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

The full announcement can be found by CLICKING HERE