Acquisition of High Grade Rusty Lake Cobalt-Silver Mine

iCobalt Secures Option to Acquire High Grade Cobalt-Silver Mine

Lithium and cobalt developer MetalsTech Limited (ASX:MTC) is pleased to announce that the Company’s wholly owned subsidiary iCobalt Limited, which it intends to separately list on the ASX in Q1 2018 (iCobalt), has signed a binding option agreement to acquire 100% of the Rusty Lake High Grade Cobalt-Silver Mine located near the Gowganda Township in Ontario, Canada.

Highlights:

  • Option to acquire 100% interest in 52 mining claims for 816 hectares including the historical silver and cobalt producing Rusty Lake Mine which operated between 1910-1913, 1936-1938 and 1964-1966
  • 540 hectares of the project area covers the Nipissing Diabase which is the target geological structure for high grade cobalt, silver and nickel within the area
  • Excellent infrastructure surrounding the project with historical mining activity and located 15km south of the town of Gowganda, Ontario with all-weather road access
  • Recent surface sampling at the Rusty Lake Mine yielded the following assays:
  • 38% Co, 85.7g/t, Ag, 2.08% Ni (stockpile off main mine shaft) – sample Q297453
  • 08% Co, 3540g/t Ag, 8.64% Ni (stockpile off main mine shaft) – sample Q297454
  • 26% Co, 478g/t Ag, 1.31% Ni (stockpile off main mine shaft) – sample Q297455
  • 04% Co, 38.9g/t Ag, 1.6% Ni (stockpile off main mine shaft) – sample Q297456
  • 85% Co, >10,000g/t Ag, 2.97% Ni (angular boulder) – sample Q297458
  • 92% Co, >10,000g/t Ag, 3.93% Ni (angular boulder) – sample Q297457
  • 33% Co, 69.1g/t Ag, 4.79% Ni (stockpile grab coarse) – sample Q297459
  • 8% Co, 34.8g/t Ag, 3.93% Ni (stockpile grab coarse) – sample Q297460
  • 08% Co, 19.4g/t Ag, 0.44% Ni (angular boulder) – sample Q297451
  • 65% Co, 44.4g/t Ag, 0.48% Ni (angular boulder) – sample Q297452

o  1.47% Co, 30.9g/t Ag, 3.52% Ni (NE trench) – sample Q297465

  • AMC Consultants conducting final stages of technical due diligence
  • Attractive share consideration weighted acquisition structure
  • Alto Capital appointed Lead Manager to the iCobalt spinout with MetalsTech shareholders to receive a Priority Offer as well as exposure to a potential in-specie distribution of iCobalt shares

The full ASX announcement can be found by CLICKING HERE