Response to ASX Price Query

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Additional High-Grade Lithium Intersected at Cancet, with 3.23% Li2O over 11.46 metres

Cobalt and lithium explorer MetalsTech Limited (ASX: MTC) (the “Company”) is pleased to announce the remaining drill results from the winter program recently completed at the Company’s 100%-owned Cancet Lithium Project (the “Project” or “Property”), located in the James Bay Region of Quebec, Canada.

Highlights include:

  • MTC17-021 – 21.46 m @ 2.24% Li2O and 310 ppm Ta2O5 from 5 m depth, including:
    11.46 m @ 3.23% Li2O (15.00 m to 26.46 m); or
    ▪ 3.01 m @ 4.82% Li2O (16.99 m to 20.00 m); and
    ▪ a sample high of 6.61% Li2O at 18 m depth
  • MTC17-022 – 17.00 m @ 2.06% Li2O and 327 ppm Ta2O5 from 6 m depth, including:
    8.15 m @ 3.44% Li2O and 558 ppm Ta2O5 (6.00 to 14.15 m); or
    ▪ 4.00 m @ 4.72% Li2O (9.02 m to 13.02 m); and
    ▪ a sample high of 5.55% Li2O at 10 m depth
  • MTC17-013 – 15.88 m @ 1.82% Li2O and 171 ppm Ta2O5 from 18.12 m depth, including:
    ▪ 5.00 m @ 2.88% Li2O and 126 ppm Ta2O5 (25.00 m to 30.00 m); and
    ▪ a sample high of 4.61% Li2O at 25 m depth
  • MTC17-020 – 6.25 m @ 3.58% Li2O and 332 ppm Ta2O5
  • MTC17-025 – 11.02 m @ 2.93% Li2O and 317 ppm Ta2O5
  • MTC17-014 – 10.00 m @ 2.67% Li2O and 333 ppm Ta2O5 from 21 m depth, including a sample high of 5.92% Li2O at 27 m depth
  • MTC17-040 – 5.00 m @ 2.56% Li2O and 92 ppm Ta2O5

The mineralised pegmatite body is open in all directions with a total defined strike length of the host pegmatite body of ~1.2 km. In addition to the encouraging lithium grades intersected near surface, significant tantalum mineralisation continued to be intersected. Drill hole MTC17-010 returned 444 ppm Ta2O5 over 34 m including a peak sample assay of 970 ppm Ta2O5. The zonation of the lithium and tantalum within the mineralised body at Cancet is not yet well-understood, with geological modelling ongoing to further define the relationship.

A LIDAR and orthophoto survey has recently been completed over the Property with processing and final deliverables expected in early July. The survey will provide high-accuracy topographic control to assist with geologic and resource modelling, as well as support regional prospecting work and the Phase II drill program planned for next quarter.

Commenting on recent results, Executive Chairman Mr Russell Moran stated:

“These assays support our thesis that Cancet has the potential to host a high-grade lithium deposit very close to surface. We are eagerly awaiting the results from the metallurgy and mineralogy testing on select drill core which we hope will indicate a simple and low-cost conventional processing opportunity, and support ongoing offtake and strategic partner discussions. Cancet is located only a few kilometres from low-cost hydro-power and an existing regional all-weather road, thus, if sufficient resources are defined, we will be well positioned with a highly attractive asset to further develop”

The full announcement can be found by CLICKING HERE

Trading Halt

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MTC Commences Exploration at High Grade Bay Lake Cobalt Project

Cobalt and Lithium developer MetalsTech Limited (ASX: MTC) is pleased to announce it has mobilised geological field crew to it’s 100% owned Bay Lake High Grade Cobalt Project located in Ontario, Canada.


  • Geological field crew mobilised to Bay Lake to undertake mapping and sampling of exploration shafts within the project area as well as historical exploration trenches and pits
  • Maiden exploration field program will define the potential high grade cobalt mineralisation within the project and form the foundation for drill target identification
  • Bay Lake is located 10km SSW of the Historic Cobalt Mining Camp of Cobalt Township and has historically 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”)
  • The Company has significantly expanded the Bay Lake project through tenement acquisitions, including strategic mineral claims that are similarly host to exploration shafts and pits, including the Price Prospect where historic sampling of surface “dump” material historically assayed 2.14% Co, 0.11% Cu, 0.48 g/t Au and 1,740 g/t Ag (refer to ASX announcement dated 16 May 2017 and titled “MetalsTech Expands High Grade Bay Lake Cobalt Project”)
  • Field exploration will be complemented with an Airborne Magnetic (Quadrimag / EM) and VLFEM survey as part of the Phase II exploration campaign as a pre-cursor to drilling to better define the structural geology of the project
  • Laboratory assays for the Cancet Lithium Project are currently being finalised through ActLabs with strong results expected

Commenting on the commencement of exploration at Bay Lake, Executive Director Mr Gino D’Anna stated:

“The Cobalt Mining Camp region is geologically rich and was once the pre-eminent source of high grade silver and cobalt production in Canada. Bay Lake boasts a large number of historical surface and underground mine workings with assays from mine shaft sampling exceeding 15% cobalt and sampling of surface dumps exceeding 2% cobalt. This initial phase of exploration will sample surface stock piles that lie adjacent to historical exploration shafts, pits and trenches as well as assisting our geological team to define drill targets within the high grade silver and cobalt mineralisation.”

The full announcement can be found by CLICKING HERE