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    Metals Australia picks up 80% interest in key battery metals and gold projects

    Metals Australia (ASX: MLS) has entered into a binding sale agreement for the acquisition of a series of key battery metals and gold projects in Western Australia and the Northern Territory.

    The deal will see the company pick up 80% of Payne Gully Gold, which currently holds a fleet of ‘highly prospective’ nickel, gold, and copper-gold tenements including:

    • The Warrambie Project (granted exploration licence (EL) E47/4327) located within the Pilbara region of Western Australia, sits along strike from Sabre Resources’ Sherlock Bay nickel sulphide deposit, and is 20km east of the Andover massive nickel sulphide discovery. The project, which is considered prospective for mafic intrusion related to nickel, copper and cobalt sulphide mineralisation, it planned to undergo an airborne electromagnetic survey to locate potential deposits.
    • The Murchison Domain Project (granted E51/2058 + four large EL applications) sits along strike from major gold deposits including the >5Moz Big Bell and the >3Moz Mt Gibson mine in the Murchison Province. The tenements are considered ‘highly prospective’ for gold, nickel, copper, cobalt and PGE, and lithium.
    • The Tennant Creek Project (granted E32725 + three EL applications ). Three tenements sit along strike of the Warrego ‘high-grade’ copper-gold deposit, with the remaining tenement located along strike from Tennant Minerals’ (ASX:TMS) Bluebird copper-gold discovery. The tenements are considered ‘highly prospective for IOCG-style mineralisation.

    The company notes that this acquisition will enhance its portfolio of battery metals and gold projects located in ‘tier one’ jurisdictions.

    Speaking on the acquisition, Metals Australia Chairman Mike Scivolo said: “The company has taken advantage of an outstanding opportunity to acquire a suite of highly prospective battery metal and gold projects with multiple drill targets near major deposits in Tier One jurisdictions.

    The company has taken advantage of an outstanding opportunity to acquire a suite of highly prospective battery metal and gold projects”

    These new projects give Metals Australia the opportunity to build on its exploration success over the past few months. This includes at our Manini 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.”

    Map displaying locations of the recent project acquisitions
    Map displaying locations of the recent project acquisitions. Image: Metals Australia Limited

    Terms of the acquisition include the issue of 40 million MLS shares upon signing the agreement, along with an additional 84 million MLS shares plus cash payment of $300,000, subject to shareholder approval.

    Adam Drought
    Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.

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    • Delayed Prices (USD) - Last Updated 01-07-2022
    • Gold $1,819.00
    • Silver $20.75
    • Platinum $916.00
    • Palladium $1,898.00
    • Dalian Iron Ore i2209 $121.63
    • Aluminium $2,491.00
    • Cobalt $72,460.00
    • Copper $8,365.50
    • Lead $1,971.00
    • Nickel $23,158.00
    • Tin $26,800.00
    • Zinc $3,333.00