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.