Quarterly Activities Report - 31 December 2017

December 2017 Quarterly Activities Report

MetalsTech Limited (MTC or the Company) is pleased to report its exploration for the quarter ended 31 December 2017. During the quarter, the Company completed a diamond drilling campaign at the 100%-owned Cancet Lithium Project in Quebec, Canada. Planning for the maiden drilling campaign at the 100%-owned Adina Lithium Project was also finalised during the quarter with a 2,000-metre drilling campaign to commence within the next three weeks. The Company also completed a detailed geological review covering each of the lithium assets in Quebec, Canada, with a view to advancing their exploration and development over the coming quarter. A particular focus will be given to the Terre des Montagnes, Kapiwak and Wells-Lacourciere Lithium Projects.
The spin out of the 100%-owned Bay Lake High-Grade Cobalt Project in Ontario, Canada, through iCobalt Limited is advancing following the appointment of Mr David Riekie as the Managing Director and Alto Capital as the Lead Manager to the IPO. iCobalt will be exploring and developing the Bay Lake Cobalt Project as well as (subject to completion of the proposed transaction) the Rusty Lake Cobalt-Nickel-Silver Mine in Ontario, Canada. iCobalt plans to list on the ASX during Q2 of 2018.

HIGHLIGHTS

Cancet Lithium Project
• Exploration Target at the Cancet Lithium Project estimated in the range of 15Mt to 25Mt @ 1.0% to 2.0% Li2O and 100ppm to 250 ppm Ta2O5 (refer to ASX announcement dated 9 November 2017
• Results from Phase II drilling at Cancet included (refer to ASX announcement dated 19 December 2017):

  • MTC17-044 – 5.00m @ 1.83% Li2O from 8.00m depth, including:
    ▪ 1m @ 6.18% Li2O (12.00m to 13.00m); and
    ▪ 2m @ 1.46% Li2O (8.00m to 10.00m)
  • MTC17-049 – 14.96m @ 1.43% Li2O from 1.54m depth, including:
    ▪ 7.96m @ 2.55% Li2O (1.54 to 8.50m)
  • MTC17-050 – 4.35m @ 1.79% Li2O from 18.29m depth, including:
    ▪ 2.18m @ 2.29% Li2O (19.4 m to 21.58m)

• Resource definition drilling to continue at Cancet in mid-2018, after a comprehensive field mapping program. Further drilling designed to extend the strike of the mineralised pegmatite zone as well as further define the mineralisation at depth and drill test additional targets identified through the magnetic survey
• Field mapping, sampling, stripping and trenching of secondary targets, including targets at the newly acquired Cancet East project will also be completed concurrent to the resource definition

Click here to view the full quarterly activities report


September 2017 Quarterly Activities Report

MetalsTech Limited (ASX: MTC) is pleased to report its activities on its 100%-owned Cancet Lithium Project in Quebec, Canada and its 100%-owned Bay Lake High-Grade Cobalt Project in Ontario for the quarter ended 30 September 2017.

Commenting on the quarterly activities, Executive Director Mr Gino D’Anna stated:

“Drilling completed at our Cancet project has demonstrated the project has the potential to host a very high-grade lithium deposit with mineralisation starting at surface. Metallurgical testing has demonstrated that Cancet has the potential to deliver a low-cost, world class operation. Subsequent to the end of the quarter, we entered into a binding agreement with Shenzhen Stock Exchange listed leading hi-tech fine chemicals manufacturer Wuxi Baichuan Chemical Industrial Co Ltd, China, to take a circa 10% stake in our Company. This is a significant validation for our projects and underpins the confidence in our strategy.”

The full ASX announcement can be found by CLICKING HERE

 


June 2017 Quarterly Activities Report

MetalsTech Limited (ASX: MTC) is pleased to report its exploration activities on its 100%-owned Bay Lake High Grade Cobalt Project in Ontario and its 100% owned Cancet High Grade Lithium Project in Quebec, Canada for the quarter ended 30 June 2017.

Commenting on the quarterly activities, Executive Chairman Mr Russell Moran stated:

“In the short five months since our ASX listing we have achieved outstanding exploration success at our high grade lithium and cobalt projects in Canada, where it is our vision to become a North American supplier of choice for the booming battery minerals sector. At Cancet, we have discovered a very high grade lithium deposit close to surface. The host pegmatite is open in all directions and metallurgical testing has demonstrated that if we can grow tonnage through follow up drilling, Cancet has the potential to deliver a low cost world class operation. At Bay Lake, we are hopeful of converting exceptionally high historical cobalt assays into a viable development opportunity that can ultimately deliver a primary high grade cobalt mine. The next twelve months will be a transformative period for both the company and the battery minerals sector and we look forward to delivering on our vision.”

Highlights

  • Spodumene rich pegmatite intersections confirmed from surface at Cancet Lithium Project
  • Exceptional near surface drill intersection assays at Cancet including:
    • 18m @ 3.14% Li2O (MTC17-015 from 8m depth)
    • 11.46m @ 3.23% Li2O (MTC17-021 from 15m depth)
    • 8.15m @ 3.44% Li2O (MTC17-022 from 6m depth)
    • 4.00m @ 4.72% Li2O (MTC17-022 from 9m depth)
    • 6.25m @ 3.58% Li2O (MTC17-020 from 30m depth)
  • Strategic acquisition of an additional 11 contiguous mineral claims to increase the Company’s landholding at the Bay Lake Cobalt Project four-fold to now total 2,744 hectares:
    • in-vein sampling has returned assays of 15.36% Co and surface “dump” pile sampling has returned assays of 2.14% Co
  • Initial metallurgical test work on outcrop sample confirmed high grade spodumene in the mineralised pegmatite body at the Cancet Lithium Project:
    • concentrate grade of 6.24% Li2O produced from 10m crush – indicating that Cancet produces a coarse grain premium concentrate that is preferred by offtake partners
    • simple DMS processing route – indicating lower CAPEX and OPEX opportunity
  • Field exploration program completed at Bay Lake Cobalt Project – designed to better define the cobalt mineralisation and drill target identification
  • $1 million share placement to institutional investors to accelerate exploration and development at both the Bay Lake Cobalt Project and the Cancet Lithium Project
  • Representative split drill core metallurgical test-work program provided exceptional results:
    • concentrate produced with a grade of 6.4% Li2O from a 10mm crush using DMS at an SG2.8 with recovery of up to 91% of the lithium from 19% of the DMS mass
    • coarse grain premium concentrate – preferred by offtake partners

The full announcement can be found by CLICKING HERE


June 2017 Quarterly Cashflow Report

The full ASX announcement can be found by CLICKING HERE