Metalicity (ASX:MCT) has tasked corporate advisor Argonaut PCF with seeking indicative offers for its Admiral Bay Zinc Project in Western Australia.
The company says Admiral Bay hosts one of the largest zinc resources in the world at 170 million tonnes @ 7.5% zinc equivalent.
Metalicity holds about 80.3% of Kimberley Mining which owns the Admiral Bay Project, which was discovered in 1981 during petroleum exploration. The project was drilled and assessed by CRA Exploration, now known as Rio Tinto Exploration, from 1986 to 1992 and Kagara from 2004 to 2009.
More than $50 million has been invested so far on Admiral Bay, which comprises one granted exploration licence and two granted mining licences covering 25km of mineralisation.
Metalicity’s flagship asset is its Kookynie Gold Project, which sits about 180km north of the mining hub of Kalgoorlie in Western Australia.
The historic Cosmopolitan Gold mine produced 360,000 ounces of gold from discovery in 1895 to 1922. During the early part of last century, the Cosmopolitan ranked as “one of the largest and most profitable” gold mines in Western Australia, according to Metalicity.
While Metalicity puts its WA zinc project on the sale block, the junior explorer, which has a market capitalisation of just shy of $9 million, also owns the Yundamindra Gold Project, located 65km southeast of Leonora and 65km east of Kookynie, and the Mt Surprise Lithium Project in Queensland.
Gold continues to hit new records, this week rising to over US$2,480 ($3,700) an ounce on anticipated interest rate cuts and following an assassination attempt on former US President Donald Trump.
Write to Angela East at Mining.com.au
Images: Metalicity
