THE BOURSE WHISPERER: Metalicity (ASX: MCT) has lodged four exploration licence applications (ELAs) across three project areas the company considers to be prospective for lithium, tantalum and tin mineralisation, located in established rare metal geological settings in Western Australia.
Metalicity generated the projects have from its own in-house exploration targeting model it developed from a comprehensive database of lithium, tantalum and tin occurrences and prospective geological settings for lithium mineralisation, primarily in established rare metal producing regions in WA.
The first two applications are at Lake Cowan (E15/1502 and E15/1503) and are located five kilometres south of the Bald Hill tantalum mine, operated by Alliance Mineral Assets Limited.
Metalicity explained that the pegmatites in the Alliance project area are known to contain the lithium mineral, spodumene.
The third application is known as Greenbushes East (E70/4809) and is located 25km east of the Greenbushes lithium deposit where the world’s largest and highest grade deposit of spodumene (hard rock lithium) is being mined, processed and exported via the port of Bunbury, WA.
Metalicity claims its application area covers a similar regional geological setting to the Greenbushes deposits.
The final application is for Pilgangoora East (E45/4688), located 20 km east of the Pilgangoora lithium deposits, held by Pilbara Minerals (ASX: PLS) and Altura Mining (ASX: AJM).
The Pilbara Minerals deposit is the world’s second largest spodumene deposit.
The Pilgangoora East application area covers a similar geological setting to the Pilgangoora deposits.
Metalicity outlined its intentions to explore the new project areas for outcropping and undetected pegmatites that may host rare metal mineralisation.
The company has commenced desktop surveys to refine target areas for field surveys, which will include geological mapping and geochemical sampling programs.
Metalicity stressed its initial exploration programs are sufficiently funded.
“We have rapidly developed an in-house exploration targeting model focussed on lithium mineralisation in Western Australia and have secured a further 914 square kilometres of tenements considered prospective for rare metals mineralisation in prolific districts, to add to the existing highly prospective Pilgangoora South project,” Metalicity managing director Matt Gauci said in the company’s announcement to the Australian Securities Exchange.
“The exploration of these projects is sufficiently funded and we look forward to progressing work programs.”