Metals Australia Ltd (ASX:MLS) has executed a binding sale agreement a a suite of highly prospective battery and precious metals projects in key mineralised regions of Australia.
The assets include:
- The Warrambie Project – a granted exploration licence (EL) E47/4327 in the Pilbara region of Western Australia, located along strike 15km west of the Sherlock Bay nickel sulphide project. Warrambie is considered highly prospective for mafic intrusive nickel-copper-cobalt sulphide mineralisation analogous to Sherlock Bay and the Andover massive nickel sulphide discovery 20km to the west
- The Murchison Domain Project, including granted E51/2058 and four large EL applications located along strike from major gold deposits such as the >5Moz Big Bell deposit and the >3Moz Mt Gibson mine in the Murchison Province of Western Australia. The Murchison Domain tenements are considered highly prospective for major gold deposits as well as Ni-Cu-Co-PGE and/or lithium mineralisation.
- The Tennant Creek Project in the Northern Territory, which includes granted E32725, directly along strike within the corridor east of the Warrego copper-gold mine and three EL applications both north and south of Tennant Creek near key iron oxide copper-gold (IOCG) deposits. The Tennant Creek Project is considered highly prospective for IOCG discoveries of the Tennant Creek style.
The Agreement terms provide for the issue of 40 million MLS shares from existing Listing Rule 7.1 capacity upon signing the Agreement and, subject to shareholder approval, the issue of an additional 84 million MLS shares and a cash payment to the PGG vendors of $300,000.
The company has taken advantage of an outstanding opportunity to acquire a suite of highly prospective battery metals and gold projects with multiple drill targets near major deposits in Tier One jurisdictions,” Chairman, Mike Scivolo, said.
“These new projects give Metals Australia the opportunity to build on its exploration success over the past few months.
“This includes at our Manindi Project in WA, where multiple high-grade lithium pegmatite intersections have been produced and where we have also identified high-grade zinc resource extensions and made a new vanadium with nickel, copper and cobalt discovery.
“The Payne Gully acquisition is in line with the company’s focus on projects in highly-prospective mineralised terranes such as in the Yilgarn and Pilbara regions of Western Australia and the Tennant Creek region of the Northern Territory.”