Commencement of Drilling at Cancet Lithium Project

MetalsTech (MTC or the Company) is pleased to announce that it has commenced drilling at its Cancet Lithium Project in Quebec, Canada.

Highlights

  • 4,000m diamond core drilling campaign commenced at the 100% owned Cancet Lithium Project where the Company has achieved results of up to 5.58% Li2O in channel sampling
  • Drilling campaign designed to test the strike, dip, and plunge continuity of pegmatite, believed to be part of a large contiguous lithium rich ore body
  • Results from drill program will underpin maiden resource estimation and delivery of a scoping study
  • Cancet boasts excellent infrastructure including major highway and high voltage power within the project tenements
  • Dahrouge Geological Consultants and Cabo Drilling Inc engaged to complete drilling program
  • 2,000m diamond core drilling program planned at the nearby Adina Lithium Project targeting resource definition, anticipated to commence at end of May 2017
  • Due diligence on the pending acquisition of the New Athona and Bay Lake high grade cobalt projects where up to 15.36% Co have been recorded is progressing well

Drilling Commenced

Drilling has commenced at the Company’s 100% owned Cancet Lithium Project which hosts lithium within spodumene bearing pegmatites.

The maiden diamond core drilling program will test the strike, dip, and plunge continuity of several already identified pegmatite outcrops, believed to be part of a large contiguous high grade lithium ore body which is accessible from surface.

In conjunction with Dahrouge Geological Consultants, the Company has selected fifty (50) individual drill sites from which a proposed two-phase drilling campaign is to be completed. Phase 1 includes twenty (20) diamond core holes for approximately 4,000m which will be drilled over a period of approximately six (6) weeks. The Company will update stakeholders iteratively with respect to both visual estimates of spodumene content when drill core is produced (a strong leading indicator of lithium content) and secondly when Li2O results are received following ultimate core analysis and laboratory assay.

The balance of the proposed drill holes will be completed in Phase 2 which will commence during the spring-summer period once the results of Phase 1 drilling have been modelled and following the completion of a regional geochemical survey and a regional ground-based magnetic survey.

A recent channel sampling program at Cancet yielded assays of up to 5.58% Li2O as well as elevated Ta2O5 across the majority of the identified mineralisation.

The average value from all samples collected was 1.47% Li2O which is higher than the current major lithium deposits in Quebec including:

Nemaska Lithium (TSX:NMX) Whabouchi Deposit 43.8Mt @ 1.46% Li2O (NI 43-101)
Galaxy Resources (ASX:GXY) James Bay Deposit 22.2Mt @ 1.28% Li2O (JORC)
Sayona Mining (ASX:SYA) Authier Deposit 13.75Mt @ 1.06% Li2O (JORC)
Critical Elements Corp (TSX-V:CRE) Rose Deposit 37.2Mt @ 0.95% Li2O (NI 43-101)

A copy of the complete ASX Announcement can be found by CLICKING HERE


Acquisition of Two High Grade Cobalt Projects

Lithium developer MetalsTech Limited (ASX: MTC) is pleased to announce it has entered into two binding option agreements to acquire a 100% interest in each of the New Athona Cobalt Project and the Bay Lake Cobalt Project, both located in Ontario, Canada.

Highlights:

  • Acquisition of two (2) high grade cobalt projects with minimal dilution to complement existing high grade lithium projects and complete focus on strategic commodities for the battery market
  • New Athona Cobalt Project covers 432 Ha approximately 60km south-west of the town of Cobalt and has assayed up to 2.96% Co and up to 2% Cu
  • Bay Lake Cobalt Project covers 672 Ha and has assayed up to 15.36% Co in cobalt-rich veins
  • Acquisitions subject to technical due diligence which is currently underway
  • Drilling campaign 100%-owned Cancet Lithium Projects to commence in the coming days

Commenting on the proposed acquisitions, Executive Director Mr Gino D’Anna stated:

“The proposed high grade cobalt acquisitions complement MetalsTech’s strategy to position itself to become a low cost producer of strategic commodities for the growing lithium-ion battery and energy storage markets. Like lithium, cobalt will play an important role in the way we use and store energy going forward.”

Summary of Acquisition Terms

  New Athona Cobalt Project Bay Lake Cobalt Project
Cash Deposit CAD$20,000 (paid) CAD$20,000 (paid)
Due Diligence Period 45 days (commenced) 45 days (commenced)
Cash Completion Payment CAD$80,000 CAD$80,000
Shares Completion Payment

(12 months escrow)

125,000 MTC shares 125,000 MTC shares
Vendor Net Smelter Royalty

(50% may be re-purchased by MTC for CAD$500,000)

1.5% 1.5%
MetalsTech takes 100% Ownership
Anniversary Share Payment

(12 months escrow)

100,000 MTC shares 100,000 MTC shares
Project Performance Payment

(Greater than 7Mt @ 1.5% Co)

CAD$125,000 in cash or MTC shares CAD$125,000 in cash or MTC shares


A copy of the complete ASX Announcement can be found by CLICKING HERE

 


Up to 5.58% Li2O in Drill Target Zone at Cancet Project

MetalsTech Limited (ASX:MTC) is pleased to announce it has achieved exceptional results in a channel sampling program in drill target zones at the Company’s 100% owned Cancet Lithium Project in Quebec, Canada.

Highlights

  • 5-day trench / channel sampling program in drill target zone
  • Outcropping spodumene-bearing pegmatite open across width and along strike
  • CH16-01 was 12.8m in length including intervals of 1.71%, 2.35%, 3.08% and 4.95% Li2O
  • CH16-02 was 10.6m in length including intervals of 1.19%, 2.11% and 2.50% Li2O
  • CH16-03 was 4.1m in length including intervals of 1.22%, 2.54%, 3.55% and 5.58% Li2O
  • Elevated Ta2O5 across the majority of the identified mineralisation
  • Average Li2O across all channels measured higher than the major lithium deposits in Quebec
  • 4,000m diamond core drill program planned targeting resource definition

Commenting on the results, Executive Director Mr Gino DÁnna stated:

“We have identified a very high grade lithium mineralisation in pegmatite at Cancet which is accessible immediately from surface. The mineralised zones are open across width and along strike, which leads us to believe the ore body may have significant resource potential. It is immediately adjacent to a major highway and high voltage power lines in a jurisdiction that has recently permitted several lithium mines. If the upcoming drill program meets our expectations, Cancet will be fast-tracked for development and MetalsTech will prioritise the delivery of maiden resource and scoping study in the near term.”

A copy of the complete ASX Announcement can be found by CLICKING HERE