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METALICITY LIMITED

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EXTENSIVE LITHIUM TARGETS IDENTIFIED AT GREENBUSHES

ASX Announcement 14 June 2018 

HIGHLIGHTS 

  • Metalicity has identified two priority lithium targets at the company’s 100% owned Greenbushes North project, within the world class Greenbushes pegmatite lithium district in the South West region of Western Australia (WA). 
  • A geochemical sampling methodology was designed and employed based on previous successful laterite sampling programs [e.g. Smith et al, 1987] which confirmed the technique is appropriate to discover lithium and tantalum bearing pegmatites in laterite-covered areas at the world class Greenbushes lithium deposit located ~35 km to the south. 
  • The geochemical sampling program at Greenbushes North covered an area of some 12 km X 11 km (132 km2 ) and highlighted two priority lithium target areas which may indicate buried LCT type pegmatites as shown on Figure 4. 
  • The lithium index target areas collectively cover some ~30km2 . 
  • Importantly the anomalies follow structural trends, clustering around the Donnybrook-Bridgetown Fault, which is interpreted to be a major controlling factor in the location of the Greenbushes deposit. 
  • Exploration planning is in progress to follow up the lithium targets using infill lateritic sampling on a 250 m X 250 m grid. This sampling will be augmented by rock chip samples of pegmatites, if located, to vector in on mineralisation.

Metalicity Limited (ASX:MCT) (“MCT” or “Company”) is pleased to report that it has identified two (2) extensive lithium target areas and a number of point anomalies from a program completed by Metalicity involving geochemical sampling and geological evaluation, at the Company’s 100% owned Greenbushes North Lithium Project, along strike from the world class Greenbushes lithium deposit in the South West of WA.

The Greenbushes deposit is the world’s largest and highest-grade lithium deposit (118Mt of spodumene ore containing 2.4% lithium) with an ore feed containing 3%-4.5% Li20 [ref. Talison website). The Greenbushes pegmatites intrude along the major northwest Donnybrook-Bridgetown Fault and the main pegmatite consists of a zone over 3 kms X 300m (0.9km2 ). Greenbushes currently supplies 30% of the worlds lithium.

The company’s Greenbushes North Tenement application (E70/5172) is located 35 km north of the Greenbushes deposit in the south west of WA and covers a total area of 70 km2 located over freehold land and partial state forest, for which the company is progressing standard access agreements.

Metalicity Managing Director Matt Gauci said:

“The exploration program has identified important criteria for the discovery of buried LCT-type lithium pegmatites similar to those which host the world class Greenbushes deposit. Firstly, the sampling methodology used identified two significant lithium index anomalies and secondly the clustering of these anomalies located over the same fault zone which controls the Greenbushes deposit. The anomalies cover an extensive total area of ~30km2 and exploration teams are being mobilised to progress work programs at these new prospects.”

Click here to view the full announcement 

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BATTERY METALS EXPLORATION ACCELERATED

ASX Announcement 5 June 2018

HIGHLIGHTS 

  • Metalicity is stepping up its focus on battery metals (lithium, cobalt, graphite) exploration within its extensive and highly prospective landholding in WA 
  • Exploration has been completed at the Pilgangoora North Lithium Project including mapping and sampling and Yerrida Cobalt Project including mapping, sampling and drill testing 
  • New drill targets generated and drill testing existing targets with assays and evaluation due shortly 
  • To date, projects have been the subject of only limited systematic exploration including geological database compilation, mapping, sampling and limited drill testing to less than 5% of targets 
  • CSA Global planning and implementing a systematic exploration program across all projects as well as leading a project generation program targeting new battery metal projects 
  • Strong support from shareholder and battery metals company Shanghai Metals with whom the Company also has a MOU in place for offtake, project development and financing

Metalicity Limited (ASX:MCT) (“MCT” or “Company”) is pleased to report the Company is stepping up its focus on battery metals exploration within its extensive and highly prospective landholding in WA, following its agreement to the terms of the sale and purchase of its base metal (zinc) projects (See ASX:MCT 29/05/18).

Exploration programs have recently been completed across the Company’s Pilbara Lithium and Yerrida Cobalt projects with the purpose of generating new drill targets and drill testing existing targets. Assay results and evaluation is due shortly.

Concurrently, Metalicity has commenced a battery metals project generation program in WA from the company’s extensive geological database compiled over the past 2 years and is currently evaluating a pipeline of additional battery metals exploration opportunities with an update on this program due shortly.

For clarification, the Napier Range Zinc project has been included in the agreement to the terms for the sale and purchase of the base metal (zinc) projects, hence the previously announced drilling has been deferred.

Metalicity Managing Director Matt Gauci said: 

“We are pleased with the terms for the sale agreement of our base metals projects, with the Company planned to be well-funded and still leveraged for additional upside at Admiral Bay. We are strategically refocussing the company to deliver value from our highly prospective and underexplored battery metals projects.

“Exploration programs have recently been completed with the purpose of generating new drill targets for a more systematic exploration program. The company is concurrently evaluating a pipeline of new additional battery metal opportunities with strong support from battery metals company Shanghai Metals.”


Metalicity has reached an agreement with Kimberley Mining Limited (to be listed on the TSX-V) on the terms for the sale and purchase of its base metal (zinc) projects, targeting the receipt of C$32.5M cash/shares to Metalicity over the next 24 months

The Pilbara Lithium Project covers an area of of ~152km2 of tenements in the world class Pilgangoora Lithium district, where a 25km strike of pegmatites and 4 high priority targets have been identified for systematic mapping, sampling and drilling

The Yerrida Cobalt Project covers an area of 210km2 of tenements in the emerging Yerrida Copper-Cobalt Basin, where a 7km strike of cobalt and 4 high priority targets have been identified for systematic mapping, sampling and drilling

The Munglinup North Graphite Project covers an area of 42km2 of tenements in the world class munglinup graphite district, where a 1.5km target of graphite mineralisation has been identified for systematic drilling.

Click here to view the full announcement 

KIMBERLEY MINING TSX-V LISTING UPDATE

ASX Announcement 29 May 2018


HIGHLIGHTS 

  • Metalicity Limited (“Metalicity”) has agreed to terms for the sale and purchase of the Admiral Bay, Napier Range and Emanuel Range Zinc Projects (“Zinc Projects”) with Kimberley Mining Limited (“Kimberley Mining”) 
  • Metalicity will effectively vend the zinc projects into Kimberley Mining in exchange for C$32.5M cash and shares1 (up to C$12.5M cash and retaining 25M shares approximate value of C$20M), subject to Metalicity shareholder and Australian and Canadian Regulatory approval 
  • Metalicity will retain approximately 40% of the expanded capital of Kimberley Mining post the Initial Public Offering (IPO) on the TSX-V and the targeted C$25M capital raising2 which will be used to advance drilling and feasibility studies primarily on the Admiral Bay Zinc Project 
  • Kimberley Mining is represented by 3 Toronto based Directors, including a President and Chief Executive Officer, and 3 Perth based directors representing Metalicity (see ASX:MCT 09/05/18) 
  • Kimberley Mining has recently received stamp duty exemption from the Office of State Revenue on the purchase of the zinc projects, saving approximately A$2M in stamp duty tax liabilities 
  • A Notice Of Meeting (NOM) specifying the resolutions to approve the transaction will be dispatched to Metalicity shareholders in approximately 1 week following ASX and ASIC review of the NOM
  • Metalicity and Kimberley Mining have both been approached by numerous global investment banks to complete the broker syndicate for the IPO, which is forecast to take place in September 2018

Metalicity Limited (ASX:MCT) (“MCT” or “Company”) is pleased to report that it has agreed to the terms for the sale and purchase of the Admiral Bay, Napier Range and Emanual Range Zinc Projects (“Zinc Projects”) with Kimberley Mining Limited (“Kimberley Mining”) for the sum of approximately C$32.5M cash/shares, subject to shareholder and regulatory approval and completion of the IPO on the TSX-V.

Metalicity Managing Director Matt Gauci said: 

“The terms agreed are a win-win for both Metalicity and Kimberley Mining. Following Metalicity shareholder approval, Kimberley Mining will be well established to rapidly progress the IPO process which will best allow the progression of Admiral Bay in a market of higher valuations for base metals projects of Admiral Bay’s scale and in an increasingly tight zinc market. The agreed terms follow very strong market interest and engagement of leading North American mining investment firms, the appointment of a highly credible board, and endorsement of project stakeholders Resource Capital Funds (RCF) and China Minmetals (Minmetals)”.

TERMS OF THE SALE AND PURCHASE OF METALICITY ZINC PROJECTS

The vend valuation and consideration of the “zinc projects” is as follows: 

  • Metalicity retains approximately 40% of Kimberley Mining post IPO, being C$20M in equity; and 
  • Kimberley Mining to pay Metalicity up to C$12.5M in cash via the following mechanisms: 
    • C$0.5M at the completion of Seed Capital Raising 
    • C$4M at the completion of the IPO 
    • Up to C$5M 12 months from the IPO, conditional on certain share price hurdles3 
    • Up to C$3M 24 months from the IPO, conditional on certain share price hurdles4

Click here to view the full announcement 

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