YERRIDA COBALT PROJECT DRILLING TO COMMENCE

• Exploration has commenced at the Company’s 100% owned Yerrida Cobalt Project, including the identification of additional priority targets for a proposed 1,000m Diamond and/or RC Drill program.
• One high priority target area at K1, was identified from field mapping, rock chip sampling and the company’s first pass 1,800m RC drill program to a depth of 150m, which successfully intersected a significant cobalt horizon or halo to regional base metal transportation
• This shallow, south-dipping, horizon of 8m to 12m thickness containing anomalous cobalt mineralisation, provides important support for the potential to find deeper high-grade mineralisation associated with deeper structures from the underlying “red bed” sandstones
• A further three targets at K2, K3 and K4 have been generated focussed on areas of interpreted NW-striking lineaments for possible fluid leakage as well as geological characteristics that are compatible to the geological setting of the prolific copper-cobalt deposits of the Central African Copperbelt
• The additional targets have been generated via a recent review of the entire Yerrida Basin by the preeminent Dr Dennis Gee and a review of previous work by copper- cobalt expert Dr Simon Dorling Metalicity Limited (ASX:MCT) (“MCT” or “Company”) is pleased to report new targets have been generated while further field work and an approximate 4 hole 1,000m Diamond and/or RC drilling program is set to commence at the Yerrida Cobalt Project, located in the Yerrida Basin, WA.

The company has developed an exploration model that has characteristics compatible to the geological setting of the prolific central African copper-cobalt belt with previous exploration by Metalicity demonstrating a geological setting considered amenable to hosting structural/stratigraphic-controlled copper-cobalt mineralisation and nickel-cobalt mineralisation.

Previous exploration by Metalicity identified a high priority target area over approximately 7km2 which includes widespread surface geochemical anomalies including up to 6,400ppm Cobalt and 1,500ppm cobalt, while drilling intersected primary stratigraphic controls on mineralisation or a halo to regional base metal transport over a 8-12m thick zone containing anomalous cobalt at the K1 target (See ASX:MCT 14/11/17).

Managing Director Matt Gauci commented: “Recent drilling intersected stratabound intervals of geochemically anomalous copper and cobalt mineralisation which are interpreted to indicate primary stratigraphic controls on mineralisation or a halo to regional base metal transport. A deeper hole is planned to test the potential for high grade mineralisation associated with deeper structures from the underlying “red bed” sandstones at K1, while a further 3 regional targets have been generated associated with an interpreted NW-striking fault at K2-K4 for field work and drilling to test for leakage and cobalt mineralisation”