Lithium and battery metal hopeful MetalsGrove makes ASX debut

Lithium, rare earth and base metals explorer MetalsGrove Mining (ASX: MGA) has listed on a rather turbulent day for commodities, with the S&P/ASX 200 Energy and Materials indices both down more than -4% at noon. 

The battery metal hopeful successfully raised $6.4m 20 cents per share for an indicative market cap of around $10.5m.

MetalsGrove shares were trading at 16 cents as it debuted at 1:00 pm AEST.

Introducing MetalsGrove

MetalsGrove is a diversified explorer focused on green metal exploration for the battery and renewable energy market.

The company operates five projects across WA and the Northern Territory, including: 

• Woodie Woodie North Project (manganese and rare earth)

• Upper Coondina Project (lithium, tin and tantalum) 

• Bruce Project (gold, copper, lithium and rare earth)

• Edwards Creek Project (copper, zinc and lead)

• Box Hole Project (zinc and lead)

Projects at a glance

MetalsGrove projects are relatively early-stage, so investors can expect activities such as mapping, rock-chip sampling and geophysical surveys to be carried out in the lead up to potential drilling activities.

Woodie Woodie North: CSR identified simple pegmatite veins as a source of tin. Pilbara Minerals (ASX: PLS) and Mineral Resource (ASX: MIN) lithium projects located towards the north-west

Upper Coondina: No serious lithium exploration has been carried out in the area. Surface sampling has returned a number of highly anomalous lithium assays

Source: MetalsGrove prospectus

Bruce: Geological mapping confirmed potential for pegmatite-hosted rare earth mineralisation

Edwards Creek: high grade copper intercepts from historic drilling in the 80s.

Box Hole: CSIRO generated 3D geological models to assist in exploration targeting. Prospective for large tonnage lead-zinc mineralisation, potential for rare earth.

The fresh funds will support the company's efforts to progress to drilling to increase mineral resources.