- Metalicity (MCT) has successfully met the earn-in component of its farm-in agreement with Nex Metals Exploration (NME)
- The company now has a 51-per-cent controlling interest in the Kookynie and Yundamindra Gold Projects
- Metalicity had five years to complete the earn-in component, but was able to do so within only two years
- The Kookynie and Yundamindra tenements are now subject to a joint venture between Metalicity and Nex Metals
- Metalicity is up 20 per cent and trading at 1.2 cents per share
Metalicity (MCT) has successfully met the earn-in component of its farm-in agreement with Nex Metals Exploration (NME).
The company first entered the farm-in agreement with Nex Metals, in early May of 2019. The goal was to earn a 51 per cent interest in the Kookynie and Yundamindra Gold Projects, by spending $5 million in five years.
While Metalicity had five years to complete the earn-in component, the company was able to do so within only two years. As a result, Metalicity now has the 51 per cent controlling interest in the two gold projects, which host several priority prospects that the company has been actively exploring.
The Kookynie and Yundamindra tenements are also now subject to a joint venture between Metalicity and Nex Metals.
Metalicity’s Managing Director, Jason Livingstone, applauded the company’s accelerated achievement of the earn-in.
“I would like to extend our gratitude towards Nex Metals for being a fantastic farm-in partner and look forward to progressing the Kookynie Gold Project expeditiously,” he said.
“However, the task at hand continues. We have a backlog of assays due and peripheral work to continue to highlight the potential of both of the gold projects,” he added.
Over the last four months, Metalicity has conducted a substantial amount of shallow drilling at the two projects. Now, the company is undertaking an initial maiden JORC resource estimation for the projects’ Leipold, McTavish and Champion prospects, all of which are situated on mining leases.
Metalicity is up 20 per cent, trading at 1.2 cents per share at 10:04 am AEST.