Metals Australia (ASX:MLS) has completed a heavily over-subscribed placement to sophisticated and professional investors to raise A$7.8 million to support key projects in Australia and Canada.
The funds raised will be principally principally applied to the company’s key battery minerals projects, including:
- Immediately accelerate exploration and resource drilling of the Manindi Lithium Project in Western Australia, where sampling of the Foundation Pegmatite produced rock chip results of up to 2.30% Li2O, averaging 1.29% Li2O over the entire 500m strike length, and,
- Fast-track down-stream metallurgical testing and development studies at the company’s Lac Rainy Graphite Project in Canada, as well as drilling to extend the Carheil high-grade resource and test the West Carheil trend that produced rock chip results up to 28.5% Cg.
Manindi Lithium Project, Western Australia:
The company is looking to immediately accelerate exploration drilling of key lithium-Cesium-Tantalum (LCT) pegmatites, including the Foundation Pegmatite, where rockchip sampling has produced results of up to 2.30% Li2O, averaging 1.29% Li2O over the entire 500m strike length, and, to carry out diamond drilling to test depth extensions of key pegmatites and allow maiden resource estimation, as well as generate metallurgical samples for testwork and initial development studies.
Lac Rainy Graphite Project, Quebec, Canada
The company will also fast-track down-stream spheroidisation and purification testing for lithium-ion battery applications, prior to advancing development studies to pre-feasibility stage, and undertake additional drilling to test the major exploration potential that exists at Lac Rainy to extend the Carheil high-grade resource (currently 13.3Mt @ 11.5% Cg3) and test the West Carheil trend that has produced rockchip results of up to 28.5% graphitic carbon (Cg)4.
Funds will also be utilised to advance exploration at its Eade, Felicie and Pontois Copper-Gold- Polymetallic Projects and the Lac du Marcheur Copper-Cobalt Project, both in Canada, as well as to build on its portfolio of Battery Minerals Projects in the highly ranked exploration/mining jurisdictions of Western Australia and Quebec, Canada.
For further information please visit: https://www.metalsaustralia.com.au/
