METALICITY ACQUIRES HIGH GRADE, NEAR TERM PRODUCING AUSTRALIAN ZINC PROJECT – DRILLING PLANNED FOR MARCH QUARTER
- Completion of the acquisition of the high-grade Napier Range Zinc Project, Lennard Shelf, WA.
- Napier Range contains the Wagon Pass deposit which is an Inferred Mineral Resource Estimate (MRE) of 750Kt at 13.6% ZnEq(Table 1), excellent exploration potential with 9 significant targets identified for testing, along a 4km strike extent, with further details below under Exploration Target Range (ETR).
- Napier Range represents a high grade low capital and near term producing zinc project, which complements the development of the large-scale Admiral Bay Zinc Deposit, where JV discussions are advancing.
- Napier Range is classed as a Mississippi Valley Type deposit which typically demonstrate simple and conventional process flowsheet design, high metal recovery and excellent clean concentrate quality.
- Drilling is currently planned for the March Quarter via a previously signed equity funded drilling contract, and subject to requisite approvals and weather permitting.
- Glencore and Teck retain an option to earn 51% if a new JORC Inferred Resource has been discovered, by either sole funding a Feasibility Study or spending A$20M on assessment at Napier Range*
Metalicity Limited has announced that it has completed the acquisition of the high grade Napier Range Zinc Project, located in the Lennard Shelf of the Kimberley Region, WA. Napier Range represents a low capital and near term producing zinc production opportunity with excellent exploration potential with 9 significant targets identified for drill testing along a 4km strike.
Resource and exploration drilling is planned for the March Quarter within the Wagon Pass Deposit as well as along the 4km strike extent at Napier Range, subject to requisite approvals and completion of the wet season in the Lennard Shelf of the Kimberley Region, WA.
At Napier Range, Glencore and Teck (via Lennard Shelf Pty Ltd (a 50:50 joint venture) retain an option to earn a 51% participating interest in the Wagon Pass tenements if a new JORC Inferred Resource has been discovered, by either completing and sole funding a Feasibility Study, or spending $20M on the assessment of the inferred resources.
Metalicity Managing Director, Matt Gauci, commented, “Securing the Napier Range Zinc Project is a significant step forward for Metalicity’s zinc strategy by providing a potential high grade, low capital, near term zinc development project that complements the pathway for our 100% owned Admiral Bay Zinc Project. Metalicity has completed field work, exploration targeting and base case financial modelling and looks forward to commencing an aggressive exploration program to determine the projects capacity to provide a source of cashflow for the Company’s ongoing advancement of the long-life Admiral Bay Zinc project, while also seeking new discoveries at the Emanuel Range Zinc Project.”