Metallica Minerals Limited

Metallica Minerals unveils maiden Lucknow Scandium rare earth deposit


Queensland-based Metallica Minerals (ASX: MLM) has inked an Indicated and Inferred Scandium Resource at Lucknow Sc deposit of 6.1 million tonnes at 169ppm SC (using a 70g/t cut off grade).  This includes a high grade scandium zone at Lucknow of 4Mt @ 205 g/t Sc.

The initial Lucknow Sc resource was derived from ata from 298 RC holes, totalling 7,036m.

Scandium ore at Lucknow in North Queensland is covered by a joint venture agreement between Straits Resources (ASX: SRL) (20%) and Metallica Minerals (80%).  Under the agreement, all scandium ore is to be mined or stockpiled separately and kept for later processing by the JV.

Scandium is a Rare Earth Element (REE) which has the potential to significantly enhance the "green economy”. It is currently used in fuel cells, high strength low weight aluminium alloys, high intensity lamps and structural ceramics.

The Lucknow Scandium Laterite deposit is within the NORNICO nickel-cobalt-scandium project in North Queensland.

This boosts the NORNICO Sc resource by 105% from 9Mt @ 109g/t Sc to 15.1Mt @ 133 g/t Sc (with a 70 g/t Sc COG).

The combined Kokomo and Lucknow Scandium resource is now in excess off 2,000 tonnes of contained scandium metal (approximately 3,000t scandium oxide).

Andrew Gillies, managing director of Metallica said there is potential to increase the size of the scandium deposits.

Future Work will entail the drilling of 3 to 4 PQ Diamond drill holes for metallurgical, geological and bulk density purposes.  Additional metallurgical testwork will be undertaken.   Initial pit design and scheduling is planned.

The lack of readily available and reliable long term scandium supply in the market has limited its commercial applications to date.

Quick facts: Metallica Minerals Limited

Price: $0.01

Market: ASX
Market Cap: $3.89 m

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