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Metals Australia bags $3 million to fast-track graphite drilling in Canada

The company’s objective is to define a deposit similar to the nearby Lac Knife Deposit.
map of Canada
Drilling to commence within the next three weeks

Metals Australia Ltd (ASX:MLS) has completed a $3.14 million placement to accelerate drilling and exploration at its Lac Rainy Graphite Project in Quebec, Canada.

The placement received support from both new and existing sophisticated and professional investors.

Metals is focused on advancing the exploration at the high grade and near surface Lac Rainy project where it will commence drilling within the next three weeks.

Strike length in excess of 2 kilometres

The company’s maiden diamond drilling program is targeting to deliver a JORC resource and to provide further information on the metallurgical and mineralogical characteristics of the deposit.

Based on the high grades obtained to date and the strike length in excess of 2 kilometres, there is a strong potential for a high-grade graphite deposit to be present at Lac Rainy.

The company’s objective is to define a deposit of sufficient tonnage in the 15-20% graphite range similar to the nearby Lac Knife Deposit.

Potential lithium opportunity in Western Australia

Metals is continuing to evaluate further exploration project opportunities in the complementary zinc, cobalt, lithium and graphite sectors.

The funds raised under the placement will also be used to continue the exploration of the Manindi Zinc Project in Western Australia, including evaluation of the lithium potential of the project.

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Metals Australia Ltd Timeline

March 27 2017

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