June 2017 Quarterly Activities Report

MetalsTech Limited (ASX: MTC) is pleased to report its exploration activities on its 100%-owned Bay Lake High Grade Cobalt Project in Ontario and its 100% owned Cancet High Grade Lithium Project in Quebec, Canada for the quarter ended 30 June 2017.

Commenting on the quarterly activities, Executive Chairman Mr Russell Moran stated:

“In the short five months since our ASX listing we have achieved outstanding exploration success at our high grade lithium and cobalt projects in Canada, where it is our vision to become a North American supplier of choice for the booming battery minerals sector. At Cancet, we have discovered a very high grade lithium deposit close to surface. The host pegmatite is open in all directions and metallurgical testing has demonstrated that if we can grow tonnage through follow up drilling, Cancet has the potential to deliver a low cost world class operation. At Bay Lake, we are hopeful of converting exceptionally high historical cobalt assays into a viable development opportunity that can ultimately deliver a primary high grade cobalt mine. The next twelve months will be a transformative period for both the company and the battery minerals sector and we look forward to delivering on our vision.”

Highlights

  • Spodumene rich pegmatite intersections confirmed from surface at Cancet Lithium Project
  • Exceptional near surface drill intersection assays at Cancet including:
    • 18m @ 3.14% Li2O (MTC17-015 from 8m depth)
    • 11.46m @ 3.23% Li2O (MTC17-021 from 15m depth)
    • 8.15m @ 3.44% Li2O (MTC17-022 from 6m depth)
    • 4.00m @ 4.72% Li2O (MTC17-022 from 9m depth)
    • 6.25m @ 3.58% Li2O (MTC17-020 from 30m depth)
  • Strategic acquisition of an additional 11 contiguous mineral claims to increase the Company’s landholding at the Bay Lake Cobalt Project four-fold to now total 2,744 hectares:
    • in-vein sampling has returned assays of 15.36% Co and surface “dump” pile sampling has returned assays of 2.14% Co
  • Initial metallurgical test work on outcrop sample confirmed high grade spodumene in the mineralised pegmatite body at the Cancet Lithium Project:
    • concentrate grade of 6.24% Li2O produced from 10m crush – indicating that Cancet produces a coarse grain premium concentrate that is preferred by offtake partners
    • simple DMS processing route – indicating lower CAPEX and OPEX opportunity
  • Field exploration program completed at Bay Lake Cobalt Project – designed to better define the cobalt mineralisation and drill target identification
  • $1 million share placement to institutional investors to accelerate exploration and development at both the Bay Lake Cobalt Project and the Cancet Lithium Project
  • Representative split drill core metallurgical test-work program provided exceptional results:
    • concentrate produced with a grade of 6.4% Li2O from a 10mm crush using DMS at an SG2.8 with recovery of up to 91% of the lithium from 19% of the DMS mass
    • coarse grain premium concentrate – preferred by offtake partners

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June 2017 Quarterly Cashflow Report

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MTC Commences Airborne Program at Bay Lake Cobalt Project

Cobalt and lithium developer MetalsTech Limited (ASX:MTC) is pleased to announce that it has commenced an airborne geophysical program at the Company’s 100%-owned Bay Lake High Grade Cobalt Project in Ontario, Canada.

Highlights:

  • Airborne Magnetic (MAG) and Time-Domain Electromagnetic (TDEM) survey at Bay Lake will complement ground-based prospecting designed to identify cobalt mineralisation targets for drill testing – initial results expected within the next two weeks
  • A total of 882 line-km will be flown with drill target planning to occur concurrently
  • Bay Lake is located 5km SSW of the Historic Cobalt Mining Camp of Cobalt Township and has historically 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”)
  • The Company has significantly expanded the Bay Lake project through tenement acquisitions, including strategic mineral claims that are similarly host to exploration shafts and pits, including the Price Prospect where historic sampling of surface “dump” material historically assayed 2.14% Co, 0.11% Cu, 0.48 g/t Au and 1,740 g/t Ag (refer to ASX announcement dated 16 May 2017 and titled “MetalsTech Expands High Grade Bay Lake Cobalt Project”)
  • Laboratory assay results from the recent field exploration program at Bay Lake are expected within the next week

Commenting on the commencement of the airborne program, Executive Director Mr Gino D’Anna stated:

“Bay Lake provides the company with exciting exposure to high grade cobalt. We are accelerating exploration activities this month as well as looking to expand our landholding in the area. This airborne magnetic and TDEM survey will support our recent field exploration program as we continue to define the cobalt mineralised zones and prepare for our maiden drilling campaign.”

Technicians have been mobilised to site at Bay Lake and the airborne surveys have now commenced with a total of 882 line-km to be flown as part of the MAG and TDEM program.

Flying will take approximately 3 days, after which the Company will receive preliminary images from the MAG and TDEM surveys. A final report will be available in approximately 6 weeks.

The full announcement can be found by CLICKING HERE


Appendix 3B

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MTC Placement Cleansing Statement

On 25 July 2017, MetalsTech Limited (ASX: MTC) (MetalsTech or the Company) issued an Appendix 3B for the issue and quotation of shares (Shares). The Shares were issued as part of a class of securities quoted on the ASX.

MetalsTech gives notice pursuant to Section 708A(5)(e) of the Corporations Act.

The Shares were issued without disclosure to the recipient under Part 6D.2, in reliance on Section 708A(5) of the Corporations Act.

The Company, as at the date of this notice, has complied with:
a) The provisions of Chapter 2M of the Corporations Act; and
b) Section 674 of the Corporations Act.

There is no excluded information for the purposes of Section 708A(7) and (8) of the Corporations Act.

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Exceptional Results from Large Scale Metallurgical Test Work

Cobalt and lithium developer MetalsTech Limited (ASX:MTC) is pleased to announce it has received outstanding results from the initial metallurgical test-work program on representative split drill core from the Phase I drilling campaign at the Company’s 100%-owned Cancet Lithium Project in Quebec, Canada.

Highlights:

  • Heavy Liquid Separation (HLS) tests on composites crushed to 10mm and 5.6mm showed that Dense Media Separation (DMS) at SG 2.8 could recover 89% to 91% of the lithium at a grade of >6.4% Li2O in 19% of the DMS mass or 16.6% of the overall feed mass.
    • These results show a very high recovery at a coarse crush size is achievable.
    • Simple processing could mean significantly lower CAPEX and OPEX against peers as well as shorter commissioning time
    • Coarse grain premium concentrate – preferred by offtake partners
  • A High Grade Composite (2.35% Li2O) produced a concentrate grade of 6.41% Li2O from 10mm crush indicating simple low cost DMS gravity separation at SG 2.8 will recover 97% of the lithium in 35% of the DMS mass 
  • A Mid Grade Composite (1.54% Li2O) produced a concentrate grade of 6.12% Li2O from 10mm crush indicating DMS gravity separation at SG 2.8 will recover 95% of the lithium in 24% of the DMS mass 
  • The Low Grade Composite (1.06% Li2O) produced a concentrate grade of 5.90% Li2O from 10mm crush indicating DMS gravity separation at SG 2.8 will recover 92% of the lithium in 16% of the DMS mass 
  • Cancet hosts a clean pegmatite with low iron oxide in assayed drill samples (0.5% to 0.8% Fe2O3) – producing a high purity coarse grain premium spodumene concentrate:
    • Low to Moderate iron oxide content in concentrate < less than 1.5% Fe2O3, which will be lowered by magnetic separation
  • Initial results suggest product suite will meet and exceed grade requirements for battery market
  • Cancet metallurgical test-work compares favourably against other advanced lithium projects
  • Final representative metallurgical testing results for composite split drill core will be available within the next three weeks and will underpin offtake and strategic partner discussions

Commenting on recent results, Executive Chairman Mr Russell Moran stated:

“Initial results from the metallurgical test-work on composite drill core are outstanding. We look forward to final results being available in the next few weeks and advancing discussions with potential offtake and strategic partners. Having now defined a shallow high grade deposit at Cancet, we look forward to phase two drilling which will grow tonnage and prepare the project for delivery of a maiden resource and scoping study.”

The full announcement can be found by CLICKING HERE


MetalsTech Completes Placement to Accelerate Exploration

MetalsTech Limited (ASX: MTC) (the “Company”) is pleased to announce it has successfully completed a share placement to sophisticated and institutional investors to accelerate exploration and development at the Company’s 100%-owned Bay Lake High Grade Cobalt Project and its 100%-owned Cancet Lithium Project.

Highlights:

Placement

  • $1 million share issue supported strongly by new sophisticated and institutional investors
  • Placement designed to broaden the pool of supportive investors and secure like-minded shareholders that believe in the strategy for the Company’s high grade cobalt and lithium assets in Canada
  • Funds will help accelerate exploration and development activities at Bay Lake, where in-vein sampling has returned assays of >15% Co and surface “dump” pile sampling has returned assays of >2% Co (refer to ASX announcement dated 16 May 2017, titled “MetalsTech Expands High Grade Bay Lake Cobalt Project”)

Bay Lake (Cobalt) – Value Catalysts

  • Results from the recent exploration program expected late July 2017
  • Airborne surveys to commence late July 2017
  • Phase I drilling planned for late August 2017
  • The Company is also evaluating additional cobalt opportunities around Bay Lake and in close proximity to the Town of Cobalt, Ontario (Canada)

Cancet (Lithium) – Value Catalysts

  • Field exploration to commence in late July 2017 with a focus on continuing to extend the mineralised pegmatite strike, and channel sampling and mapping of complementary mineralised structures
  • Phase II drilling to follow completion of the field program with a focus on building tonnage of the high grade deposit which starts at surface
  • Initial results from representative drill core metallurgical and mineralogy testing expected shortly followed by final results in August 2017
  • The completion of representative product profiling will support offtake and strategic partner discussions

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

“The placement has allowed us to attract a new pool of supportive sophisticated and institutional investors, which will complement our tight share register and existing investor network. The funds raised will allow us to accelerate exploration and development at our high grade cobalt and lithium projects. “We have a strong pipeline of value catalysts and look forward to delivering on our strategy.”

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Trading Halt

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Response to ASX Aware Query

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