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.