MetalsTech Completes Field Program at Cancet Lithium Project

Lithium and cobalt developer MetalsTech Limited (ASX: MTC) is pleased to announce it has completed a field exploration campaign at the Company’s flagship 100% owned Cancet Lithium Project located in the James Bay Region of Quebec, Canada.

Highlights

  • Regional prospecting has uncovered a large pegmatite outcrop approximately 1 km east and along strike of the currently mapped and drilled mineralised pegmatite body
  • Approximately 60 km of ground magnetic surveying completed – strong correlation of known pegmatite with magnetic signatures
  • Potential to triple strike extension and achieve tonnage expansion through linking of multiple pegmatite structures
  • Completion of soil geochemistry orientation survey with results pending – will be a valuable tool for locating additional regional pegmatite bodies that are covered by shallow overburden
  • Phase II diamond drill program of an initial 10 to 12 holes commencing in September that will target down-dip and strike extensions, as well as the new pegmatite discovery to the east
  • The Company plans to be “dealready” by 2018 with respect of a strategic financing for Cancet

Commenting on the program at Cancet, Executive Director Mr Gino D’Anna stated:

“The recent field program was another step in refining our exploration strategy at Cancet where we have discovered a high grade and shallow lithium deposit adjacent to major power and transport infrastructure. The new discovery of outcropping pegmatite along strike provides us with further confidence that the deposit has the potential to deliver a world class lithium mine. Recent metallurgical testing results have been well received by potential offtake partners and strategic financiers and we are advancing discussions in this regard. The next stage is to re-mobilise to site and complete further drilling with the aim of increasing the tonnage of the deposit.”

The full announcement can be found by CLICKING HERE


MetalsTech’s Exploration Strategy for Cancet Lithium Project

Lithium developer MetalsTech Limited (ASX: MTC) would like to announce the exploration strategy for its Cancet Lithium Project in Quebec, Canada.

Highlights

MetalsTech has built a strategic portfolio of hard-rock lithium projects in Quebec, Canada and is focused on the exploration and development of its flagship high-grade Cancet Lithium Project:
•    The Company will complete its planned Phase II drilling program and subsequently delineate a maiden JORC resource, with the first 10 holes of this program to commence in September
•    Cancet is located adjacent to key infrastructure and mining services including power, water, gas and road
•    Advanced drill-core metallurgical test work identified the Cancet pegmatite as being a primary spodumene pegmatite (98% spodumene) with low levels of impurities and a coarse-stubbly spodumene crystal structure
•    Testing by tier 1 WA-based laboratory NAGROM has demonstrated that using a simple DMS process, Cancet is able to achieve high lithium deportment ratios from low relative mass feed indicating potential for a low CAPEX and OPEX operation
•    Cancet spodumene concentrate is a coarse-grain product at a grind size of 10mm and is highly sought after by offtake customers – offtake discussions are progressing
•    Phase I drilling campaign completed in March 2017 indicated a shallow high-grade deposit at Cancet – a mineralised strike length of 1.2km has been identified and remains open in both directions
•    Further down dip / plunge extensions and infill drilling will be completed as part of the Phase II program to ensure internal management targets for tonnage are met
•    Ground magnetic surveys have been completed at Cancet highlighting additional pegmatite structures that will be drill tested in future campaigns – significant potential for mineralised strike extension
•    The Company plans to be “deal-ready” by 2018 in respect of a strategic financing for Cancet

Executive Director Mr Gino D’Anna stated:

“Since listing in February 2017 we have made significant progress at Cancet. Drilling has demonstrated
the project has potential to be a shallow high-grade deposit while the metallurgical test work results have been strong.

Our aim for the Phase II drilling campaign is to significantly increase the tonnage at Cancet, allowing us to deliver a maiden JORC resource and subsequent Scoping Study to model the potential economics of a hard rock lithium operation.

Despite the recent softening of the share price largely caused by trading activities of one significant shareholder, our register remains tight with the top 20 shareholders controlling over 70%, and our core shareholder base remains supportive of the Company and its projects.”

The full announcement can be found by CLICKING HERE


High Grade Cobalt Results at Bay Lake Project, Ontario

Cobalt and Lithium developer MetalsTech Limited (ASX: MTC) is pleased to announce that it has received surface rock sample and soil geochemistry laboratory assay results from the recently completed field exploration program at the Company’s 100% owned Bay Lake High Grade Cobalt Project located in Ontario, Canada.

Highlights:

•    Sampling program at Bay Lake confirms the presence of high grade cobalt mineralisation at surface across the prospective geological trend at the contact of the Nipissing Diabase
o    1.17% Co and 7.7g/t Ag recovered from a surface “dump” pile at the Van Chester (Last Chance) Prospect
o    0.40% Co recovered at the historic Price Prospect exploration pit where historic sampling of a surface “dump” pile returned 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”)
o    0.61% Co, 0.34% Co and 0.15% Co were recovered surrounding the historic Bay Lake exploration shaft where in-vein sampling of the cobaltite vein below ground assayed 15.36% Co (refer to ASX announcement dated 16 March 2017 and titled “MetalsTech to Acquire Two High Grade Cobalt Projects”)
o    3.45g/t Au and 44.5g/t Ag also recovered around the Bay Lake exploration shaft and pit suggesting potential for Co-Ag-Au in the area
o    A previously un-reported zone of mineralisation at a historic pit located approximately 900m NE of the Bay Lake Prospect exploration shaft has assayed 0.30% Co and 16.4g/t Ag
•    Re-sampling of the Bay Lake Prospect exploration shaft below ground was not possible due to water in-fill which prevented access
•    Evaluation and interpretation of recent MAG and TDEM survey as well as a follow up field program is planned prior to commencement of maiden drilling

Commenting on recent results, Executive Director Mr Gino D’Anna stated:

“Results from our recent field program at Bay Lake are outstanding and confirm potential for both high grade cobalt hosted within calcite veins as well as disseminated cobalt bearing mineralisation at surface. The next stage of development includes final interpretation of recent MAG and TDEM surveys before commencing a follow-up field program and our maiden drilling campaign. We continue to build our geological knowledge of the Bay Lake project and these results have confirmed that the prospective trend associated with the contacts at the Nipissing Diabase is the host of the high grade cobalt. We have now confirmed high grade cobalt mineralisation on surface and within the shallow cobalt-rich calcite veins.”

The full announcement can be found by CLICKING HERE


MTC Acquires Van Chester and West Cobalt Projects, Ontario

Cobalt and Lithium developer MetalsTech Limited (ASX: MTC) is pleased to announce it has acquired a strategic package of mineral claims that are contiguous with the Company’s 100% owned Bay Lake High Grade Cobalt Project located in Ontario, Canada.

Highlights:

  • Acquisition of West Cobalt and Van Chester Cobalt Projects – an additional 10 contiguous mineral claims increase the Company’s landholding at Bay Lake within a highly prospective AgCo rich geological domain
  • Recent exploration at Bay Lake also covered the newly acquired West Cobalt and Van Chester Cobalt Projects confirming excellent high grade cobalt potential
  • Bay Lake is located 10km SSW of the Historic Cobalt Mining Camp of Cobalt Township and has 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”)
  • Acquisition of the Van Chester Cobalt Project includes mineral claims that are similarly host to historic exploration shafts and pits, including the Last Chance Prospect where historic sampling of surface “dump” material assayed 0.38% Co (equivalent to 3,800 ppm Co)
  • Work undertaken in 1910 on the Van Chester Cobalt Project identified two cobalt-bearing veins which were explored with a shallow 10m vertical shaft – multiple cobalt-bearing veins have been identified across the Van Chester Cobalt Project
  • Historic work undertaken on the West Cobalt Project included an approximate 30m vertical shaft – a report from 1960 notes that within the surface dump pile, pieces of calcite with cobalt and chalcopyrite mineralisation were observed
  • Results from recent exploration program at Bay Lake expected next week
  • Results from recent airborne MAG and TDEM surveys at Bay Lake expected in the next two weeks

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

“We have expanded our strategic position near the exciting Township of Cobalt which we believe boasts excellent potential for new high grade cobalt discoveries. This region is a hive of activity with cobalt explorers from around the world competing for a position. Recent exploration activities at Bay Lake have been designed to prepare the project for drilling and this has been complemented with airborne MAG and TDEM survey. We are currently compiling and analysing the results of this program and expect to be in a position to make an announcement in this regard as early as next week.”

The full announcement can be found by CLICKING HERE