The mineralisation occurs at or near surface and extends the high-grade deposit down-dip and east along strike.
As part of Phase II, 19 diamond drill holes were completed with core samples sent for multi-element analysis including lithium and tantalum. The results are expected within three weeks.
The high-grade near surface mineralisation estimates include:
- 16.40 metre pegmatite intersection with a spodumene mineralisation of 30% at 2.10 metres; and
- 12.57 metre pegmatite intersection with a spodumene mineralisation of 20% at 5.4 metres.
MetalsTech recently entered an agreement with Chinese chemicals manufacturer Wuxi Baichuan Chemical Industrial Co Ltd, which has bought a 10% stake in the company.
This will provide the necessary funds to advance resource definition and scoping studies at Cancet as well as maiden drilling at Adina.
A Phase III drill campaign of circa 5,000 metres is now planned to commence in January 2018, which will test the down-dip extensions of the Cancet pegmatite targeting mineralisation at depth.
The company’s share price has doubled over the past three months and closed at $0.30 on Tuesday.