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