Creating long term shareholder value through the progression of majority owned assets along the value chain.
The Company has two exploration license applications in progress, covering two different project areas, namely Palomino and Palomino North. The Company has the right to acquire 100% of both projects from our Australian partner, upon successful granting of the respective exploration licenses. Palomino Project: License: E46/1167, Application for exploration license has now granted by the Western Australia Department of Mines, Industry Regulation and Safety.
Whilst the Company originally submitted the applications with a cobalt focus, and cobalt remains a key target metal for both projects, due to their geographic location within the Pilbara region of Western Australia, the application areas may also be prospective for gold. As a number of companies are reported to have discovered potentially significant gold bearing conglomerates elsewhere in this largely underexplored region.
The extent of interest in this region is demonstrated by the fact that in respect of Palomino North, we have been notified, that another mineral company has submitted an application for the same exploration ground as the Company, on the same day we submitted application, and thus MetalNRG’s partner will now be entering into a ballot to determine which party successfully secures the application.
In the interim MetalNRG is conducting initial work to assess gold prospectivity on the licenses alongside cobalt prospectivity.
E46/1167 represents an area covering ten graticular blocks or circa 31.9 square kilometres of ground;
The Palomino Cobalt Project is an exploration block of circa 32 square kilometres in Western Australia covered by exploration licence applications. The ground is prospective for cobalt and with significant evidence of cobalt mineralization from surface based exploration work and notably stream sediment sampling.