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ARIKA RESOURCES LIMITED — Interim / Quarterly Report 2022
Oct 28, 2021
64420_rns_2021-10-28_99d1b7fc-3325-4ba2-812f-dd8e1387de2a.pdf
Interim / Quarterly Report
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ASX RELEASE: 29 October 2021
September 2021 Quarterly Activities Report
HIGHLIGHTS
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Drilling recommenced at the McTavish Prospect to test the 2km of strike between the McTavish and Leipold Trends at the Kookynie Gold Project, for which both the McTavish and Leipold prospects remain open along strike and at depth[1] .
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Current drilling program follows up Bonanza Gold intersections announced in July including[2] :
oMcTRC0049 – 5 metres @ 25.9 g/t from 28 metres incl:-
3 metres @ 41.5 g/t from 30 metres,
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1 metre @ 91.2g/t Au from 30 metres;
-
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McTRC0064 – 6 metres @ 20.6 g/t from 19 metres incl
- 4 metres @ 29.1 g/t from 20 metres;
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Final assay results were received for Champion prospect, which delivered consistent grades over good widths close to surface.
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Final assays from the initial scout drilling at the Cosmopolitan Gold Mine, which produced 360,000 ounces at 15 g/t Au, were received producing highly encouraging results[3] .
CORPORATE
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During the quarter, the Company announced an off-market all scrip bid for all of the fully paid ordinary shares in Nex Metals Explorations Ltd (“NEX”)[4] .
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Metalicity controls the Kookynie and Yundamindra projects with a 51% interest, providing a strong platform for consolidation and development of the projects.
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Compelling combination that would provide significant benefits to both MCT and NEX shareholders including improved access to capital, removal of Joint Venture (“JV”) structure, cost savings and enhanced balance sheet position.
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Cash on hand $2.8 million.
Metalicity Limited (ASX: MCT) (“MCT” or “Company”) is pleased to provide the Quarterly Activities Report for the period ending 30 September 2021.
1 Please refer to ASX Announcement “ McTavish Returns Assays Up To 52.8 g/t Au & Executive Changes ” dated 24 May 2021.
2 Please refer to ASX Announcement “ Assays up to 118 g/t Au from Leipold, Kookynie Gold Project ” dated 3 May 2021.
3 Cautionary Statement Relating to Cosmopolitan Historical Production Data
The Production details for the Cosmopolitan Mine are referenced from publicly available data sources. The source and date of the production data for the Cosmopolitan Gold Mine has been reported in the Geological Survey of Western Australia records showing the development of the Cosmopolitan Gold Mine in 1905. DMIRS digital records include open file Annual Reports and data pertaining to the exploration and development efforts of previous operators. Two documents with WAMEX reference numbers A069774 and A067918 are of particular interest. The previous operator in the early 2000’s, Point Exploration Ltd, digitised these historical maps, including the channel sampling. The historical production data have not been reported in accordance with the JORC Code 2012. A Competent Person has not done sufficient work to disclose the historical production data in accordance with the JORC Code 2012. It is possible that following further evaluation and/or exploration work that the confidence in the prior reported production data may be reduced when reported under the JORC Code 2012 Nothing has come to the attention of the operator that causes it to question the accuracy or reliability of the historical production data; An assessment of the additional exploration or evaluation work that is required to report the data in accordance with JORC Code 2012 will be undertaken as part of the Company’s development plan.
4 Please refer to ASX Announcement “ Metalicity Proposal to Nex Metals Shareholders ” dated 14 September 2021.
Metalicity Limited ASX Code: MCT ABN: 92 086 839 992
www.metalicity.com.au Unit B2, 20 Tarlton Crescent Perth Airport WA 6105
Commenting on the Quarter, Metalicity CEO, Mr Justin Barton said:
“ The Company has had a very active and productive quarter, recommencing drilling at McTavish to follow up the Bonanza results we received in last drilling programme and announcing an off-market all scrip bid to NEX shareholders.
“We are excited to be able to make an offer directly to NEX Shareholders which we believe will give both groups of shareholders the opportunity to unlock significant upside from combining the two entities. Rationalising the ownership of the highly attractive Kookynie and Yundamindra Gold projects into a single listed entity creates a number of compelling benefits for both groups of shareholders including the ability to accelerate the development of these projects through better access to capital, reduced costs and greater efficiencies by removing the JV structure”.
Kookynie and Yundamindra Gold Projects
Metalicity has continued to actively develop the Kookynie and Yundamindra Gold Projects, located in the Goldfields district of Western Australia, please refer to Figure 1. These projects comprise the Kookynie & Yundamindra JV with NEX, for which Metalicity has a 51% and controlling interest.
The Kookynie Project, which is located approximately 60 km south of Leonora is host to seven large-producing historical mines: Champion, McTavish, Leipold, Altona, Diamantina, Cosmopolitan and Cumberland. Please refer to Figure One.
Drilling recommenced at McTavish prospect during the quarter with assay results from the Cosmopolitan Gold Mine, and Champion prospects received during the quarter. Detailed below is a summary of the field activities during the quarter.
Follow up Drilling Programme at McTavish
During the quarter, drilling recommenced at McTavish where last quarter drilling returned some of the best high-grade results at the Project to date.
Spectacular intercepts from last quarter drilling include:
o McTRC0049 - 5 metres @ 25.9 g/t from 28 metres incl:
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3 metres @ 41.5 g/t from 30 metres,
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1 metre @ 91.2g/t Au from 30 metres);
-
McTRC0064 - 6 metres @ 20.6 g/t from 19 metres incl
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4 metres @ 29.1 g/t from 20 metres;
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McTRC0044 - 3 metres @ 19.1 g/t from 88 metres incl:
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1 metre @ 52.8 g/t from 89 metres;
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McTRC0051 - 4 metres @ 3.5 g/t from 8 metres incl:
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1 metre @ 11.4 g/t from 10 metres.
Please refer to ASX Announcements “McTavish Returns Assays Up To 52.8 g/t Au & Executive Changes” dated 24 May 2021 and “McTavish Delivers Bonanza Grade Gold Results up to 91.2g/t Au” dated 8 July 2021.
The results illustrated above continue to define and expand the mineralisation observed at McTavish, which given the nature of the mineralisation and the drilling angle, are very close to true widths for the mineralisation observed. The McTavish prospect remains open at depth and to the South (refer Figure 2), which is the focus of this follow up drilling programme, combined with testing the 2km of strike between the McTavish and Leipold Trends at the Kookynie Gold Project.
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2
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Figure 1 – The Kookynie Tenement Map
Below are intercepts reported (Table 1) and a plane of vein long section detailing the drilling to date (Figure 2).
Table 1 – McTavish Prospect Anomalous Drill Hole Intercepts.
| Hole ID | Tenement | Hole Type |
Easting | Northing | RL | EOH | Dip | Azi | From (m) |
To (m) |
Down Hole Width (m) |
Grade (Au g/t) |
Comments |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| McTRC0039 | M40/77 | RC | 350,631 | 6,753,887 | 426 | 84 | -60 | 270 | No significant intersection | ||||
| McTRC0040 | M40/77 | RC | 350,633 | 6,753,919 | 427 | 42 | -60 | 270 | 19 | 20 | 1 | 1.1 | 1 metre @ 1.1g/t Au from 19 metres |
| 23 | 24 | 1 | 2.3 | 1 metre @ 2.3g/t Au from 23 metres | |||||||||
| 31 | 32 | 1 | 1.1 | 1 metre @ 1.1g/t Au from 31 metres | |||||||||
| McTRC0041 | M40/77 | RC | 350,630 | 6,753,940 | 427 | 48 | -60 | 270 | 21 | 22 | 1 | 1.1 | 1 metre @ 1.1g/t Au from 21 metres |
| 23 | 25 | 2 | 1.2 | 2 metres @ 1.2g/t Au from 23 metres | |||||||||
| 27 | 28 | 1 | 2.2 | 1 metre @ 2.2g/t Au from 22 metres | |||||||||
| McTRC0042 | M40/77 | RC | 350,624 | 6,754,011 | 429 | 54 | -60 | 270 | No significant intersection | ||||
| McTRC0043 | M40/77 | RC | 350,617 | 6,754,058 | 430 | 66 | -60 | 270 | No significant intersection | ||||
| McTRC0044 | M40/77 | RC | 350,667 | 6,754,098 | 430 | 96 | -60 | 270 | 88 | 91 | 3 | 19.1 | 3 metres @ 19.1g/t Au from 88 metres incl. 1 metre @ 52.8g/t Au from 89 metres |
| McTRC0045 | M40/77 | RC | 350,578 | 6,754,176 | 437 | 36 | -60 | 270 | 24 | 25 | 1 | 1.2 | 1 metre @ 1.2g/t Au from 24 metres |
| McTRC0046 | M40/77 | RC | 350,609 | 6,754,148 | 436 | 54 | -60 | 270 | 37 | 38 | 1 | 1.3 | 1 metre @ 1.3g/t Au from 37 metres |
| 39 | 42 | 3 | 1.0 | 3 metres @ 1.0g/t Au from 39 metres |
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Figure 2 – McTavish Plane of Vein Section with recent drilling*.
*Please refer to ASX Announcements: Metalicity Continues to Deliver Impressive Drill Hole Results for the Kookynie Gold Project, dated 22nd December 2020, Metalicity Continues to Deliver Fantastic Drill Hole Results for the Kookynie Gold Project dated 1st October 2020, Metalicity Reports Drill Hole Intercepts Up to 100 g/t Au for the Kookynie Gold Project dated 15th September 2020, Metalicity Continues to Deliver Spectacular Drill Hole Results for the Kookynie Gold Project dated 25th August 2020, Metalicity Delivers More Outstanding Drill Hole Results for the Kookynie Gold Project. Phase Two Drilling to Commence Imminently dated 10th July 2020, Metalicity Continues to Deliver Excellent Drill Hole Results for the Kookynie Gold Project dated 2nd July 2020, Metalicity Continues to Deliver Spectacular Drill Hole Results for the Kookynie Gold Project dated 25th June 2020, Metalicity Reports Drill Hole Intercepts Up To 80 g/t Au & Additional Tenement Acquisition for Kookynie dated 21st January 2020, Strong Gold Assays Extend Leipold Mineralisation to 1km dated 2 July 2021 & “McTavish Delivers Bonanza Grade Gold Results up to 91.2 g/t Au” dated 8 July 2021.
The Leipold Prospect Drilling Summary
Assay results from the last drilling programme were received during the quarter for the Leipold prospect, which is now defined over nearly 1km to a vertical depth of only 130 metres, remaining open along strike to the North and at depth.
Significant results of drilling received during the quarter include:
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LPRC0107 - 2m @ 59.9g/t from 147m (incl. 1m @ 118.4g/t Au from 147m) & 4m @ 3.7g/t Au from 151m (incl. 1m @ 11.6g/t Au from 151m),
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LPRC0109 - 3m @ 4.2g/t Au from 137m (incl. 1m @ 9.4 g/t Au from 137m,
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LPRC0098 - 5m @ 3.8g/t Au from 92m (incl. 2m @ 6.7 g/t Au from 92m), and
o LPRC0122 – 2 metres @ 4.7 g/t from 65 metres incl. 1 metre @ 8.4 g/t from 66 metres. Please refer to ASX Announcements “Assays up to 118 g/t Au from Leipold, Kookynie Gold Project” dated 3 May 2021 and “Strong Gold Assays Extend Leipold Mineralisation to 1km” dated 2 July 2021.
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4
The results highlighted above and illustrated below continue to define and expand the mineralisation observed at Leipold. The tenure and extent of the returned mineralisation bodes exceptionally well for this impending mineral resource estimate at Leipold, and the Company has observed similar structures at Champion and McTavish that correlate with previously observed mineralisation.
The Company has commenced the resource estimation for Leipold. Below is a plane of vein long section detailing the drilling to date (Figure 3) and intercepts reported (Table 2):
| MGA94_Zone 51S | MGA94_Zone 51S | MGA94_Zone 51S | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Hole ID | Tenement | Hole Type | Easting | Northing | RL | EOH | Dip | Azi | From (m) | To (m) | Down Hole Width (m) |
Grade (Au g/t) |
Comments |
| LPRC0097 | M40/22 | RC | 350,835 | 6,752,028 | 432 | 96 | -60 | 250 | 75 | 78 | 3 | 1.3 | 3 metres @ 1.3g/t from 75 metres |
| LPRC0098 | M40/22 | RC | 350,856 | 6,752,035 | 432 | 120 | -60 | 250 | 92 | 97 | 5 | 3.8 | 5 metres @ 3.8g/t from 92 metres incl. 2 metres @ 6.7 from 92 metres |
| 103 | 104 | 1 | 3.1 | 1 metre @ 3.1g/t from 103 metres | |||||||||
| 110 | 111 | 1 | 1.7 | 1 metre @ 1.7g/t from 110 metres | |||||||||
| LPRC0099 | M40/22 | RC | 350,876 | 6,752,043 | 432 | 132 | -60 | 250 | 67 | 68 | 1 | 2.2 | 1 metre @ 2.2g/t from 67 metres |
| 80 | 81 | 1 | 5.3 | 1 metre @ 5.3g/t from 80 metres | |||||||||
| 106 | 107 | 1 | 1.0 | 1 metre @ 1.0g/t from 106 metres | |||||||||
| 111 | 114 | 3 | 2.0 | 3 metres @ 2.0g/t from 111 metres | |||||||||
| LPRC0100 | M40/22 | RC | 350,896 | 6,752,050 | 432 | 143 | -60 | 250 | 101 | 102 | 1 | 1.1 | 1 metre @ 1.1g/t from 101 metres |
| 127 | 128 | 1 | 1.4 | 1 metre @ 1.4g/t from 127 metres | |||||||||
| 131 | 132 | 1 | 1.0 | 1 metre @ 1.0g/t from 131 metres | |||||||||
| 136 | 139 | 3 | 1.3 | 3 metres @ 1.3g/t from 136 metres | |||||||||
| LPRC0101 | M40/22 | RC | 350,858 | 6,752,084 | 432 | 126 | -60 | 250 | 78 | 81 | 3 | 2.3 | 3 metres @ 2.3g/t from 78 metres |
| 103 | 107 | 4 | 3.7 | 4 metres @ 3.7g/t from 103 metres incl. 1 metre @ 6.9 from 103 metres | |||||||||
| LPRC0102 | M40/22 | RC | 350,898 | 6,752,099 | 432 | 150 | -60 | 250 | 116 | 117 | 1 | 3.7 | 1 metre @ 3.7g/t from 116 metres |
| 132 | 136 | 4 | 1.4 | 4 metres @ 1.4g/t from 132 metres | |||||||||
| LPRC0103 | M40/22 | RC | 350,954 | 6,752,049 | 432 | 191 | -60 | 250 | 162 | 164 | 4 | 2.2 | 2 metres @ 2.2g/t from 162 metres |
| 188 | 189 | 1 | 1.9 | 1 metre @ 1.9g/t from 188 metres | |||||||||
| LPRC0104 | M40/22 | RC | 350,957 | 6,752,072 | 432 | 191 | -60 | 250 | No significant intersection | ||||
| LPRC0105 | M40/22 | RC | 350,940 | 6,752,088 | 432 | 182 | -60 | 250 | 160 | 161 | 1 | 1.3 | 1 metre @ 1.3g/t from 160 metres |
| LPRC0106 | M40/22 | RC | 350,939 | 6,752,114 | 432 | 194 | -60 | 250 | No significant intersection | ||||
| LPRC0107 | M40/22 | RC | 350,933 | 6,752,042 | 432 | 182 | -60 | 250 | 147 | 149 | 2 | 59.9 | 2 metres @ 59.9g/t from 147 metres incl. 1 metre @ 118.4 from 147 metres |
| 151 | 155 | 4 | 3.7 | 4 metres @ 3.7g/t from 151 metres incl. 1 metre @ 11.6 from 151 metres | |||||||||
| LPRC0108 | M40/22 | RC | 350,892 | 6,752,027 | 432 | 140 | -60 | 250 | 109 | 110 | 1 | 4.0 | 1 metre @ 4.0g/t from 109 metres |
| 113 | 114 | 1 | 8.6 | 1 metre @ 8.6g/t from 113 metres | |||||||||
| LPRC0109 | M40/22 | RC | 350,913 | 6,752,035 | 432 | 158 | -60 | 250 | 128 | 131 | 3 | 1.7 | 3 metres @ 1.7g/t from 128 metres |
| 137 | 140 | 3 | 4.2 | 3 metres @ 4.2g/t from 137 metres incl. 1 metre @ 9.4 from 137 metres |
As reported in “ Assays up to 118 g/t Au from Leipold, Kookynie Gold Project ” 3 May 2021.
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| MGA 94_Zone 51 South | MGA 94_Zone 51 South | MGA 94_Zone 51 South | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Hole ID | Tenement | Hole Type | Easting | Northing | RL | EOH | Dip | Azi | From (m) | To (m) | Down Hole Width(m) |
Grade (Aug/t) |
Comments |
| LPRC0110 | M40/22 | RC | 350,917 | 6,752,057 | 432 | 170 | -60 | 250 | 137 | 140 | 3 | 1.5 | 3 metres @ 1.5 g/t from 137 metres |
| 142 |
144 | 2 | 1.1 | 2 metres @ 1.1 g/t from 142 metres | |||||||||
| 148 | 149 | 1 | 1.8 | 1 metre @ 1.8 g/t from 148 metres | |||||||||
| LPRC0111 | M40/22 | RC | 350,838 | 6,752,052 | 432 | 110 | -60 | 250 | 83 | 84 | 1 | 1.1 | 1 metre @ 1.1 g/t from 83 metres |
| LPRC0112 | M40/22 | RC | 350,899 | 6,752,074 | 432 | 160 | -60 | 250 | 127 | 131 | 4 | 3.4 | 4 metres @ 3.4 g/t from 127 metres |
| 134 |
135 | 1 | 1.3 | 1 metre @ 1.3 g/t from 134 metres | |||||||||
| 137 | 138 | 1 | 1.6 | 1 metre @ 1.6 g/t from 137 metres | |||||||||
| LPRC0113 | M40/22 | RC | 350,919 | 6,752,106 | 432 | 176 | -60 | 250 | 134 |
136 | 2 | 2.1 | 2 metres @ 2.1 g/t from 134 metres |
| 147 |
148 | 1 | 1.1 | 1 metre @ 1.1 g/t from 147 metres | |||||||||
| LPRC0114 | M40/22 | RC | 350,890 | 6,752,116 | 432 | 158 | -60 | 250 | 133 | 136 | 3 | 3.3 | 3 metres @ 3.3 g/t from 133 metres incl. 1 metre @ 6.4 g/t from 135 metres |
| LPRC0115 | M40/22 | RC | 350,865 | 6,752,125 | 432 | 140 | -60 | 250 | 124 | 125 | 1 | 3.4 | 1 metre @ 3.4 g/t from 124 metres |
| LPRC0116 | M40/22 | RC | 350,809 | 6,752,087 | 432 | 94 | -60 | 250 | 65 | 69 | 4 | 1.7 | 4 metres @ 1.7 g/t from 65 metres |
| LPRC0117 | M40/22 | RC | 350,805 | 6,752,146 | 432 | 102 | -60 | 250 | 84 | 86 | 2 | 2.4 | 2 metres @ 2.4 g/t from 84 metres |
| LPRC0118 | M40/22 | RC | 350,749 | 6,752,149 | 431 | 66 | -60 | 250 | 35 | 36 | 1 | 7.4 | 1 metre @ 7.4 g/t from 35 metres |
| 39 |
40 | 1 | 2.9 | 1 metre @ 2.9 g/t from 39 metres | |||||||||
| 44 | 45 | 1 | 1.2 | 1 metre @ 1.2 g/t from 44 metres | |||||||||
| LPRC0119 | M40/22 | RC | 350,794 | 6,752,188 | 432 | 118 | -60 | 250 | 82 | 83 | 1 | 3.7 | 1 metre @ 3.7 g/t from 82 metres |
| LPRC0120 | M40/22 | RC | 350,835 | 6,752,180 | 432 | 140 | -60 | 250 | No significant intersection | ||||
| LPRC0121 | M40/22 | RC | 350,874 | 6,752,160 | 432 | 162 | -60 | 250 | No significant intersection | ||||
| LPRC0122 | M40/22 | RC | 350,766 | 6,752,200 | 432 | 90 | -60 | 250 | 65 |
67 | 2 | 4.7 | 2 metres @ 4.7 g/t from 65 metres incl. 1 metre @ 8.4 g/t from 66 metres |
| 72 |
74 | 2 | 2.0 | 2 metres @ 2.0 g/t from 72 metres | |||||||||
| LPRC0123 | M40/22 | RC | 350,717 | 6,752,211 | 431 | 42 | -60 | 250 | 26 |
32 | 6 | 1.7 | 6 metres @ 1.7 g/t from 26 metres |
| 36 |
37 | 1 | 1.1 | 1 metre @ 1.1 g/t from 36 metres | |||||||||
| LPRC0124 | M40/22 | RC | 350,712 | 6,752,252 | 432 | 60 | -60 | 250 | 38 | 39 | 1 | 1.5 | 1 metre @ 1.5 g/t from 38 metres |
| LPRC0125 | M40/22 | RC | 350,712 | 6,752,273 | 432 | 60 | -60 | 250 | 41 | 42 | 1 | 3.3 | 1 metre @ 3.3 g/t from 41 metres |
| LPRC0126 | M40/22 | RC | 350,717 | 6,752,232 | 431 | 54 | -60 | 250 | 30 | 32 | 2 | 1.4 | 2 metres @ 1.4 g/t from 30 metres, within 10 m @ 1.1 g/t from 30 m anomalous zone |
| 34 |
36 | 2 | 2.1 | 2 metres @ 2.1 g/t from 34 metres, within 10 m @ 1.1 g/t from 30 m anomalous zone | |||||||||
| 38 | 40 | 2 | 1.6 | 2 metres @ 1.6 g/t from 38 metres, within 10 m @ 1.1 g/t from 30 m anomalous zone | |||||||||
| LPRC0127 | M40/22 | RC | 350,725 | 6,752,185 | 430 | 48 | -60 | 250 | No significant intersection | ||||
| LPRC0128 | M40/22 | RC | 350,963 | 6,752,009 | 432 | 186 | -60 | 250 | No significant intersection | ||||
| LPRC0129 | M40/22 | RC | 350,886 | 6,751,983 | 432 | 126 | -60 | 250 | 107 |
108 | 1 | 1.0 | 1 metre @ 1.0 g/t from 107 metres |
| 111 |
114 | 3 | 1.3 | 3 metres @ 1.3 g/t from 111 metres | |||||||||
| LPRC0130 | M40/22 | RC | 350,924 | 6,751,996 | 432 | 168 | -60 | 250 | 148 | 149 | 1 | 2.0 | 2 metres @ 2.0 g/t from 148 metres |
| LPRC0131 | M40/22 | RC | 350,798 | 6,752,240 | 432 | 120 | -60 | 250 | No significant intersection |
As reported in “Strong Gold Assays Extend Leipold Mineralisation to 1km” 2 July 2021.
Table 2 – Leipold Anomalous Drill Hole Intercepts
Intercepts were calculated based on a sample returning an assay value of greater than 0.1 g/t Au over an interval greater than 2 metres, but not including any more than 1 metre of internal material that graded less than 0.1 g/t Au. Intervals were based on geology and no top cut off was applied.
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6
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Figure 3 – Leipold Plane of Vein Long Section with recent drilling*.
*Please refer to ASX Announcements: Metalicity Continues to Deliver Impressive Drill Hole Results for the Kookynie Gold Project, dated 22nd December 2020, Metalicity Continues to Deliver Fantastic Drill Hole Results for the Kookynie Gold Project dated 1st October 2020, Metalicity Reports Drill Hole Intercepts Up to 100 g/t Au for the Kookynie Gold Project dated 15th September 2020, Metalicity Continues to Deliver Spectacular Drill Hole Results for the Kookynie Gold Project dated 25th August 2020, Metalicity Delivers More Outstanding Drill Hole Results for the Kookynie Gold Project. Phase Two Drilling to Commence Imminently dated 10th July 2020, Metalicity Continues to Deliver Excellent Drill Hole Results for the Kookynie Gold Project dated 2nd July 2020, Metalicity Continues to Deliver Spectacular Drill Hole Results for the Kookynie Gold Project dated 25th June 2020, Metalicity Reports Drill Hole Intercepts Up To 80 g/t Au & Additional Tenement Acquisition for Kookynie dated 21st January 2020 & Strong Gold Assays Extend Leipold Mineralisation to 1km dated 2 July 2021.
Metalicity Limited www.metalicity.com.au ASX Code: MCT Unit B2, 20 Tarlton Crescent ABN: 92 086 839 992 Perth Airport WA 6105
Summary of Cosmopolitan Gold Mine Assay Results
Seven of the 12 holes drilled at the Cosmopolitan Gold Mine during the quarter delivered significant intercepts, further highlighting the potential of this prospect. Whilst values returned are not at historical grades, it is highly encouraging to intersect the structure that hosted the historical workings continues and is mineralised.
Figure 4 below details a plane of vein long section for the Cosmopolitan drilling to date and intercepts reported in Table 3.
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Figure 4 – Cosmopolitan Gold Mine Plane of Vein Section with recent drilling*.
For Figure Two Drilling Results;*Please refer to ASX Announcements: Metalicity Continues to Deliver Impressive Drill Hole Results for the Kookynie Gold Project, dated 22nd December 2020, Metalicity Continues to Deliver Fantastic Drill Hole Results for the Kookynie Gold Project dated 1st October 2020, Metalicity Reports Drill Hole Intercepts Up to 100 g/t Au for the Kookynie Gold Project dated 15th September 2020, Metalicity Continues to Deliver Spectacular Drill Hole Results for the Kookynie Gold Project dated 25th August 2020, Metalicity Delivers More Outstanding Drill Hole Results for the Kookynie Gold Project. Phase Two Drilling to Commence Imminently dated 10th July 2020, Metalicity Continues to Deliver Excellent Drill Hole Results for the Kookynie Gold Project dated 2nd July 2020, Metalicity Continues to Deliver Spectacular Drill Hole Results for the Kookynie Gold Project dated 25th June 2020 & Metalicity Reports Drill Hole Intercepts Up To 80 g/t Au, Additional Tenement Acquisition for Kookynie dated 21st January 2020 & “Cosmopolitan Gold Mine Drilling Results” dated 28 July 2021.
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| MGA 94_Zone 51 South | MGA 94_Zone 51 South | MGA 94_Zone 51 South | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Hole ID | Tenement | Hole Type |
Easting | Northing | RL | EOH | Dip | Azi | From (m) | To (m) | Down Hole Width(m) |
Grade (Aug/t) |
Comments |
| COSRC0022 | M40/61 | RC | 354,346 | 6,753,970 | 431 | 240 | -75 | 270 | No significant intersection | Note this exludes re-assay of COSRC0022 from Viz Au 227 to 228 m where we didget a 1.5 and a 1.2 on 2 samples |
|||
| COSRC0023 | M40/61 | RC | 354,376 | 6,753,930 | 433 | 234 | -72 | 270 | No significant intersection | ||||
| COSRC0024 | M40/61 | RC | 354,388 | 6,753,890 | 434 | 270 | -70 | 270 | No significant intersection | ||||
| COSRC0025 | M40/61 | RC | 354,386 | 6,753,850 | 433 | 250 | -70 | 270 | No significant intersection | ||||
| COSRC0026 | M40/61 | RC | 354,393 | 6,753,780 | 431 | 269 | -80 | 270 | 193 | 194 | 1 | 5.4 | 1 metre @ 5.4 g/t from 193 metres |
| 202 | 203 | 1 | 3.9 | 1 metre @ 3.9 g/t from 202 metres | |||||||||
| COSRC0027 | M40/61 | RC | 354,371 | 6,753,580 | 429 | 274 | -80 | 270 | 183 | 184 | 1 | 4.4 | 1 metre @ 4.4 g/t from 183 metres |
| 208 | 209 | 1 | 7.7 | 1 metre @ 7.7 g/t from 208 metres | |||||||||
| COSRC0028 | M40/61 | RC | 354,335 | 6,753,535 | 428 | 252 | -80 | 270 | No significant intersection | ||||
| COSRC0029 | M40/61 | RC | 354,348 | 6,753,515 | 428 | 232 | -60 | 270 | 165 | 167 | 2 | 2.1 | 2 metres @ 2.1 g/t from 165 metres |
| COSRC0030 | M40/61 | RC | 354,377 | 6,753,450 | 428 | 256 | -70 | 270 | 182 | 188 | 6 | 1.4 | 6 metres @ 1.4 g/t from 182 metres |
| COSRC0031 | M40/61 | RC | 354,377 | 6,753,450 | 428 | 102 | -60 | 270 | No significant intersection | ||||
| COSRC0032 | M40/61 | RC | 354,371 | 6,753,385 | 428 | 245 | -80 | 270 | 180 | 182 | 2 | 1.9 | 2 metres @ 1.4 g/t from 182 metres |
| COSRC0033 | M40/61 | RC | 354,368 | 6,753,345 | 429 | 275 | -75 | 270 | No significant intersection |
Table 3 – Cosmopolitan Gold Mine Anomalous Drill Hole Intercepts.
Note: Duplicates and CRM analysis was not used in the calculation of the significant intercepts. A hole listed with “no significant anomalism” means that no sample run returned a value to trigger reporting. (Please refer to ASX Announcement “Cosmopolitan Gold Mine Drilling Results” dated 28 July 2021).
The intercepts above were calculated based on a sample returning an assay value of greater than 1 g/t Au over an interval greater than 2 metres, but not including any more than 1 metre of internal material that graded less than 1 g/t Au. Intervals were based on geology and no top cut off was applied.
Champion Prospect Drilling
The assay results returned during the quarter, illustrated below, continue to define and expand the mineralisation observed at Champion, which given the nature of the mineralisation and the drilling angle, are very close to true widths for the mineralisation observed. These very encouraging results at Champion, showing similar structures observed by the Company at McTavish and Leipold. Furthermore, the Champion prospect results to date are all near surface and remain open at depth, highlighting the increased potential of this prospect.
Figure 5 details a plane of vein long section for the Champion drilling to date and intercepts reported in Table 4.
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9
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Figure 5 – Champion Prospect Plane of Vein Section with recent drilling*.
For Figure Two Drilling Results;*Please refer to ASX Announcements: Metalicity Continues to Deliver Impressive Drill Hole Results for the Kookynie Gold Project, dated 22nd December 2020, Metalicity Continues to Deliver Fantastic Drill Hole Results for the Kookynie Gold Project dated 1st October 2020, Metalicity Reports Drill Hole Intercepts Up to 100 g/t Au for the Kookynie Gold Project dated 15th September 2020, Metalicity Continues to Deliver Spectacular Drill Hole Results for the Kookynie Gold Project dated 25th August 2020, Metalicity Delivers More Outstanding Drill Hole Results for the Kookynie Gold Project. Phase Two Drilling to Commence Imminently dated 10th July 2020, Metalicity Continues to Deliver Excellent Drill Hole Results for the Kookynie Gold Project dated 2nd July 2020, Metalicity Continues to Deliver Spectacular Drill Hole Results for the Kookynie Gold Project dated 25th June 2020 & Metalicity Reports Drill Hole Intercepts Up To 80 g/t Au, Additional Tenement Acquisition for Kookynie dated 21st January 2020 & “Champion Delivers Consistent Grades at Significant Widths” dated 15 July 2021.
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10
| MGA 94_Zone 51 South | MGA 94_Zone 51 South | MGA 94_Zone 51 South | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Hole ID | Tenement | Hole Type | Easting | Northing | RL | EOH | Dip | Azi | From (m) | To (m) | Down Hole Width(m) |
Grade (Au g/t) |
Comments |
| CPRC0016 | M40/27 | RC | 352,213 | 6,757,476 | 413.6 | 114 | -60 | 270 | No significant intersection | ||||
| CPRC0017 | M40/27 | RC | 352,185 | 6,757,509 | 413.1 | 90 | -60 | 270 | No significant intersection | ||||
| CPRC0018 | M40/27 | RC | 352,188 | 6,757,534 | 413.7 | 72 | -60 | 272 | 67 | 68 | 1 | 1.4 | 1 metre @ 1.4 g/t from 67 metres |
| CPRC0019 | M40/27 | RC | 352,181 | 6,757,605 | 413.2 | 48 | -60 | 270 | 22 | 23 | 1 | 1.1 | 1 metre @ 1.1 g/t from 22 metres |
| CPRC0020 | M40/27 | RC | 352,222 | 6,757,641 | 413.8 | 84 | -60 | 280 | No significant intersection | ||||
| CPRC0021 | M40/27 | RC | 352,180 | 6,757,677 | 414.0 | 48 | -60 | 270 | 32 | 33 | 1 | 1.7 | 1 metre @ 1.7 g/t from 32 metres |
| CPRC0022 | M40/27 | RC | 352,260 | 6,757,601 | 417.1 | 138 | -60 | 270 | 121 | 124 | 4 | 1.7 | 4 metres @ 1.7 g/t from 121 metres |
| 126 | 127 | 1 | 1.1 | 1 metre @ 1.1 g/t from 126 metres | |||||||||
| CPRC0023 | M40/27 | RC | 352,237 | 6,757,569 | 418.1 | 114 | -60 | 270 | 95 | 101 | 5 | 1.5 | 5 metres @ 1.5 g/t from 95 metres |
| 104 | 108 | 4 | 3.9 | 4 metres @ 3.9 g/t from 104 metres incl. 2 metres @ 6.5 g/t from 105 metres | |||||||||
| CPRC0024 | M40/27 | RC | 352,167 | 6,757,516 | 417.7 | 60 | -55 | 270 | No significant intersection | ||||
| CPRC0025 | M40/27 | RC | 352,147 | 6,757,458 | 416.0 | 54 | -60 | 270 | 42 | 43 | 1 | 1.1 | 1 metre @ 1.1 g/t from 42 metres |
| CPRC0026 | M40/27 | RC | 352,242 | 6,757,457 | 414.7 | 150 | -60 | 270 | 140 | 141 | 1 | 8.4 | 1 metre @ 8.4 g/t from 140 metres |
| CPRC0027 | M40/27 | RC | 352,274 | 6,757,476 | 414.1 | 174 | -60 | 270 | 167 | 168 | 1 | 1.0 | 1 metre @ 1.0 g/t from 167 metres |
| CPRC0028 | M40/27 | RC | 352,224 | 6,757,530 | 416.6 | 132 | -75 | 255 | No significant intersection | ||||
| CPRC0029 | M40/27 | RC | 352,228 | 6,757,529 | 416.7 | 132 | -80 | 305 | No significant intersection | ||||
| CPRC0030 | M40/27 | RC | 352,236 | 6,757,526 | 417.1 | 156 | -90 | 0 | 116 | 117 | 1 | 2.8 | 1 metre @ 2.8 g/t from 116 metres |
| CPRC0031 | M40/27 | RC | 352,239 | 6,757,571 | 418.9 | 168 | -80 | 305 | 141 | 143 | 2 | 2.7 | 2 metres @ 2.7 g/t from 141 metres |
| 152 | 153 | 1 | 3.5 | 1 metre @ 3.5 g/t from 152 metres | |||||||||
| CPRC0032 | M40/27 | RC | 352,240 | 6,757,565 | 418.5 | 156 | -80 | 250 | No significant intersection | ||||
| CPRC0033 | M40/27 | RC | 352,251 | 6,757,563 | 419.7 | 180 | -85 | 225 | No significant intersection | ||||
| CPRC0034 | M40/27 | RC | 352,259 | 6,757,605 | 416.9 | 198 | -80 | 220 | 179 | 180 | 1 | 3.6 | 1 metre @ 3.6 g/t from 179 metres |
| 185 | 189 | 4 | 2.8 | 4 metres @ 2.8 g/t from 185 metres incl. 1 metre @ 7.2 g/t from 185 metres | |||||||||
| CPRC0035 | M40/27 | RC | 352,267 | 6,757,637 | 418.2 | 132 | -60 | 270 | 117 | 118 | 5 | 2.1 | 5 metres @ 2.1 g/t from 117 metres incl. 1 metre @ 6.3 g/t from 120 metres |
| CPRC0036 | M40/27 | RC | 352,261 | 6,757,677 | 417.3 | 126 | -60 | 270 | 114 | 115 | 1 | 2.0 | 1 metre @ 2.0 g/t from 114 metres |
| CPRC0037 | M40/27 | RC | 352,203 | 6,757,571 | 417.5 | 60 | -60 | 270 | 45 | 48 | 3 | 2.4 | 3 metres @ 2.4 g/t from 45 metres |
| CPRC0038 | M40/27 | RC | 352,283 | 6,757,481 | 414.5 | 174 | -68.5 | 298 | 133 | 134 | 1 | 1.0 | 1 metre @ 1.0 g/t from 133 metres |
| CPRC0039 | M40/27 | RC | 352,253 | 6,757,608 | 417.9 | 162 | -75 | 270 | 135 | 139 | 4 | 1.3 | 4 metres @ 1.3 g/t from 135 metres |
| 141 | 144 | 3 | 2.5 | 3 metres @ 2.5 g/t from 141 metres incl. 1 metre @ 5.6 g/t from 143 metres |
Table 4 – Champion Prospect Anomalous Drill Hole Intercepts.
Note: Duplicates and CRM analysis was not used in the calculation of the significant intercepts. A hole listed with “no significant anomalism” means that no sample run returned a value to trigger reporting. Please refer to ASX Announcement “Champion Delivers Consistent Grades at Significant Widths” dated 15 July 2021.
The intercepts above were calculated based on a sample returning an assay value of greater than 1 g/t Au over an interval greater than 2 metres, but not including any more than 1 metre of internal material that graded less than 1 g/t Au. Intervals were based on geology and no top cut off was applied.
As detailed above, sixteen of the 24 holes drilled at Champion returned a significant intercept. The width and consistency of these significant intercepts, further enhances the prospectivity of this prospect, which remains open at depth.
Kimberley Mining Limited – Admiral Bay (circa 80.3% holding)
The Admiral Bay asset is on care and maintenance.
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11
Corporate & Financial
Off-market all scrip bid to Nex Metals shareholders
On 14 September 2021, Metalicity Limited announced a proposal to rationalise ownership of the Kookynie and Yundamindra Gold Projects into a single listed entity by making an off-market all scrip takeover bid of all of the Fully Paid Ordinary Shares in its Joint Venture (“JV”) partner, Nex Metals Exploration Limited (ASX:NME) (NEX)[3] .
The offer to NEX shareholders is 4.81 Metalicity ordinary shares for every 1 Nex Metals Share on issue, valuing NEX equity at A$12.8 million based on Metalicity’s closing share price on 13 September 2021. The offer is subject to a number of conditions as set out in the ASX announcement of 14 September 2021, titled “Metalicity Proposal to Nex Metals Shareholders”.
Metalicity believes that the successful completion of the Offer will:
-
a) accelerate project outcomes by improving the ability to fund the development of the Projects (currently there are two companies, owning the same asset, competing for the required development capital);
-
b) create size and scale benefits in the form of increased market capitalisation, enhanced share trading liquidity, and potential for stock re-rate;
-
c) lead to the removal of the Joint Venture which will provide management efficiencies, streamlining administration process and eliminating ancillary costs; and
-
d) provide cost synergy benefits by removing duplicate ASX and other listed company costs such as audit, tax, investor relations, legal, ASX listing fees and share registry costs.
Financial
Cash on hand at the end of the Quarter was $2.8 million.
Exploration and evaluation expenditure during the quarter was ~$1,025,000. Full details of exploration activity during the quarter are in this report.
All tenements held during the quarter are given in the Tenement Schedule attached including beneficial percentages held.
Payments to related parties of the Company and their associates during the quarter: $181,189. The Company advises that this relates to non-executive director’s fees and executive directors’ salaries, including superannuation, annual leave and PAYG withheld. Please see Remuneration Report in the Annual Report for further details on Directors’ remuneration.
Security Issues, Lapses and Conversions
18,994,499 Listed Options (ASX Code: MCTO), exercisable at $0.004 on or before 22 May 2022 have been converted to Shares during the quarter for $75,978.
In addition, the following Unlisted Options expired during the quarter:
-
2,500,000 Unlisted Options (ASX Code: MCTAY) exercisable at $0.06 on or before 26 August 2021 (Sub code : MCTOP37);
-
2,500,000 Unlisted Options (ASX Code: MCTAY) exercisable at $0.08 on or before 26 August 2021 (Sub code : MCTOP38);
-
2,500,000 Unlisted Options (ASX Code: MCTAY) exercisable at $0.10 on or before 26 August 2021 (Sub code : MCTOP39).
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12
This Announcement is approved by the board of Metalicity Limited.
ENQUIRIES
Investors Justin Barton Finance Director & CEO +61 8 6500 0202 [email protected]
Metalicity confirms that the Company is not aware of any new information or data that materially affects the information included in the relevant market announcement and, in the case of “exploration results” that all material assumptions and technical parameters underpinning the “exploration results” in the relevant announcements referenced apply and have not materially changed.
Competent Persons Statement
For relevant Competent Person Statements, please refer to the announcement referenced.
Forward Looking Statements
This announcement may contain certain “forward-looking statements” which may not have been based solely on historical facts, but rather may be based on the Company’s current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have reasonable basis. However, forward-looking statements:
(a) are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies;
(b) involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements. Such risks include, without limitation, resource risk, metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks in the countries and states in which the Company operates or supplies or sells product to, and governmental regulation and judicial outcomes; and
(c) may include, among other things, statements regarding estimates and assumptions in respect of prices, costs, results and capital expenditure, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.
The words “believe”, “expect”, “anticipate”, “indicate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward-looking statements.
All forward-looking statements contained in this presentation are qualified by the foregoing cautionary statements. Recipients are cautioned that forward-looking statements are not guarantees of future performance and accordingly recipients are cautioned not to put undue reliance on forwardlooking statements due to the inherent uncertainty therein.
The Company disclaims any intent or obligation to publicly update any forward-looking statements, whether as a result of new information, future events or results or otherwise.
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13
Tenement Schedules:
Please Note all Kookynie and Yundamindra Tenements will be 51% MCT and 49% NME as per ASX Announcement “Metalicity Achieves Earn-In On The Kookynie & Yundamindra Gold Projects” dated 20 May 2021 with Nex Metals Explorations Ltd, ASX:NME.
| Tenement | Registered Holder | Shares Held | Plainted | Status | Area (ha) | Nature of Interest |
Interest |
|---|---|---|---|---|---|---|---|
| Kookynie | |||||||
| P40/1331 | KYM Mining Limited | 100/100 | No | Live | 161.2 | Direct Holding | 51% |
| E40/390 | KYM Mining Limited | 100/100 | No | Live | 3,300.0 | Direct Holding | 51% |
| E40/350 | KYM Mining Limited | 100/100 | No | Live | 2,394.0 | Direct Holding | 51% |
| E40/357 | KYM Mining Limited | 100/100 | No | Live | 1,194.0 | Direct Holding | 51% |
| E40/401 | KYM Mining Limited | 100/100 | No | Live | 598.0 | Direct Holding | 51% |
| P40/1407 | KYM Mining Limited | 100/100 | No | Live | 10.0 | Direct Holding | 51% |
| P40/1430 | KYM Mining Limited | 100/100 | No | Live | 9.9 | Direct Holding | 51% |
| P40/1510 | Metalicity Limited | 100/100 | No | Live | 185.0 | Direct Holding | 51% |
| P40/1511 | Metalicity Limited | 100/100 | No | Live | 176.7 | Direct Holding | 51% |
| E40/387 | Metalicity Limited | 100/100 | No | Live | 299.0 | Direct Holding | 51% |
| G40/3 | Nex Metals Explorations Limited | 100/100 | No | Live | 7.2 | Earnt In | 51% |
| L40/9 | Nex Metals Explorations Limited | 100/100 | No | Live | 1.0 | Earnt In | 51% |
| E40/332 | Nex Metals Explorations Limited | 100/100 | No | Live | 600.0 | Earnt In | 51% |
| M40/22 | Nex Metals Explorations Limited | 100/100 | No | Live | 121.7 | Earnt In | 51% |
| M40/27 | Nex Metals Explorations Limited | 100/100 | No | Live | 85.5 | Earnt In | 51% |
| M40/61 | Nex Metals Explorations Limited | 100/100 | No | Live | 832.7 | Earnt In | 51% |
| M40/77 | Nex Metals Explorations Limited | 90,405/90,40 5 |
No | Live | 119.2 | Earnt In | 51% |
| P40/1499 | Nex Metals Explorations Limited | 100/100 | No | Live | 8.3 | Earnt In | 51% |
| P40/1500 | Nex Metals Explorations Limited | 100/100 | No | Live | 5.9 | Earnt In | 51% |
| P40/1501 | Nex Metals Explorations Limited | 100/100 | No | Live | 21.1 | Earnt In | 51% |
| E40/289 | Paris Enterprises Pty Ltd | 100/100 | No | Live | 1,222.7 | Earning In | 51% |
| Kookynie Total Area (ha) | 11,352.9 | ||||||
| Yundamindra | |||||||
| L39/34 | Nex Metals Explorations Limited | 100/100 | Yes | Live | 1.0 | Earnt In | 51% |
| L39/52 | Nex Metals Explorations Limited | 96/96 | Yes | Live | 1.0 | Earnt In | 51% |
| L39/258 | Nex Metals Explorations Limited | 100/100 | Yes | Live | 3.2 | Earnt In | 51% |
| M39/84 | Nex Metals Explorations Limited | 100/100 | Yes | Live | 378.0 | Earnt In | 51% |
| M39/274 | Nex Metals Explorations Limited | 100/100 | Yes | Live | 230.0 | Earnt In | 51% |
| M39/406 | Nex Metals Explorations Limited | 100/100 | Yes | Live | 124.0 | Earnt In | 51% |
| M39/407 | Nex Metals Explorations Limited | 100/100 | Yes | Live | 896.0 | Earnt In | 51% |
| M39/408 | Nex Metals Explorations Limited | 100/100 | Yes | Live | 785.0 | Earnt In | 51% |
| M39/409 | Nex Metals Explorations Limited | 100/100 | Yes | Live | 966.0 | Earnt In | 51% |
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14
| Tenement | Registered Holder | Shares Held | Plainted | Status | Area (ha) | Nature of Interest |
Interest | |
|---|---|---|---|---|---|---|---|---|
| M39/410 | Nex Metals Explorations Limited | 100/100 | Yes | Live | 978.0 | Earnt In | 51% | |
| M39/839 | Nex Metals Explorations Limited | 100/100 | Yes | Live | 7.3 | Earnt In | 51% | |
| M39/840 | Nex Metals Explorations Limited | 100/100 | Yes | Live | 9.7 | Earnt In | 51% | |
| P39/6126 | Nex Metals Explorations Limited | 100/100 | No | Live | 10.4 | Earnt In | 51% | |
| P39/6127 | Nex Metals Explorations Limited | 100/100 | No | Live | 5.6 | Earnt In | 51% | |
| E39/1773 | Paddick Investments Pty Ltd | 100/100 | Yes | Live | 903.0 | Earning-in | 51% | |
| E39/1774 | Paddick Investments Pty Ltd | 100/100 | Yes | Live | 2,517.0 | Earning-in | 51% | |
| Yundamindra Total Area (ha) | 7,815.1 |
Below is the full tenement Schedule for the Admiral Bay Project held by Kimberley Mining Australia Pty Ltd:
| Tenement | Registered Holder | Status | Area | Nature of Interest | Interest at the beginning of Quarter |
Interest at end of Quarter |
|---|---|---|---|---|---|---|
| Admiral Bay | ||||||
| E04/1610 | Kimberley Mining Australia Pty Lyd | Live | 42 Blocks | Holding in Subsidiary | 80.3% | 80.3% |
| M04/244 | Kimberley Mining Australia Pty Lyd | Live | 796.4 ha | Holding in Subsidiary | 80.3% | 80.3% |
| M40/249 | Kimberley Mining Australia PtyLyd | Live | 843.85 ha | Holding in Subsidiary | 80.3% | 80.3% |
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15