MetalsTech Expands High Grade Bay Lake Cobalt Project

Cobalt and Lithium developer MetalsTech Limited (ASX: MTC) is pleased to announce it has entered into a binding acquisition agreement to acquire a significant package of mineral claims that are contiguous with the Company’s 100% owned Bay Lake High Grade Cobalt Project located in Ontario, Canada.

Highlights:
• Proposed acquisition of 11 contiguous mineral claims increases the Company’s landholding at Bay Lake four-fold to 2,744 hectares within a highly prospective Ag-Co rich geological domain

• Proposed acquisition is in keeping with the Company’s strategy to focus on strategic commodities for the battery market, including cobalt and lithium

• Bay Lake is located 10km SSW of the Historic Silver Mining Camp of Cobalt Township and has assayed up to 15.36% Co in cobalt-rich veins (refer to ASX announcement dated 16 March 2017 and titled “MetalsTech to Acquire Two High Grade Cobalt Projects”)

• The proposed acquisition includes mineral claims that are similarly host to historic exploration shafts and pits, including the Price Prospect where historic sampling of surface “dump” material assayed 2.14% Co, 0.11% Cu, 0.48 g/t Au and 1,740 g/t Ag

• Legal and technical due diligence complete with settlement due in the next few days

• Exploration will commence at Bay Lake next month including ground mapping, mechanised trenching, sampling and drill target identification

Commenting on the new acquisition, Executive Chairman Mr Russell Moran stated:

“We have solidified a strategic holding near the exciting Township of Cobalt which we believe is the jurisdiction with the most potential for new high grade cobalt discoveries outside of the DRC. We are progressing through the community and stakeholder engagement process and we expect to be in a position to commence maiden exploration at Bay Lake next month.”

The full announcement can be found by CLICKING HERE