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.

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Appendix 3B

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MTC Placement Cleansing Statement

On 25 July 2017, MetalsTech Limited (ASX: MTC) (MetalsTech or the Company) issued an Appendix 3B for the issue and quotation of shares (Shares). The Shares were issued as part of a class of securities quoted on the ASX.

MetalsTech gives notice pursuant to Section 708A(5)(e) of the Corporations Act.

The Shares were issued without disclosure to the recipient under Part 6D.2, in reliance on Section 708A(5) of the Corporations Act.

The Company, as at the date of this notice, has complied with:
a) The provisions of Chapter 2M of the Corporations Act; and
b) Section 674 of the Corporations Act.

There is no excluded information for the purposes of Section 708A(7) and (8) of the Corporations Act.

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Exceptional Results from Large Scale Metallurgical Test Work

Cobalt and lithium developer MetalsTech Limited (ASX:MTC) is pleased to announce it has received outstanding results from the initial metallurgical test-work program on representative split drill core from the Phase I drilling campaign at the Company’s 100%-owned Cancet Lithium Project in Quebec, Canada.

Highlights:

  • Heavy Liquid Separation (HLS) tests on composites crushed to 10mm and 5.6mm showed that Dense Media Separation (DMS) at SG 2.8 could recover 89% to 91% of the lithium at a grade of >6.4% Li2O in 19% of the DMS mass or 16.6% of the overall feed mass.
    • These results show a very high recovery at a coarse crush size is achievable.
    • Simple processing could mean significantly lower CAPEX and OPEX against peers as well as shorter commissioning time
    • Coarse grain premium concentrate – preferred by offtake partners
  • A High Grade Composite (2.35% Li2O) produced a concentrate grade of 6.41% Li2O from 10mm crush indicating simple low cost DMS gravity separation at SG 2.8 will recover 97% of the lithium in 35% of the DMS mass 
  • A Mid Grade Composite (1.54% Li2O) produced a concentrate grade of 6.12% Li2O from 10mm crush indicating DMS gravity separation at SG 2.8 will recover 95% of the lithium in 24% of the DMS mass 
  • The Low Grade Composite (1.06% Li2O) produced a concentrate grade of 5.90% Li2O from 10mm crush indicating DMS gravity separation at SG 2.8 will recover 92% of the lithium in 16% of the DMS mass 
  • Cancet hosts a clean pegmatite with low iron oxide in assayed drill samples (0.5% to 0.8% Fe2O3) – producing a high purity coarse grain premium spodumene concentrate:
    • Low to Moderate iron oxide content in concentrate < less than 1.5% Fe2O3, which will be lowered by magnetic separation
  • Initial results suggest product suite will meet and exceed grade requirements for battery market
  • Cancet metallurgical test-work compares favourably against other advanced lithium projects
  • Final representative metallurgical testing results for composite split drill core will be available within the next three weeks and will underpin offtake and strategic partner discussions

Commenting on recent results, Executive Chairman Mr Russell Moran stated:

“Initial results from the metallurgical test-work on composite drill core are outstanding. We look forward to final results being available in the next few weeks and advancing discussions with potential offtake and strategic partners. Having now defined a shallow high grade deposit at Cancet, we look forward to phase two drilling which will grow tonnage and prepare the project for delivery of a maiden resource and scoping study.”

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MetalsTech Completes Placement to Accelerate Exploration

MetalsTech Limited (ASX: MTC) (the “Company”) is pleased to announce it has successfully completed a share placement to sophisticated and institutional investors to accelerate exploration and development at the Company’s 100%-owned Bay Lake High Grade Cobalt Project and its 100%-owned Cancet Lithium Project.

Highlights:

Placement

  • $1 million share issue supported strongly by new sophisticated and institutional investors
  • Placement designed to broaden the pool of supportive investors and secure like-minded shareholders that believe in the strategy for the Company’s high grade cobalt and lithium assets in Canada
  • Funds will help accelerate exploration and development activities at Bay Lake, where in-vein sampling has returned assays of >15% Co and surface “dump” pile sampling has returned assays of >2% Co (refer to ASX announcement dated 16 May 2017, titled “MetalsTech Expands High Grade Bay Lake Cobalt Project”)

Bay Lake (Cobalt) – Value Catalysts

  • Results from the recent exploration program expected late July 2017
  • Airborne surveys to commence late July 2017
  • Phase I drilling planned for late August 2017
  • The Company is also evaluating additional cobalt opportunities around Bay Lake and in close proximity to the Town of Cobalt, Ontario (Canada)

Cancet (Lithium) – Value Catalysts

  • Field exploration to commence in late July 2017 with a focus on continuing to extend the mineralised pegmatite strike, and channel sampling and mapping of complementary mineralised structures
  • Phase II drilling to follow completion of the field program with a focus on building tonnage of the high grade deposit which starts at surface
  • Initial results from representative drill core metallurgical and mineralogy testing expected shortly followed by final results in August 2017
  • The completion of representative product profiling will support offtake and strategic partner discussions

Commenting on the completion of the Placement, Executive Director Mr Gino D’Anna stated:

“The placement has allowed us to attract a new pool of supportive sophisticated and institutional investors, which will complement our tight share register and existing investor network. The funds raised will allow us to accelerate exploration and development at our high grade cobalt and lithium projects. “We have a strong pipeline of value catalysts and look forward to delivering on our strategy.”

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Additional High-Grade Lithium Intersected at Cancet, with 3.23% Li2O over 11.46 metres

Cobalt and lithium explorer MetalsTech Limited (ASX: MTC) (the “Company”) is pleased to announce the remaining drill results from the winter program recently completed at the Company’s 100%-owned Cancet Lithium Project (the “Project” or “Property”), located in the James Bay Region of Quebec, Canada.

Highlights include:

  • MTC17-021 – 21.46 m @ 2.24% Li2O and 310 ppm Ta2O5 from 5 m depth, including:
    11.46 m @ 3.23% Li2O (15.00 m to 26.46 m); or
    ▪ 3.01 m @ 4.82% Li2O (16.99 m to 20.00 m); and
    ▪ a sample high of 6.61% Li2O at 18 m depth
  • MTC17-022 – 17.00 m @ 2.06% Li2O and 327 ppm Ta2O5 from 6 m depth, including:
    8.15 m @ 3.44% Li2O and 558 ppm Ta2O5 (6.00 to 14.15 m); or
    ▪ 4.00 m @ 4.72% Li2O (9.02 m to 13.02 m); and
    ▪ a sample high of 5.55% Li2O at 10 m depth
  • MTC17-013 – 15.88 m @ 1.82% Li2O and 171 ppm Ta2O5 from 18.12 m depth, including:
    ▪ 5.00 m @ 2.88% Li2O and 126 ppm Ta2O5 (25.00 m to 30.00 m); and
    ▪ a sample high of 4.61% Li2O at 25 m depth
  • MTC17-020 – 6.25 m @ 3.58% Li2O and 332 ppm Ta2O5
  • MTC17-025 – 11.02 m @ 2.93% Li2O and 317 ppm Ta2O5
  • MTC17-014 – 10.00 m @ 2.67% Li2O and 333 ppm Ta2O5 from 21 m depth, including a sample high of 5.92% Li2O at 27 m depth
  • MTC17-040 – 5.00 m @ 2.56% Li2O and 92 ppm Ta2O5

The mineralised pegmatite body is open in all directions with a total defined strike length of the host pegmatite body of ~1.2 km. In addition to the encouraging lithium grades intersected near surface, significant tantalum mineralisation continued to be intersected. Drill hole MTC17-010 returned 444 ppm Ta2O5 over 34 m including a peak sample assay of 970 ppm Ta2O5. The zonation of the lithium and tantalum within the mineralised body at Cancet is not yet well-understood, with geological modelling ongoing to further define the relationship.

A LIDAR and orthophoto survey has recently been completed over the Property with processing and final deliverables expected in early July. The survey will provide high-accuracy topographic control to assist with geologic and resource modelling, as well as support regional prospecting work and the Phase II drill program planned for next quarter.

Commenting on recent results, Executive Chairman Mr Russell Moran stated:

“These assays support our thesis that Cancet has the potential to host a high-grade lithium deposit very close to surface. We are eagerly awaiting the results from the metallurgy and mineralogy testing on select drill core which we hope will indicate a simple and low-cost conventional processing opportunity, and support ongoing offtake and strategic partner discussions. Cancet is located only a few kilometres from low-cost hydro-power and an existing regional all-weather road, thus, if sufficient resources are defined, we will be well positioned with a highly attractive asset to further develop”

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