Exploration Target Defined at Cancet

MetalsTech (MTC or the Company) is pleased to announce that an Exploration Target has been independently defined at its flagship 100% owned Cancet Lithium Project, located in Quebec, Canada.

The Exploration Target was formulated following an independent review of the Company’s exploration results including diamond core drilling, assays, field mapping, trenching, rock and channel sampling, magnetic survey and LiDAR survey. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Highlights

  • Exploration Target defined at the Cancet Lithium Project, comparing favourably with peer hardrock resources 16Mt @ 1.1% Li2O (Mt Cattlin, Galaxy Resources), 18.9Mt @ 1.18% Li2O (Bald Hill, Tawana Resources) and 23Mt @ 1.2% Li2O (James Bay, Galaxy Resources)
  • Planning and permitting is currently underway for the commencement of the next phase of drilling at Cancet – drilling expected to commence January 2018
  • The next phase of drilling to support a maiden JORC Resource, Scoping Study and ongoing offtake discussions with end-users, including pending major shareholder Wuxi Baichuan Chemical Co Ltd
  • Simple DMS processing potential with high lithium deportment ratios from low relative mass feed indicating potential for a low CAPEX and OPEX operation at Cancet
  • Cancet spodumene concentrate is a coarse-grained product at a grind size of 10mm and is highly desirable by potential offtake customers
  • Cancet is located adjacent to key infrastructure and mining services including power, water, gas and road
  • Laboratory assays expected in the next 2 weeks with modal estimates to be released shortly
  • Agreement being finalised for the expansion of the Company’s landholding within the broader Cancet project area

Commenting on the Exploration Target, Executive Director Mr Gino D’Anna stated:

“Cancet clearly has potential to deliver a world-class lithium deposit with shallow high-grade mineralisation. Drill core metallurgical test work has confirmed a primary spodumene deposit and identified a way forward to produce a high value, low impurity spodumene concentrate which can be readily upgraded to lithium carbonate and hydroxide for use in the lithium ion battery market. Our recent agreement with Wuxi Baichuan Chemical Industrial Co Ltd to take a 10% stake will allow us to accelerate development plans. In addition to further drilling at Cancet, we are looking to commence maiden drilling at Adina, which has the potential to join Cancet in a much larger corporate strategy, anchored by growing ties with potential strategic partners and end-users who want to lock down stable long-term supply.”

The full announcement can be found by CLICKING HERE