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

Highlights:

  • Acquisition of West Cobalt and Van Chester Cobalt Projects – an additional 10 contiguous mineral claims increase the Company’s landholding at Bay Lake within a highly prospective AgCo rich geological domain
  • Recent exploration at Bay Lake also covered the newly acquired West Cobalt and Van Chester Cobalt Projects confirming excellent high grade cobalt potential
  • Bay Lake is located 10km SSW of the Historic Cobalt 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”)
  • Acquisition of the Van Chester Cobalt Project includes mineral claims that are similarly host to historic exploration shafts and pits, including the Last Chance Prospect where historic sampling of surface “dump” material assayed 0.38% Co (equivalent to 3,800 ppm Co)
  • Work undertaken in 1910 on the Van Chester Cobalt Project identified two cobalt-bearing veins which were explored with a shallow 10m vertical shaft – multiple cobalt-bearing veins have been identified across the Van Chester Cobalt Project
  • Historic work undertaken on the West Cobalt Project included an approximate 30m vertical shaft – a report from 1960 notes that within the surface dump pile, pieces of calcite with cobalt and chalcopyrite mineralisation were observed
  • Results from recent exploration program at Bay Lake expected next week
  • Results from recent airborne MAG and TDEM surveys at Bay Lake expected in the next two weeks

Commenting on the new acquisition, Executive Director Mr Gino D’Anna stated:

“We have expanded our strategic position near the exciting Township of Cobalt which we believe boasts excellent potential for new high grade cobalt discoveries. This region is a hive of activity with cobalt explorers from around the world competing for a position. Recent exploration activities at Bay Lake have been designed to prepare the project for drilling and this has been complemented with airborne MAG and TDEM survey. We are currently compiling and analysing the results of this program and expect to be in a position to make an announcement in this regard as early as next week.”

The full announcement can be found by CLICKING HERE