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

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