Metalicity Limited announced that the Company has received its first batch of assay results from its maiden exploration programme in October 2022 at its newly acquired 100% owned Mt Surprise Project (EPM 28052) located circa 57km northeast of the town of Mt Surprise, 165 km west of the major centre of Cairns. These assay results from rock chip sampling support the visual observations regarding the prospectivity of the Project and potential target areas. Assay results from the initial batch of rock chip samples indicate the presence of high-grade copper mineralisation from historic excavations and confirmed visual observations of abundant copper sulphide mineralisation1.

Rock chip samples were collected in situ from observed veins as well as wall rocks adjacent to veining from costean walls and as representative samples from small trenches through areas of the mining waste spoil which was observed to contain abundant copper sulphide mineralisation. Additionally assay results from 3 rock chips samples collected from an area of gossanous outcrop of approximately 5 metres in width and 100 metres long within a rhyolitic or felsic dyke, have identified a new base metal mineralisation anomaly within the Mt Surprise Project area of EPM 28052. These samples returned assay results elevated in lead up to 2.9% Pb and 45 g/t Ag silver as well as elevated zinc and other indicator minerals.

These results were unexpected and now provide Metalicity with another exploration anomaly to test along with copper targets and any potential lithium anomalies. The geology of the area is characterised by the Silurian-aged Blackman Gap Complex, a medium to coarse-grained biotite-muscovite granodiorite, granite and minor pegmatite. Granitic rocks of the Blackman Gap Complex are the oldest lithologies in the area are more weathered and have noticeably less outcrop and exposure than surrounding younger rocks.

Metalicity spent significant time investigating these granitic units for alteration and mineralisation in the project area as well as any later stage dykes, veins or shear structures prospective for hosting mineralisation. Metalicity is currently planning a follow up field programme to gather more information to further delineate the extent of the copper and base metals anomalies and targets. This work may include programmes of low detection level soil sampling, rock chip sampling and further geological reconnaissance mapping.

The Company is also still awaiting assay results from some potential lithium samples from a limited sample taken on the maiden field trip, which are undergoing greater detailed elemental and mineralogical analysis at the Perth Intertek Genanalysis laboratory. These results will help define a future targeted lithium programme at Mt Surprise. The Mt Surprise project covers a large area approximately 165km from the city of Cairns, Queensland and 57 km northeast of the town of Mt Surprise and is serviced by excellent infrastructure in the area and easy access outside of the tropical wet season.

The geology of the area is characterised by the Silurian-aged Blackman Gap Complex, a medium to coarse-grained biotite-muscovite granodiorite and granite and pegmatite. The granite is overlain by various Carboniferous-aged volcanics including the Double Barrel andesite and tuff as well as the Gingerella rhyolites and ignimbrites.