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Metalicity Limited (previously PLD Corporation) is now commencing the Scoping Study following completion of the acquisition of the Admiral Bay Zinc deposit, located in the Canning Basin of Western Australia. This is one of the world’s largest undeveloped zinc projects, and there is significant scope for aresource upgrade and expansion given that mineralisation has been intersected along a mineralised trend with a strike length of 18km.
The acquisition and proposed initial 6 month work programme through to the completion of a Scoping Study (‘the Study”) are fully funded, with agreements
in place to the tune of US$5.0 million with Resource Capital Funds (“RCF”). The RCF funding includes a completed $0.68m share subscription and a US$5m
The acquisition of the Rocky Gully Nickel-Copper Project has also been finalised, which was previously held under option agreements. Exploration work
to date on this project, located near Albany in southern WA has returned encouraging results for sulphide nickel-copper and VMS style mineralisation.
We rate MCT as a SPECULATIVE BUY, with price movers including positive results from the Scoping Study at Admiral Bay and exploration at Rocky Gully.
Metalicity is an ASX-listed company which has recently changed its business from Health Care to Mineral Exploration. The Company’s initial project was
Rocky Gully, considered prospective for Nova-style nickel-copper mineralisation, which the Company has been actively exploring to date.
The acquisition of the flagship Admiral Bay Zinc Project was announced in late 2014, with completion and re-compliance with Chapters 1 and 2 of the ASX Listing Rules now finalised. The Company is now commenced a Scoping Study on Admiral Bay.
Potentially a World Class Asset
Metalicity Limited (ASX: MCT, “Metalicity” or “the Company”) has finalised the acquisition and funding of the Admiral Bay Zinc Project (“Admiral Bay”), located in the Canning Basin of Western Australia, and has now commenced the Scoping Study. Admiral Bay is a Mississippi Valley Type (“MVT”) system...
ASX on Hotcooper: http://hotcopper.com.au/asx/MCT