheet design, high metal recovery and excellent clean concentrate quality.
  • Napier Range represents a high grade low capital and near term producing zinc project, which complements the development of the Admiral Bay Zinc Deposit, located in the Napier Range of the Kimberley Region, WA.
  • Metalicity is uniquely positioned to explore, develop and mine the projects, given its extensive knowledge gained via the exploration and development of the nearby Admiral Bay Zinc Project.
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CHINA NFC ZINC PROJECT STUDY DELIVERS POSITIVE RESULTS

China Non-Ferrous Metals (NFC) have formally notified Metalicity of the successful completion of a detailed Review (Review) of the technical and financial parameters of the Admiral Bay Zinc Project (Admiral Bay) PreFeasibility Study (PFS) Stage 1 report supporting the Memorandum of Understanding (MOU) signed on 8/2/17.

The Review is a key term of the MOU between Metalicity and CNFC Equipment Co.,LTD (CNFC), a holding subsidiary of China NFC, regarding the feasibility, development and financing of Admiral Bay.

China NFC will now complete a Project Study Report (Project Study) incorporating Engineering Procurement Construction (EPC) costings as part of the Admiral Bay PFS which are anticipated to reduce the capital and operating costs, reduce long lead item times, accelerate development timelines and overall economics.

The Project Study is a key working document required to comply with financing requirements of Chinese Banks for debt, equity and other financing mechanisms, and an important step in accelerating a binding agreement with China NFC for the feasibility, development and financing of Admiral Bay.

The China NFC Project Study compliments the recently completed metallurgical testwork program supporting the MOU signed with China Minmetals, towards a binding feasibility, development, financing and offtake agreement with both organisations being China’s leading zinc industry participants

Metalicity Limited (ASX:MCT) (“MCT” or “Company”) is pleased to announce that China Non-Ferrous Metals (NFC) have formally notified the Company of the successful completion of a detailed review (Review) of the technical and financial parameters of the Admiral Bay Zinc Project PFS Stage 1 report (see ASX:MCT 10/10/17) supporting the Memorandum of Understanding (“MOU”) signed with the NFC holding company CNFC for the feasibility, development and financing of Admiral Bay (see ASX:MCT 8/2/17).

CNFC is the major engineering and equipment arm of NFC in the resources and mining sector and has established markets in the Middle East, Central and North Asia, Central and South Africa, and is seeking further projects related to resources in developed resources and mining markets such as Australia. CNFC is an organization with a strong track record in supporting the development of large, long life projects, incuding Mehdiabad, Citronen, Talla Hamza and other projects in Northern China including the “City of Zinc”. NFC has entered the Shenzen 100 Stock Index and Shanghai-Shenzen 300 Composite Index.

The Review is a key term of the MOU between the Companies and a strong endorsement of the technical and financial parameters of the Admiral Zinc Project PFS Stage 1 report, establishing a framework for the Project Study at the completion of the PFS, incorporating NFC EPC costings. The Project Study is anticipated to significantly reduce overall capital and operating costs, reduce long lead items times, accelerate development timelines and overall economics, and in turn support a binding agreement regarding the feasibility, development and financing of Admiral Bay.

Managing Director Matt Gauci Commented: “The positive review supporting the MOU with China NFC and combined with successful metallurgical testwork supporting the MOU with China Minmetals established a very strong framework for the feasibility, development, financing and offtake agreement with China’s largest and most credible engineering, resources, mining and metals groups in the zinc sector"

Click here to read the full ASX Annoucement
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