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.

Lithium sampling program commences at Whabouchi East

MetalsTech is pleased to announce that it has commenced Phase 1 of its 2016 exploration program at the flagship Whabouchi East Lithium Project in Quebec, Canada. Exploration for Q3 and Q4 will consist of:
  • geological mapping and sampling
  • ground-based EM (electromagnetic) survey, trenching and channel sampling
  • exploration diamond drilling
Phase 1 will be completed over a 21 day period, and specifically include:
  • property-wide geological mapping and outcrop sampling
  • samples will be sent to Actlabs for full multi-element and lithium assay
  • geochemical survey results will be used to refine drill targets, with initial results of drilling expected to be released following the Company’s listing on the ASX

Project Highlights

  • Multi-vendor deal to earn up to 100%
  • Excellent road access and infrastructure
  • Dominant ~8,000Ha landholding in James Bay area targeting spodumene-hosted lithium
  • Contiguous with Nemaska Lithium (TSX.V:NMX) world-class Whabouchi Spodumene Mine, the 2nd richest and largest deposit in the world

Whabouchi Mine (NMX)

The Company’s project is immediately contiguous with Nemsaka Lithium’s (TSX.V.NMX) world class Whabouchi Spodumene Mine boasting:
  • ~1,700 ha project
  • 27.3 MT Proven and Probable Reserves
  • average grade 1.53% Li2O
  • CAD$1.9 billion NPV8
  • permitted to 213ktpa concentrate (6%)
  • lithium carbonate and lithium hydroxide
  • investment from Quebec Government
  • market capitalisation >$350 million

Lithium demand

Rapid growth in demand from the lithium battery market from all applications including:
  • mobile devices like cell phones and tablets;
  • e-bikes, hybrid and electric vehicles; and
  • large scale energy storage

Lithium has been one of the strongest performing commodities over the last 12 months due to surging global demand for the lithium-ion battery.

Initial Public Offering

The Company has plans to seek an ASX listing in Q3 2016 to raise up to $6,000,000 through the issue of up to 30,000,000 shares at $0.20 per share:
  • Pre-IPO seed round of $665,000 closes significantly oversubscribed
  • Strong institutional and sophisticated investor support
  • EverBlu Capital Pty Limited appointed Lead Manager to the IPO
  • ASX Reserved Code: MTC