Proactiveinvestors Australia MetalsTech Ltd Proactiveinvestors Australia MetalsTech Ltd RSS feed en Mon, 22 Jul 2019 03:59:55 +1000 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[News - MetalsTech has diamond bit spinning as it drills cobalt targets at Rusty Lake ]]> MetalsTech Ltd (ASX:MTC) has the diamond drill bit spinning in a phase I drilling program at its Rusty Lake Cobalt-Silver-Nickel Project in Ontario, Canada.

A diamond core program will comprise about 1,250 metres and will continue for six weeks.

Initial results expected late October

The first hole has been completed with samples dispatched to the lab for analysis and initial results are expected in late October.

MetalsTech’s technical director Dr Quinton Hills said, “The drilling program at Rusty Lake is designed to confirm the quality of existing known cobalt mineralisation and test extensional drilling along strike.

“We are confident there is potential for significant cobalt mineralisation.”

Historical production

Production of silver and cobalt has been demonstrated in historical mining records, which provide MetalsTech with high-grade targets and zones of high prospectivity requiring follow-up drilling.

The current drilling program is focusing on the known mineralised zone that was previously mined to a shallow depth of around 50 metres below surface.

It will cover 400 metres of strike length and has been planned to intersect mineralisation below old mine shafts.

Drill collars and trace over a magnetic geophysical survey.

The prevalence of previous workings, including costeans, trenches and shafts indicates the presence of more than 1.5 kilometres of potential strike.

Samples taken from a waste dump indicate high-grade mineralisation.

MetalsTech said Rusty Lake represented an under-explored brownfields exploration project with a number of walk-up drill targets hosted within favourable geology and with the benefit of previous mining activity.

Mon, 01 Oct 2018 14:22:00 +1000
<![CDATA[News - MetalsTech prepares to spin out Canadian cobalt asset ]]> MetalsTech Ltd (ASX:MTC) is preparing details in relation to the spin out and ASX listing of iCobalt, with a priority offer to be given to the company's shareholders.

iCobalt focus on the high-grade Bay Lake Cobalt Project in Ontario, Canada.

The spin out is planned for the first half of 2018.

The halt will remain in place until the opening of trade on Friday 29th December 2017, or earlier if an announcement is made to the market.

Wed, 27 Dec 2017 10:33:00 +1100
<![CDATA[News - MetalsTech prepares for lithium drilling at Adina ]]> MetalsTech Ltd (ASX:MTC), a hard rock lithium explorer and developer has assessed assay results from its recent drilling campaign completed at the Cancet Lithium Project.

The project which is located in the James Bay region of Quebec has demonstrated near surface high grade mineralisation.

Recent drilling featured 5 metres at 1.8% lithium from 8 metres, as well as a sizeable 15 metre intersection at 1.4% lithium at a shallow depth of 1.5 metres.

Resource definition planned for mid-2018

The coming 12 months is shaping up as an important period for the company.

Resource definition drilling is planned at Cancet in mid-2018, which is designed to extend the strike of the pegmatite zone, as well as further defining mineralisation at depth.

The company will also be testing additional targets identified through magnetic surveying.

Adina Lithium Project an unknown quantity

In the interim, a maiden diamond drilling campaign will be underway at the Adina lithium project.

This should be in progress through February 2018, and is designed to test 2 kilometres of outcropping pegmatite where surface outcrop has assayed up to 3.1% lithium.

There is also a broader scope of works to be completed at Cancet outside of the immediate lithium focused drilling.

In addition to the high lithium grades intersected, significant tantalum mineralisation has also been identified, and modelling is in progress to define the geological relationship.

Wed, 20 Dec 2017 11:32:00 +1100
<![CDATA[News - MetalsTech confirms strong spodumene values at Cancet Lithium Project ]]> MetalsTech Ltd (ASX:MTC) has revealed strong spodumene modal estimates from its recent 1,275 metre diamond drilling program at the Cancet Lithium Project in Quebec, Canada.

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.

Wed, 15 Nov 2017 08:11:00 +1100
<![CDATA[News - MetalsTech receives interest from lithium-ion battery chemicals manufacturer ]]> MetalsTech Ltd (ASX:MTC) has attracted a publicly listed lithium-ion battery chemicals manufacturer as a cornerstone investor.

No additional details have yet been released, and the ASX has granted the company a trading halt to prepare.

MetalsTech is a hard rock lithium and cobalt exploration company with a portfolio of high grade assets in Quebec and Ontario, Canada.

The Cancet Lithium Project boasts potential to deliver a high grade, near surface lithium mine.

The halt will remain in place until the opening of trade on Thursday 26th October 2017, or earlier if an announcement is made to the market.

Tue, 24 Oct 2017 09:37:00 +1100
<![CDATA[News - MetalsTech reveals high-grade cobalt samples in Ontario, Canada ]]> MetalsTech’s (ASX:MTC) sampling program has confirmed the presence of high grade cobalt mineralisation at its Bay Lake Cobalt Project in Ontario, Canada.

Bay Lake is located 10 kilometres southwest of the historical Cobalt Mining Camp in the Cobalt Township on the eastern shore of Bay Lake in Coleman Township.

Significant results from the program includes:

- 1.17% cobalt and 7.7 g/t silver recovered from a surface “dump” pile at the Van Chester (Last Chance) Prospect;
- 0.40% cobalt recovered at the historic Price Prospect exploration pit where historic sampling of a surface “dump” pile returned 2.14% cobalt and 1,740 g/t silver;
- 0.61%, 0.34% and 0.15% cobalt were recovered surrounding the historic Bay Lake exploration shaft where earlier in-vein sampling of the cobaltite vein below the ground assayed 15.36% cobalt; and
- 3.45 g/t gold and 44.5 g/t silver also recovered around the Bay Lake exploration shaft and pit suggesting the potential for copper-silver-gold in the area.

The results from MetalsTech’s recent field program has confirmed the potential for both high grade cobalt hosted within calcite veins as well as disseminated cobalt bearing mineralisation at surface.

The next stage of development includes the final interpretation of recent magnetic surveys before commencing a follow-up field program and the company’s maiden drilling campaign.

Thu, 17 Aug 2017 11:03:00 +1000
<![CDATA[News - MetalsTech to reveal lithium results from Canada ]]> MetalsTech (ASX:MTC) has been granted a trading halt by the ASX, pending the receipt of the second batch of laboratory assay results from the Phase I drill campaign at the Cancet Lithium Project located in Quebec, Canada.

The halt will remain in place until the opening of trade on Friday 30th June 2017, or earlier if an announcement is made to the market.

Thu, 29 Jun 2017 08:30:00 +1000
<![CDATA[News - MetalsTech shares rise on confirming lithium potential at Cancet ]]> MetalsTech (ASX:MTC) has confirmed spodumene-rich pegmatite intersections from the first phase diamond drilling program at its Cancet Lithium Project in Quebec, Canada.

The company’s shares were last trading 9.5% higher intra-day on Thursday, at A$0.23.

The heavily mineralised pegmatites in multiple drill holes at Cancet (starting at surface) suggests the presence of high-grade lithium with low operating-cost open cut mining potential.

Exceptional near surface drilling results were encountered, including:

- 57 metres with a spodumene mineralisation estimate of 20% from 15 metres; and
- 27.5 metres with a spodumene mineralisation estimate of 45% from surface.

The estimate of the spodumene mineralisation is based on visual estimates from accredited technical geologists. Assays results are awaited.

MetalsTech has now mapped the main pegmatite structure over a significant strike length which remains open along strike in both directions.

The balance of phase one drilling is expected to be completed within the next week as the company is awaiting its first batch of assay results.

Additional mechanised trenching and detailed surface mapping are planned in June 2017 to support the design of an efficient step-out drilling program to support phase two drilling in the lead up to resource definition.

MetalsTech had a cash balance of A$2.75 million as at 31 March 2017.

Thu, 04 May 2017 14:30:00 +1000
<![CDATA[News - MetalsTech to acquire two high grade cobalt projects in Canada ]]> MetalsTech (ASX:MTC) has entered into two binding option agreements to acquire a 100% interest in each of the New Athona Cobalt Project and Bay Lake Cobalt Project located in Ontario, Canada.

A C$20,000 cash deposit has been paid for each project and the 45-day due diligence period has commenced.

The New Athona Cobalt Project covers 4.32 square kilometres and features historical assays up to 2.96% cobalt and up to 2% copper.

The Bay Lake Cobalt Project covers 6.72 square kilometres and features historical assays up to 15.36% cobalt in cobalt-rich veins.

The proposed high grade cobalt acquisitions complement MetalsTech’s strategy to position itself to become a low-cost producer of strategic commodities for the growing lithium-ion battery and energy storage markets.

If MetalsTech proceeds with the purchases it will make a cash payment of C$80,000 and issue 125,000 shares for each project.

At the company’s 100%-owned Cancet Lithium Project in Canada, a 4,000 metre diamond program is set to commence in the coming days.

Drilling is following up assay results of up to 5.58% lithium oxide in channel sampling.

MetalsTech listed on the ASX in late February after raising $4.3 million in an initial public offering of shares priced at $0.20.

Fri, 17 Mar 2017 05:00:00 +1100