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.


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