SUMMARY

  • Rusty Lake historically produced cobalt, silver and nickel
  • Located near the Gowganda township in Ontario, Canada
  • MetalsTech acquired 52 mining claims covering 816 hectares, with 540 hectares covering the Nipissing Diabase, a geological structure for high-grade cobalt, silver and nickel

Overview

The Rusty Lake Project is located in the Leith township, 30km south of the Gowganda Mining camp and about 70km from the Company’s Bay Lake high-grade cobalt project. It historically produced an estimated 58 million ounces of silver and at least 1.3 million pounds of cobalt (additional cobalt production may not have been reported). The project comprises 52 mining claims including the No 1-4 mining shafts within the historical mining operation.

Mine site sampling in May 2017 to ascertain the quality of cobalt mineralisation associated with silver ore at the mine returned assay results including:

  • 38% Co, 85.7g/t Ag, 2.08% Ni
  • 08% Co, 3540g/t Ag, 8.64% Ni
  • 26% Co, 478g/t Ag, 1.31% Ni
  • 85% Co, >10,000g/t Ag, 2.97% Ni
  • 92% Co, >10,000g/t Ag, 3.93% Ni.

Since acquiring the project, MetalsTech has completed rock-chip sampling, which returned assays up to 7.19% Co, 3.92% Cu and 0.58% Ni and commenced a ground geophysical surveys program. The geophysics program is a precursor to diamond drilling to test the Rusty Lake cobalt mineralisation at depth and along strike of the former mine which was abandoned in 1966.