MTC Commences Airborne Program at Bay Lake Cobalt Project

Cobalt and lithium developer MetalsTech Limited (ASX:MTC) is pleased to announce that it has commenced an airborne geophysical program at the Company’s 100%-owned Bay Lake High Grade Cobalt Project in Ontario, Canada.

Highlights:

  • Airborne Magnetic (MAG) and Time-Domain Electromagnetic (TDEM) survey at Bay Lake will complement ground-based prospecting designed to identify cobalt mineralisation targets for drill testing – initial results expected within the next two weeks
  • A total of 882 line-km will be flown with drill target planning to occur concurrently
  • Bay Lake is located 5km SSW of the Historic Cobalt Mining Camp of Cobalt Township and has historically 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 Company has significantly expanded the Bay Lake project through tenement acquisitions, including strategic mineral claims that are similarly host to exploration shafts and pits, including the Price Prospect where historic sampling of surface “dump” material historically assayed 2.14% Co, 0.11% Cu, 0.48 g/t Au and 1,740 g/t Ag (refer to ASX announcement dated 16 May 2017 and titled “MetalsTech Expands High Grade Bay Lake Cobalt Project”)
  • Laboratory assay results from the recent field exploration program at Bay Lake are expected within the next week

Commenting on the commencement of the airborne program, Executive Director Mr Gino D’Anna stated:

“Bay Lake provides the company with exciting exposure to high grade cobalt. We are accelerating exploration activities this month as well as looking to expand our landholding in the area. This airborne magnetic and TDEM survey will support our recent field exploration program as we continue to define the cobalt mineralised zones and prepare for our maiden drilling campaign.”

Technicians have been mobilised to site at Bay Lake and the airborne surveys have now commenced with a total of 882 line-km to be flown as part of the MAG and TDEM program.

Flying will take approximately 3 days, after which the Company will receive preliminary images from the MAG and TDEM surveys. A final report will be available in approximately 6 weeks.

The full announcement can be found by CLICKING HERE