MTC Expands Cancet and Renegotiates Terre des Montagnes

Lithium and cobalt developer MetalsTech Limited (ASX:MTC) is pleased to announce that the Company has signed a binding agreement to expand its landholding at the Company’s flagship Cancet Lithium Project in Quebec, Canada.

In addition, the Company has also signed a binding agreement to vary the acquisition structure at the 100%-owned Terre des Montagnes Lithium Project, located contiguous with and along strike of the Whabouchi Spodumene Mine, owned by Nemaska Lithium Inc. (TSX: NMX) in Quebec, Canada.

Highlights:

Expansion of Cancet Landholding

  • Project increase of 3,162 hectares east of and along strike of the main strike to 12,746 hectares within a similar geological environment – multiple pegmatite outcrops are evident from satellite imagery
  • Strategic acquisition completed with minimal dilution and vendor securities subject to escrow

Renegotiation of Terre des Montagnes Project Acquisition

  • Variation to contingent share and cash payments related to the acquisition of the Terre des Montagnes Lithium Project in favour of MetalsTech – 11 million vendor milestone shares cancelled in return for the issue of 1.35 million escrowed shares
  • Strategic project is contiguous with Nemaska Lithium’s Whabouchi Mine containing an NI 43-101 Reserve of 27.3Mt @1.46% Li2O
  • MetalsTech now owns 100% of the Terre des Montagnes Lithium Project, with no further contingent liabilities or expenditure commitments

Commenting on the strategic agreements, Executive Director Mr Gino D’Anna stated:

“Cancet has world class potential and this has prompted us to move swiftly on a low cost consolidation opportunity east of the project. The newly acquired ground is strategically located contiguous to the east along strike of the current mineralised pegmatite zone and we have identified multiple pegmatite outcrops from high resolution satellite imagery. We are planning to commence a maiden mapping program on this ground following our Phase III drill program at the core mineralised zone at Cancet in January. We have also materially reduced the fully diluted capital structure of the company through a renegotiation of legacy share payments related to the Terre des Montagnes acquisition.”

The full ASX announcement can be found by CLICKING HERE