Completion of DD at High Grade Bay Lake Cobalt Project

Cobalt and lithium developer MetalsTech Limited (ASX:MTC) is pleased to announce it has completed legal and technical due diligence pursuant to the proposed 100% acquisition of the high grade Bay Lake Cobalt Project, located in Ontario, Canada.

The Company has commenced settlement of the acquisition.


  • Completion of legal and technical due diligence in relation to the high grade Bay Lake Cobalt Project with commencement of settlement of the 100% acquisition
  • Attractive acquisition structure with minimal dilution provides the company with exposure to highly prospective ground in one of the most exciting high grade cobalt jurisdictions globally
  • Acquisition complements the company’s existing high grade lithium projects and exposure to strategic commodities for the battery market
  • Bay Lake covers 672 Ha 10 km SSW of the Historic Silver Mining Camp of Cobalt Township and has assayed up to 15.36% Co in cobalt-rich veins
  • The company is in the process of expanding its landholding in and around the Bay Lake project area
  • Drilling progressing well with 10 holes complete from the 4,000m drill campaign at the Cancet Lithium Project, where up to 5.58% Li2O has been assayed in channel samples
  • Significant spodumene mineralised pegmatite intersections delineated in first batch of drill holes starting at surface with assay confirmation from laboratory pending

Commenting on the completion of the legal and technical due diligence, Executive Chairman Mr Russell Moran stated:

“We are excited to be proceeding with the Bay Lake acquisition as it is an important part of our strategy to build exposure to key commodities for the growing battery market. The Township of Cobalt is in our view, the jurisdiction with the most potential for new high grade cobalt discoveries outside of the DRC. We have spent considerable time assessing our entry into the cobalt market and have on the whole found it very difficult to identify real high grade opportunities. For most cobalt projects, cobalt is only a secondary credit at best, constrained by grade. The Township of Cobalt, which boasts abundant silver-cobalt geology, has a long history of mining and a significant regional data set that includes consistently high grade cobalt assays which supports a thesis for high grade discoveries. We believe the area presents a real opportunity for primary cobalt development. We are excited to be one of the few early movers in this region and we will look to grow our exposure to this area over time.”

A copy of the complete ASX Announcement can be found by CLICKING HERE

Commencement of Drilling at Cancet Lithium Project

MetalsTech (MTC or the Company) is pleased to announce that it has commenced drilling at its Cancet Lithium Project in Quebec, Canada.


  • 4,000m diamond core drilling campaign commenced at the 100% owned Cancet Lithium Project where the Company has achieved results of up to 5.58% Li2O in channel sampling
  • Drilling campaign designed to test the strike, dip, and plunge continuity of pegmatite, believed to be part of a large contiguous lithium rich ore body
  • Results from drill program will underpin maiden resource estimation and delivery of a scoping study
  • Cancet boasts excellent infrastructure including major highway and high voltage power within the project tenements
  • Dahrouge Geological Consultants and Cabo Drilling Inc engaged to complete drilling program
  • 2,000m diamond core drilling program planned at the nearby Adina Lithium Project targeting resource definition, anticipated to commence at end of May 2017
  • Due diligence on the pending acquisition of the New Athona and Bay Lake high grade cobalt projects where up to 15.36% Co have been recorded is progressing well

Drilling Commenced

Drilling has commenced at the Company’s 100% owned Cancet Lithium Project which hosts lithium within spodumene bearing pegmatites.

The maiden diamond core drilling program will test the strike, dip, and plunge continuity of several already identified pegmatite outcrops, believed to be part of a large contiguous high grade lithium ore body which is accessible from surface.

In conjunction with Dahrouge Geological Consultants, the Company has selected fifty (50) individual drill sites from which a proposed two-phase drilling campaign is to be completed. Phase 1 includes twenty (20) diamond core holes for approximately 4,000m which will be drilled over a period of approximately six (6) weeks. The Company will update stakeholders iteratively with respect to both visual estimates of spodumene content when drill core is produced (a strong leading indicator of lithium content) and secondly when Li2O results are received following ultimate core analysis and laboratory assay.

The balance of the proposed drill holes will be completed in Phase 2 which will commence during the spring-summer period once the results of Phase 1 drilling have been modelled and following the completion of a regional geochemical survey and a regional ground-based magnetic survey.

A recent channel sampling program at Cancet yielded assays of up to 5.58% Li2O as well as elevated Ta2O5 across the majority of the identified mineralisation.

The average value from all samples collected was 1.47% Li2O which is higher than the current major lithium deposits in Quebec including:

Nemaska Lithium (TSX:NMX) Whabouchi Deposit 43.8Mt @ 1.46% Li2O (NI 43-101)
Galaxy Resources (ASX:GXY) James Bay Deposit 22.2Mt @ 1.28% Li2O (JORC)
Sayona Mining (ASX:SYA) Authier Deposit 13.75Mt @ 1.06% Li2O (JORC)
Critical Elements Corp (TSX-V:CRE) Rose Deposit 37.2Mt @ 0.95% Li2O (NI 43-101)

A copy of the complete ASX Announcement can be found by CLICKING HERE

Acquisition of Two High Grade Cobalt Projects

Lithium developer MetalsTech Limited (ASX: MTC) is pleased to announce it has entered into two binding option agreements to acquire a 100% interest in each of the New Athona Cobalt Project and the Bay Lake Cobalt Project, both located in Ontario, Canada.


  • Acquisition of two (2) high grade cobalt projects with minimal dilution to complement existing high grade lithium projects and complete focus on strategic commodities for the battery market
  • New Athona Cobalt Project covers 432 Ha approximately 60km south-west of the town of Cobalt and has assayed up to 2.96% Co and up to 2% Cu
  • Bay Lake Cobalt Project covers 672 Ha and has assayed up to 15.36% Co in cobalt-rich veins
  • Acquisitions subject to technical due diligence which is currently underway
  • Drilling campaign 100%-owned Cancet Lithium Projects to commence in the coming days

Commenting on the proposed acquisitions, Executive Director Mr Gino D’Anna stated:

“The proposed high grade cobalt acquisitions complement MetalsTech’s strategy to position itself to become a low cost producer of strategic commodities for the growing lithium-ion battery and energy storage markets. Like lithium, cobalt will play an important role in the way we use and store energy going forward.”

Summary of Acquisition Terms

  New Athona Cobalt Project Bay Lake Cobalt Project
Cash Deposit CAD$20,000 (paid) CAD$20,000 (paid)
Due Diligence Period 45 days (commenced) 45 days (commenced)
Cash Completion Payment CAD$80,000 CAD$80,000
Shares Completion Payment

(12 months escrow)

125,000 MTC shares 125,000 MTC shares
Vendor Net Smelter Royalty

(50% may be re-purchased by MTC for CAD$500,000)

1.5% 1.5%
MetalsTech takes 100% Ownership
Anniversary Share Payment

(12 months escrow)

100,000 MTC shares 100,000 MTC shares
Project Performance Payment

(Greater than 7Mt @ 1.5% Co)

CAD$125,000 in cash or MTC shares CAD$125,000 in cash or MTC shares

A copy of the complete ASX Announcement can be found by CLICKING HERE


Up to 5.58% Li2O in Drill Target Zone at Cancet Project

MetalsTech Limited (ASX:MTC) is pleased to announce it has achieved exceptional results in a channel sampling program in drill target zones at the Company’s 100% owned Cancet Lithium Project in Quebec, Canada.


  • 5-day trench / channel sampling program in drill target zone
  • Outcropping spodumene-bearing pegmatite open across width and along strike
  • CH16-01 was 12.8m in length including intervals of 1.71%, 2.35%, 3.08% and 4.95% Li2O
  • CH16-02 was 10.6m in length including intervals of 1.19%, 2.11% and 2.50% Li2O
  • CH16-03 was 4.1m in length including intervals of 1.22%, 2.54%, 3.55% and 5.58% Li2O
  • Elevated Ta2O5 across the majority of the identified mineralisation
  • Average Li2O across all channels measured higher than the major lithium deposits in Quebec
  • 4,000m diamond core drill program planned targeting resource definition

Commenting on the results, Executive Director Mr Gino DÁnna stated:

“We have identified a very high grade lithium mineralisation in pegmatite at Cancet which is accessible immediately from surface. The mineralised zones are open across width and along strike, which leads us to believe the ore body may have significant resource potential. It is immediately adjacent to a major highway and high voltage power lines in a jurisdiction that has recently permitted several lithium mines. If the upcoming drill program meets our expectations, Cancet will be fast-tracked for development and MetalsTech will prioritise the delivery of maiden resource and scoping study in the near term.”

A copy of the complete ASX Announcement can be found by CLICKING HERE

MetalsTech Corporate Video

MetalsTech (ASX:MTC) has released a short corporate video in which Executive Director Mr Gino DÁnna and Executive Chairman Mr Russell Moran, discuss the Company’s activities and corporate strategy for its North American hard rock lithium projects.

Questions Covered

  • What makes MetalsTech different from other lithium explorers?
  • Why choose Quebec as a focus?
  • Why focus on hard rock lithium projects as opposed to brines?
  • What projects is MetalsTech focused on?
  • What is the significance of the Lithium Australia technology partnership?
  • Why is technology important for the hard rock lithium story?
  • Where is the lithium market going?
  • What is the development pathway for MetalsTech?


The Corporate Video can be accessed on the following link:


Strategic lithium processing partnership with Lithium Australia

MetalsTech Limited (“MetalsTech” or the “Company”) is pleased to announce it has entered into a Strategic Partnership Agreement with ASX-listed Lithium Australia (“LIT”) to use and apply its proprietary Sileach and LieNA lithium extraction technologies, as well as pipeline technologies applicable to the processing of lithium from spodumene concentrate.
“Together with Lithium Australia we strongly believe that lithium extraction technology and hard rock processing solutions will play a strategic role in the lithium space into the future and we are excited to have partnered with Lithium Australia at this stage of our development. A low cost processing solution is core to our business strategy and combined with our exposure to some of the cheapest industrial power globally in Quebec-Hydro, we believe with the help of Lithium Australia we can strategically position ourselves to be one of the lowest cost lithium producers and a supplier of choice for the North American market.”

Strategic Partnership Agreement

Key terms of the Strategic Partnership Agreement include:

  • MetalsTech will have the right to use and apply LITs proprietary lithium extraction technologies (including Sileach and LieNA) for the processing of its spodumene concentrate from its lithium projects
  • MetalsTech will have exclusivity over LITs lithium extraction technologies within Quebec, Canada
  • Over time, and subject to positive lithium extraction testing, feasibility, offtake and production milestones, MetalsTech will issue LIT various share and option payments
  • LIT will be entitled to a 2% Gross Revenue Royalty on any products (including lithium carbonate and lithium hydroxide) that are produced by MetalsTech using LITs extraction technology
  • LIT shareholders will also be offered a $1 million Priority Offer to subscribe for shares in the upcoming IPO of MetalsTech

Further details can be found from Lithium Australia’s ASX announcement dated 19 October 2016:

Click Here

LIT Priority Offer

The Company is pleased to include a Priority Offer to LIT shareholders in its upcoming IPO. For LIT shareholders, it is an opportunity to gain equity exposure to lithium projects in Quebec, the most exciting hard rock lithium jurisdiction in North America. For MetalsTech, it is an opportunity to welcome a solid base of educated lithium investors to our share register.

About Sileach

LIT has developed a hydrometallurgical process, the Sileach process, for the recovery of lithium from spodumene, the host crystals for MetalsTech’s lithium projects and currently the primary source of hard rock lithium production globally.

Key features of the proprietary process include:

  • universal leaching process for Li ores such as spodumene, micas, jadarite and clays
  • low energy, no roasting required
  • low cost
  • low temperature / atmospheric pressure
  • rapid reaction times

Sileach has demonstrated lithium extractions from alpha-spodumene of up to 92% in 4 hours.



Sileach continuous pilot plant operation, ANSTO Minerals, Lucas Heights, NSW

Initial Public Offering

MetalsTech plans to complete an IPO on the ASX is under ticker code “MTC”.

About MetalsTech

Pure play lithium exploration in Quebec, rated #6 mining jurisdiction in the world by the Fraser Institute and renown for its high grade belts.

MetalsTech is developing a portfolio of new hard rock projects in Quebec prospective for lithium hosted in spodumene bearing pegmatites.

  • The Wells-Lacouciere Project (close to the Quebec Lithium Mine) recently assayed an extraordinary 7.0% Li2O from surface including a 200m2 bulk sample site of 2.87% to 4.0% Li2O.
  • The Cancet Project recently reported 1.71%, 1.85%, 1.94% and 3.79% Li2O from surface assays.
  • The Terre des Montagnes Project (formerly known as Whabouchi East) is contiguous with Nemaska Lithium’s (TSX.NMX) 37.6Mt @ 1.56% Li2O Whabouchi Deposit.
  • The Adina Project recently reported up to 3.12% Li2O in surface assays.

All projects boast excellent infrastructure with access to some of the lowest cost and cleanest power globally in Quebec hydro-power.

Board and management with strong Canadian experience and a track record of delivering world-class projects and strong shareholder returns.