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