THE DRILL SERGEANT: Metalicity (ASX: MCT) has completed the acquisition of the Napier Range zinc project, located in the Lennard Shelf of the Kimberley Region in Western Australia.
Metalicity considers the high-grade Napier Range project to represent a low capital and near term producing zinc production opportunity with excellent exploration potential.
The project currently consists nine targets that have been identified for drill testing along a four-kilometre strike.
Metalicity has resource and exploration drilling 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.
At Napier Range, Glencore and Teck (via Lennard Shelf Pty Ltd (a 50:50 joint venture) retain an option to earn a 51 per cent 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 $20 million on the assessment of the inferred resources.
“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 per cent-owned Admiral Bay zinc project,” Metalicity managing director Matt Gauci said in the company’s announcement to the Australian Securities Exchange.
“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.”