Assays Confirm High Grade Intersections at Cancet

18m @ 3.71% Li2O and 301 ppm Ta2O5 from 8m Depth at Cancet

Cobalt and lithium developer MetalsTech Limited (ASX:MTC) is pleased to announce exceptional drill intersection assays at the Company’s 100%-owned Cancet Lithium Project in Quebec, Canada.

Highlights:

  • Exceptional near surface drill assay results from the first batch of drill core assayed which comprised of two prioritised drill holes:
    • MTC17-015 assayed 18.00m @ 3.71% Li2O and 301 ppm Ta2O5 from 8m depthincluding:
      • 5.00m @ 4.10% Li2O and 114 ppm Ta2O5 from 12m; and
      • 8.00m @ 3.59% Li2O and 489 ppm Ta2O5 from 18m
    • MTC17-002 assayed 5.08m @ 2.67% Li2O and 323 ppm Ta2O5 from 9m depth;including:
      • 2.08m @ 4.78% Li2O and 614 ppm Ta2O5 from 12m
    • Assays from second batch of drill holes expected over the coming weeks
    • Ore profiling and initial metallurgical test work now completed by NAGROM and Primero – report with complete analytical results expected shortly
    • Drilling continues to extend strike of the mineralised pegmatite

Commenting on recent results, Executive Director Mr Gino D’Anna stated:

These results confirm our thesis that Cancet has the potential to host an exceptionally high grade lithium deposit very close to surface. It is located only a few kilometres from low cost hydro-power and an existing provincial highway, so if we continue to extend strike and grow tonnes, we will be well positioned to deliver a world class low cost mine.

The fulll announcement can be found by CLICKING HERE


Spodumene Rich Pegmatite Intersections Confirmed From Surface at MetalsTech’s Cancet Lithium Project

Cobalt and lithium developer MetalsTech Limited (ASX:MTC) is pleased to announce exceptional results from its first phase diamond drilling exploration program at the Company’s 100%-owned Cancet Lithium Project in Quebec, Canada.

Highlights:
•    Heavily spodumene mineralised pegmatite confirmed in multiple drill holes at Cancet starting at surface suggesting the presence of a high-grade lithium mineralised pegmatite structure with low operating-cost open cut mining potential
•    25 diamond drill holes reported with 220 diamond drill core samples sent to Activation Laboratories in Ontario for multi-element analysis including lithium and tantalum – results expected in the coming weeks
•    Exceptional near surface drilling results have been encountered, including:
o    57.0m (from 15.0m to 72.0m) mineralised pegmatite intersection within hole MTC17-010 with a spodumene mineralisation estimate of 20%
o    27.5m (from 0.0m to 27.5m) mineralised pegmatite intersection within hole MTC17-015 with a spodumene mineralisation estimate of 45%
o    26.4m (from 0.0m to 26.4m) mineralised pegmatite intersection within hole MTC17-021 with a spodumene mineralisation estimate of 20%
o    25.3m (from 28.5m to 53.8m) mineralised pegmatite intersection within hole MTC17-025 with a spodumene mineralisation estimate of 25%
o    24.0m (from 18.0m to 42.0m) mineralised pegmatite intersection within hole MTC17-013 with a spodumene mineralisation estimate of 25%
o    20.0m (from 0.0m to 20.0m) mineralised pegmatite intersection within hole MTC17-022 with a spodumene mineralisation estimate of 15%
o    17.4m (from 0.0m to 17.4m) mineralised pegmatite intersection within hole MTC17-011 with a spodumene mineralisation estimate of 15%
•    All lithium mineralisation contained in spodumene and main pegmatite zone remains open along strike in both directions
•    Additional spodumene-bearing pegmatite outcrops have been uncovered during trail and drill site  preparation, suggesting significant  exploration upside
•    Ore profiling and initial metallurgical test work underway with NAGROM and Primero – results expected in the coming weeks

The full announcement can be found by CLICKING HERE


March 2017 Quarterly Cashflow Report

The full announcement can be found by CLICKING HERE


March 2017 Quarterly Activities Report

MetalsTech Limited (ASX: MTC) is pleased to report its activities for the quarter ended 31 March 2017.

Highlights

•    Commenced trading on the Australian Securities Exchange (ASX) following successful completion of IPO which raised approximately $4.3 million
•    Drilling permit approvals obtained for both the Cancet and Adina lithium projects
•    Resource definition drilling underway at the 100% owned Cancet Lithium Project, where up to 5.58% Li2O has been assayed in drill target zones at surface (refer to ASX announcement dated 2 March 2017 and titled “Up to 5.58% Li2O in Drill Target Zone at MTC Cancet Project”)
•    Completion of the acquisition of high grade Bay Lake Cobalt Project in Ontario, where assays include up to 15.36% Co in historical mine workings (refer to ASX announcement dated 16 March 2017 and titled “MetalsTech to Acquire Two High Grade Cobalt Projects”)
•    Drilling results for the first 26 diamond core holes at Cancet expected in the next week where significant spodumene mineralised drill intersections have been encountered starting from surface
•    MetalsTech on-track to deliver maiden resource and scoping study at Cancet Lithium Project

A full copy of the announcement can be found by CLICKING HERE


MetalsTech Settles Acquisition of Bay Lake High Grade Cobalt Project

Cobalt and lithium developer MetalsTech Limited (ASX:MTC) is pleased to announce it has settled the 100% acquisition of the Bay Lake High Grade Cobalt Project located in Ontario, Canada.

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

“With the acquisition of Bay Lake now settled, we are accelerating Phase I exploration. Cobalt and lithium play a crucial role in the rapidly growing lithium ion battery sector and MetalsTech has secured a strategic portfolio of high grade projects in Canada.

Phase I exploration at Bay Lake will include regional scale mapping and sampling along the highly prospective Nipissing Diabase as well as within the project’s historical mining shafts and adits which have 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”). Phase I will also include an airborne Electromagnetic and Induced Polarisation survey as a precursor to drill target identification and subsequent maiden drilling.

The Company intends to expand its cobalt exposure through the acquisition of additional ground in and around the Town of Cobalt where Bay Lake is located, and expects to update stakeholders in the coming weeks.

A full copy of the announcement can be found by CLICKING HERE


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.

Highlights:

  • 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.

Highlights

  • 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.

Highlights:

  • 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.

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


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: