from the ASX...MTC announces structured spinout for its portfolio of lithium assets (Cancet, Adina and Sirmac-Clapier Projects) into a focused new venture after appointing Chris Evans “Executive - Lithium Operations” to facilitate commercialisation strategy.
As part of the spin out, MTC will receive 22 million Vendor Shares, which upon completion of the ASX listing, will be distributed to MTC shareholders as an ln-specie Distribution pro rata with their respective MTC shareholding.
MTC shareholders will also be offered a $2 million priority participation offer in the ASX listing.
MTC has completed a total of 59 drill holes for 5,216 m of diamond drilling at Cancet with significant intersections encountered included MTC 17-015 which intersected 3.71% Li2O and 301 ppm Ta2O5 over 18.00m, including 4.10% Li2O and 114 ppm Ta2O5 over 5.0m and drill hole MTC17-021 which intersected 2.24% Li2O and 310 ppm Ta2O5 over 21.46m, including 3.50% Li2O and 746 ppm Ta2O5 over 8.46m (refer to ASX Announcement dated 9 July 2079 for additional details).
Drilling at the Company’s 1Moz+ Sturec Gold Mine in Slovakia progressing well, with UGA-14 now complete and UGA-15 underway - assays expected within the next few days.
MTC currently assessing commercialisation strategy to enable the Company to advance its high grade lithium assets in Quebec in response to burgeoning battery metals sector and recent strong interest in its lithium assets, enabling it to focus on developing its world class Sturec Gold Mine.
Independent JORC Exploration Target of 15-25Mt @1-2% Li2O + 100-250ppm Ta205 at 100% owned Cancet Lithium Project.
