Acquisition of High Grade Rusty Lake Cobalt-Silver Mine

iCobalt Secures Option to Acquire High Grade Cobalt-Silver Mine

Lithium and cobalt developer MetalsTech Limited (ASX:MTC) is pleased to announce that the Company’s wholly owned subsidiary iCobalt Limited, which it intends to separately list on the ASX in Q1 2018 (iCobalt), has signed a binding option agreement to acquire 100% of the Rusty Lake High Grade Cobalt-Silver Mine located near the Gowganda Township in Ontario, Canada.

Highlights:

  • Option to acquire 100% interest in 52 mining claims for 816 hectares including the historical silver and cobalt producing Rusty Lake Mine which operated between 1910-1913, 1936-1938 and 1964-1966
  • 540 hectares of the project area covers the Nipissing Diabase which is the target geological structure for high grade cobalt, silver and nickel within the area
  • Excellent infrastructure surrounding the project with historical mining activity and located 15km south of the town of Gowganda, Ontario with all-weather road access
  • Recent surface sampling at the Rusty Lake Mine yielded the following assays:
  • 38% Co, 85.7g/t, Ag, 2.08% Ni (stockpile off main mine shaft) – sample Q297453
  • 08% Co, 3540g/t Ag, 8.64% Ni (stockpile off main mine shaft) – sample Q297454
  • 26% Co, 478g/t Ag, 1.31% Ni (stockpile off main mine shaft) – sample Q297455
  • 04% Co, 38.9g/t Ag, 1.6% Ni (stockpile off main mine shaft) – sample Q297456
  • 85% Co, >10,000g/t Ag, 2.97% Ni (angular boulder) – sample Q297458
  • 92% Co, >10,000g/t Ag, 3.93% Ni (angular boulder) – sample Q297457
  • 33% Co, 69.1g/t Ag, 4.79% Ni (stockpile grab coarse) – sample Q297459
  • 8% Co, 34.8g/t Ag, 3.93% Ni (stockpile grab coarse) – sample Q297460
  • 08% Co, 19.4g/t Ag, 0.44% Ni (angular boulder) – sample Q297451
  • 65% Co, 44.4g/t Ag, 0.48% Ni (angular boulder) – sample Q297452

o  1.47% Co, 30.9g/t Ag, 3.52% Ni (NE trench) – sample Q297465

  • AMC Consultants conducting final stages of technical due diligence
  • Attractive share consideration weighted acquisition structure
  • Alto Capital appointed Lead Manager to the iCobalt spinout with MetalsTech shareholders to receive a Priority Offer as well as exposure to a potential in-specie distribution of iCobalt shares

The full ASX announcement can be found by CLICKING HERE


Appendix 3B (Escrow Release)

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Response to ASX Price Query

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Trading Halt

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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

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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