March 2017 Quarterly Cashflow Report

The full announcement can be found by CLICKING HERE


March 2017 Quarterly Activities Report

MetalsTech Limited (ASX: MTC) is pleased to report its activities for the quarter ended 31 March 2017.

Highlights

•    Commenced trading on the Australian Securities Exchange (ASX) following successful completion of IPO which raised approximately $4.3 million
•    Drilling permit approvals obtained for both the Cancet and Adina lithium projects
•    Resource definition drilling underway at the 100% owned Cancet Lithium Project, where up to 5.58% Li2O has been assayed in drill target zones at surface (refer to ASX announcement dated 2 March 2017 and titled “Up to 5.58% Li2O in Drill Target Zone at MTC Cancet Project”)
•    Completion of the acquisition of high grade Bay Lake Cobalt Project in Ontario, where assays include up to 15.36% Co in historical mine workings (refer to ASX announcement dated 16 March 2017 and titled “MetalsTech to Acquire Two High Grade Cobalt Projects”)
•    Drilling results for the first 26 diamond core holes at Cancet expected in the next week where significant spodumene mineralised drill intersections have been encountered starting from surface
•    MetalsTech on-track to deliver maiden resource and scoping study at Cancet Lithium Project

A full copy of the announcement can be found by CLICKING HERE


MetalsTech Settles Acquisition of Bay Lake High Grade Cobalt Project

Cobalt and lithium developer MetalsTech Limited (ASX:MTC) is pleased to announce it has settled the 100% acquisition of the Bay Lake High Grade Cobalt Project located in Ontario, Canada.

Commenting on completion of the acquisition, Executive Director, Mr Gino D’Anna stated:

“With the acquisition of Bay Lake now settled, we are accelerating Phase I exploration. Cobalt and lithium play a crucial role in the rapidly growing lithium ion battery sector and MetalsTech has secured a strategic portfolio of high grade projects in Canada.

Phase I exploration at Bay Lake will include regional scale mapping and sampling along the highly prospective Nipissing Diabase as well as within the project’s historical mining shafts and adits which have assayed up to 15.36% Co in cobalt-rich veins (refer to ASX announcement dated 16 March 2017 and titled “MetalsTech to Acquire Two High Grade Cobalt Projects”). Phase I will also include an airborne Electromagnetic and Induced Polarisation survey as a precursor to drill target identification and subsequent maiden drilling.

The Company intends to expand its cobalt exposure through the acquisition of additional ground in and around the Town of Cobalt where Bay Lake is located, and expects to update stakeholders in the coming weeks.

A full copy of the announcement can be found by CLICKING HERE


Completion of DD at High Grade Bay Lake Cobalt Project

Cobalt and lithium developer MetalsTech Limited (ASX:MTC) is pleased to announce it has completed legal and technical due diligence pursuant to the proposed 100% acquisition of the high grade Bay Lake Cobalt Project, located in Ontario, Canada.

The Company has commenced settlement of the acquisition.

Highlights:

  • Completion of legal and technical due diligence in relation to the high grade Bay Lake Cobalt Project with commencement of settlement of the 100% acquisition
  • Attractive acquisition structure with minimal dilution provides the company with exposure to highly prospective ground in one of the most exciting high grade cobalt jurisdictions globally
  • Acquisition complements the company’s existing high grade lithium projects and exposure to strategic commodities for the battery market
  • Bay Lake covers 672 Ha 10 km SSW of the Historic Silver Mining Camp of Cobalt Township and has assayed up to 15.36% Co in cobalt-rich veins
  • The company is in the process of expanding its landholding in and around the Bay Lake project area
  • Drilling progressing well with 10 holes complete from the 4,000m drill campaign at the Cancet Lithium Project, where up to 5.58% Li2O has been assayed in channel samples
  • Significant spodumene mineralised pegmatite intersections delineated in first batch of drill holes starting at surface with assay confirmation from laboratory pending

Commenting on the completion of the legal and technical due diligence, Executive Chairman Mr Russell Moran stated:

“We are excited to be proceeding with the Bay Lake acquisition as it is an important part of our strategy to build exposure to key commodities for the growing battery market. The Township of Cobalt is in our view, the jurisdiction with the most potential for new high grade cobalt discoveries outside of the DRC. We have spent considerable time assessing our entry into the cobalt market and have on the whole found it very difficult to identify real high grade opportunities. For most cobalt projects, cobalt is only a secondary credit at best, constrained by grade. The Township of Cobalt, which boasts abundant silver-cobalt geology, has a long history of mining and a significant regional data set that includes consistently high grade cobalt assays which supports a thesis for high grade discoveries. We believe the area presents a real opportunity for primary cobalt development. We are excited to be one of the few early movers in this region and we will look to grow our exposure to this area over time.”

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