Australian explorer Metals Australia has secured an 80 per cent stake in Payne Gully Gold, a private company that owns a slew of key tenements with multiple nickel, copper and gold targets in Tier 1 locations .
Metals Australia focuses on graphite and gold in Canada, and lithium, zinc and other base metals in Australia.
The sale agreement includes:
- The Warrambie Project located between Sabre Resources’ Sherlock Bay nickel sulphide deposit and the Andover massive nickel sulphide discovery in Western Australia’s Pilbara region. Warrambie is highly prospective for mafic intrusive nickel-copper-cobalt-PGE sulphide mineralisation.
- The Murchison Project, including five tenements along strike from major gold deposits such as Big Bell (> 5 million ounces) and the Mt Gibson mine (>3moz) in Western Australia’s Murchison Province, which are highly prospective for gold, Ni-Cu-Co-PGE and lithium mineralisation.
- The Tennant Creek Project in the Northern Territory which includes three tenements along strike from the Warrego high-grade copper-gold deposit and a tenement southeast of Tennant Creek along strike from Tennant Minerals’ Bluebird copper-gold discovery. All tenements are considered highly prospective for iron-oxide-copper-gold (lIOCG) deposits.
Metals Australia chairman Mike Scivolo said the company had taken advantage of the outstanding opportunity to acquire the suite of highly prospective battery metals and gold projects with multiple drill targets near major deposits in Tier 1 jurisdictions.
“These new projects give Metals Australia the opportunity to build on its exploration success over the past few months. This includes at our Manindi 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,” he said.
“The Payne Gully acquisition is in line with the company’s focus on projects in highly-prospective mineralised terrains such as in the Yilgarn and Pilbara regions of Western Australia and the Tennant Creek region of the Northern Territory.”