With the Zinc price moving back up significantly recently it...

With the Zinc price moving back up significantly recently it would be an opportune time for Management to monetise the Admiral Bay Zinc project which appears to have stalled since late last year. It appears to be a Tier 1 Zinc project and could significantly increase shareholder value.

Location and Background:
Located in the Canning Basin, Kimberley Region;
Excellent infrastructure nearby
Mississippi Valley Type (MVT) deposit with zinc, lead, silver and barite
Discovered in 1981 during petroleum exploration
Drilled and assessed by CRA Exploration Pty Ltd from 1986 to 1992 and Kagara Ltd from 2004 to 2009
More than $50M* invested to date
Two granted ML’s and 1 granted EL covering 25km of mineralisation
MCT consider the project a potential Tier 1 Asset

Geology and Mineralisation:
Extensive 18km mineralised corridor along the Admiral Bay Fault Zone – major early basin-margin fault
Mineralisation localised in favourable shallow-water limestones on a fault-controlled palaeohigh
Upper zinc-rich and lower lead-rich zones up to 20m and 15m thick respectively

Mineral Resource Estimate:
Inferred Mineral Resource1 of 170Mt @ 7.5% ZnEq (4.1% Zn, 2.7% Pb, 25 g/t Ag) at a cut-off grade of 3% Zn+Pb reported under JORC 2012 criteria
Includes higher-grade zone of 20 Mt at 10% ZnEq at 7.7% ZnEq cut-off
Geological assessment supports potential for additional higher grade zones
Exploration Target Range of: 160–210 Mt at 4.4–4.8% Zn, 2.2–2.4% Pb and 23g/t Ag over 18km strike
Admiral Bay MRE is currently 4th largest undeveloped pure zinc project in the world.
Admiral Bay MRE is currently the equal largest undeveloped zinc project in Australia, and with the ETR added by far the largest in Australia


"Regarding Kimberley Mining and the Admiral Bay Asset, and Metalicity’s circa 80.3% holding; whilst the Company has stated that the asset is on “care and maintenance”, we have been engaging with numerous entities to affect a deal that will monetise our holding in Kimberly Mining. The Company is now looking to concentrate on the Kookynie and Yundamindra Gold Projects and can confirm that the Admiral Bay Project is no longer core business. Metalicity is looking for suitable parties who may have an interest in the Admiral Bay asset and our holding in Kimberly Mining."

Is MCT also looking to buy NME out ?

"The Company and Nex Metals Explorations Ltd (ASX:NME) announced that initial discussions between MCT and NME are ongoing around a proposal of a corporate transaction.
Whilst discussions are preliminary, the proposed transaction has the intent to unlock the value of the Kookynie and Yundamindra Gold Projects and fast track the farm in agreement executed between the two companies.
Given the preliminary, indicative and non-binding nature of the discussions, there can be no assurance at this stage whether a transaction will eventuate." ASX qtrly 30/4/20.