SUMMARY

  • Independent JORC Exploration Target# of 15-25Mt @ 1-2% Li2O + 100-250ppm Ta2O5
  • Shallow high grade mineralisation close to road and electricity infrastructure
  • Resource definition drilling in Q1 2018
  • Initial metallurgical testing demonstrates battery grade spodumene concentrate could be produced from 10mm crush indicating simple low cost DMS gravity separation

Access

  • Located approximately 185 km east of La Grande and bisected by the Trans Taiga Highway with high voltage power near the project

Mineralisation

  • 9,584ha prospective for high-grade lithium hosted in spodumene-bearing pegmatites
  • Recent exploration program designed to locate and resample pegmatite outcrop historically reported to contain blue/green spodumene and elevated levels of lithium
  • Rock chip sampling in 2016 yielded samples of 1.71% Li2O, 1.85% Li2O, 1.94% Li2O and 3.79% Li2O
  • Spodumene crystals ranged between 15cm to 60cm in size
  • Channel sampling program in 2016/2017 defined 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 most of the identified mineralisation
  • Average Li2O across all channels (1.47%) measured higher than the major lithium deposits in Quebec.

Drilling

  • Two phases of drilling completed to date, with drill intersections that include:
DDH ID
From
(m)
Interval (m)
Li2O
(%)
Ta2O5
(ppm)
Comments
MTC17-002
9.00
5.08
2.63
298
4.89% Li2O assay high
MTC17-009
4.02
0.94
1.78
140
 
MTC17-010
4.00
4.00
1.09
65
 
 
18.00
14.00
1.06
96
 
 
38.00
34.00
0.41
444
970 ppm Ta2O5 assay high
Incl.
50.00
6.00
1.72
545
4.50% Li2O assay high
MTC17-011
1.00
3.00
2.93
130
 
MTC17-012
19.00
0.98
1.63
110
 
MTC17-013
18.12
15.88
1.82
171
 
Incl.
25.00
5.00
2.88
126
4.61% Li2O assay high
MTC17-014
21.00
10.00
2.67
333
5.92% Li2O assay high
MTC17-015
8.00
18.00
3.14
284
 
Incl.
12.00
5.00
4.12
118
5.94% Li2O assay high
Incl.
18.00
8.00
3.69
458
5.02% Li2O assay high
MTC17-020
30.45
6.25
3.58
332
5.55% Li2O assay high
MTC17-021
5.00
21.46
2.24
310
 
Incl.
15.00
11.46
3.23
562
6.61% Li2O assay high
or
18.00
8.46
3.50
746
2,000 ppm Ta2O5 assay high
MTC17-022
6.00
17.00
2.06
327
3,490 ppm Ta2O5 assay high
  Incl.
6.00
8.15
3.44
558
5.55% Li2O assay high
MTC17-023
22.59
5.24
1.37
191
2.33% Li2O assay high
MTC17-025
40.98
11.02
2.93
317
5.17% Li2O assay high
or
45.64
7.94
2.25
367
Ta interval
MTC17-034
69.67
7.20
0.02
470
2.26% Li2O assay high, 5,440 ppm Ta2O5 assay high
MTC17-035
55.58
17.20
0.10
171
0.53% Li2O assay high, 380 ppm Ta2O5 assay high
MTC17-038
59.82
7.04
0.00
176
 
MTC17-040
41.00
5.00
2.56
92
4.97% Li2O assay high

Metallurgy

  • Metallurgical test work on 100kg composite drill core sample confirms high grade spodumene in the pegmatite ore body at Cancet
  • Heavy Liquid Separation (HLS) tests on composites crushed to 10mm and 5.6mm showed that Dense Media Separation (DMS) at SG 2.8 could recover 89% to 91% of the lithium at a grade of >6.4% Li2O in 19% of the DMS mass or 16.6% of the overall feed mass.
  • These results show a very high recovery at a coarse crush size is achievable.
  • Simple processing could mean significantly lower CAPEX and OPEX against peers as well as shorter commissioning time
  • Coarse grain premium concentrate – preferred by offtake partners
  • Elevated Ta2O5 across the deposit
  • High Grade Composite (2.35% Li2O) produced a concentrate grade of 6.41% Li2O from 10mm crush indicating simple low cost DMS gravity separation at SG 2.8 will recover 97% of the lithium in 35% of the DMS mass
  • Mid Grade Composite (1.54% Li2O) produced a concentrate grade of 6.12% Li2O from 10mm crush indicating DMS gravity separation at SG 2.8 will recover 95% of the lithium in 24% of the DMS mass
  • Low Grade Composite (1.06% Li2O) produced a concentrate grade of 5.90% Li2O from 10mm crush indicating DMS gravity separation at SG 2.8 will recover 92% of the lithium in 16% of the DMS mass
  • Cancet hosts a clean pegmatite with low iron oxide in assayed drill samples (0.5% to 0.8% Fe2O3) – producing a high purity coarse grain premium spodumene concentrate

High Grade Composite (2.35% Li2O)

SG Fraction
Mass Yield
%
Assay
% Li2O
Lithium Deportment
3.0 sink
29.89%
6.84%
86.68%
3.0 float
2.73%
5.28%
6.10%
2.95 float
0.92%
4.46%
1.75%
2.9 float
2.18%
2.91%
2.69%
2.8 float
3.89%
1.20%
2.00%
2.7 float
45.00%
0.038%
0.73%
2.6 float
15.32%
0.007%
0.05%
2.5 float
0.07%
0.43%
0.01%

Mid Grade Composite (1.54% Li2O)

SG Fraction
Mass Yield
%
Assay
% Li2O
Lithium Deportment
3.0 sink
18.74%
6.76%
82.46%
3.0 float
1.79%
5.15%
5.98%
2.95 float
0.80%
3.90%
2.04%
2.9 float
2.46%
2.72%
4.36%
2.8 float
5.02%
1.13%
3.68%
2.7 float
54.37%
0.04%
1.45%
2.6 float
16.62%
0.002%
0.02%
2.5 float
0.20%
0.06%
0.01%

Low Grade Composite (1.06% Li2O)

SG Fraction
Mass Yield
%
Assay
% Li2O
Lithium Deportment
3.0 sink
11.55%
6.82%
74.41%
3.0 float
1.91%
5.08%
9.19%
2.95 float
0.84%
4.40%
3.50%
2.9 float
2.22%
2.40%
5.02%
2.8 float
5.37%
1.02%
5.17%
2.7 float
63.11%
0.04%
2.50%
2.6 float
14.83%
0.009%
0.13%
2.5 float
0.16%
0.49%
0.07%

Scoping Study

  • Following resource definition, MetalsTech will complete a Scoping Study for Cancet, expected H1 2018

Drilling