MetalsTech Completes Placement to Accelerate Exploration

MetalsTech Limited (ASX: MTC) (the “Company”) is pleased to announce it has successfully completed a share placement to sophisticated and institutional investors to accelerate exploration and development at the Company’s 100%-owned Bay Lake High Grade Cobalt Project and its 100%-owned Cancet Lithium Project.

Highlights:

Placement

  • $1 million share issue supported strongly by new sophisticated and institutional investors
  • Placement designed to broaden the pool of supportive investors and secure like-minded shareholders that believe in the strategy for the Company’s high grade cobalt and lithium assets in Canada
  • Funds will help accelerate exploration and development activities at Bay Lake, where in-vein sampling has returned assays of >15% Co and surface “dump” pile sampling has returned assays of >2% Co (refer to ASX announcement dated 16 May 2017, titled “MetalsTech Expands High Grade Bay Lake Cobalt Project”)

Bay Lake (Cobalt) – Value Catalysts

  • Results from the recent exploration program expected late July 2017
  • Airborne surveys to commence late July 2017
  • Phase I drilling planned for late August 2017
  • The Company is also evaluating additional cobalt opportunities around Bay Lake and in close proximity to the Town of Cobalt, Ontario (Canada)

Cancet (Lithium) – Value Catalysts

  • Field exploration to commence in late July 2017 with a focus on continuing to extend the mineralised pegmatite strike, and channel sampling and mapping of complementary mineralised structures
  • Phase II drilling to follow completion of the field program with a focus on building tonnage of the high grade deposit which starts at surface
  • Initial results from representative drill core metallurgical and mineralogy testing expected shortly followed by final results in August 2017
  • The completion of representative product profiling will support offtake and strategic partner discussions

Commenting on the completion of the Placement, Executive Director Mr Gino D’Anna stated:

“The placement has allowed us to attract a new pool of supportive sophisticated and institutional investors, which will complement our tight share register and existing investor network. The funds raised will allow us to accelerate exploration and development at our high grade cobalt and lithium projects. “We have a strong pipeline of value catalysts and look forward to delivering on our strategy.”

The full announcement can be found by CLICKING HERE