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MetalsTech to acquire two high grade cobalt projects in Canada

MetalsTech is set to add cobalt to its lithium-focused portfolio.

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MetalsTech shares are trading above their recent IPO price to $0.22

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.

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ASX:MTC
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Market Cap: $1.72 m
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