Lithium sampling program commences at Whabouchi East

MetalsTech is pleased to announce that it has commenced Phase 1 of its 2016 exploration program at the flagship Whabouchi East Lithium Project in Quebec, Canada. Exploration for Q3 and Q4 will consist of:
  • geological mapping and sampling
  • ground-based EM (electromagnetic) survey, trenching and channel sampling
  • exploration diamond drilling
Phase 1 will be completed over a 21 day period, and specifically include:
  • property-wide geological mapping and outcrop sampling
  • samples will be sent to Actlabs for full multi-element and lithium assay
  • geochemical survey results will be used to refine drill targets, with initial results of drilling expected to be released following the Company’s listing on the ASX

Project Highlights

  • Multi-vendor deal to earn up to 100%
  • Excellent road access and infrastructure
  • Dominant ~8,000Ha landholding in James Bay area targeting spodumene-hosted lithium
  • Contiguous with Nemaska Lithium (TSX.V:NMX) world-class Whabouchi Spodumene Mine, the 2nd richest and largest deposit in the world

Whabouchi Mine (NMX)

The Company’s project is immediately contiguous with Nemsaka Lithium’s (TSX.V.NMX) world class Whabouchi Spodumene Mine boasting:
  • ~1,700 ha project
  • 27.3 MT Proven and Probable Reserves
  • average grade 1.53% Li2O
  • CAD$1.9 billion NPV8
  • permitted to 213ktpa concentrate (6%)
  • lithium carbonate and lithium hydroxide
  • investment from Quebec Government
  • market capitalisation >$350 million

Lithium demand

Rapid growth in demand from the lithium battery market from all applications including:
  • mobile devices like cell phones and tablets;
  • e-bikes, hybrid and electric vehicles; and
  • large scale energy storage

Lithium has been one of the strongest performing commodities over the last 12 months due to surging global demand for the lithium-ion battery.

Initial Public Offering

The Company has plans to seek an ASX listing in Q3 2016 to raise up to $6,000,000 through the issue of up to 30,000,000 shares at $0.20 per share:
  • Pre-IPO seed round of $665,000 closes significantly oversubscribed
  • Strong institutional and sophisticated investor support
  • EverBlu Capital Pty Limited appointed Lead Manager to the IPO
  • ASX Reserved Code: MTC