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.

Highlights

  • 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

by Russell

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:

 

by Russell

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_1

LIT_pilot

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.

by Russell