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HTM Quarterly Activities Report for the Period Ending 30 September 2023
High-Tech Metals Limited (ASX: HTM) (High-Tech, HTM or the Company) is pleased to provide the following report on its activities during the quarter ending 30 September 2023. The Company’s primary activities during the quarter were the mapping and sampling program at the wholly owned Werner Lake Project (Werner Lake, or the Project) located in northwestern Ontario and acquisition of the Norpax Deposit (Norpax).
High-grade nickel sulphide (greater than 1% Ni) rock chips sampled at Werner Lake, which has predominately been explored for cobalt and copper previously, also returned high grade samples including 6.22% Cu and >1% Co.
Additionally, more than 12 samples exceeded grades of 1% cobalt or 1% copper (exceeded upper detection limit) including individual sample results of:
- Sample F0015125 - 6.22% Cu and 0.5% Co;
- Sample F0015010 - 3.48% Cu and >1% Ni;
- Sample F0014501 - >1% Co and 0.2% Cu; and
- Sample F0015073 - >1% Ni and 0.8% Cu.
The HTM field team collected 209 rock samples over the course of June and July that greatly assisted in delineating the Ni-Cu-Co drill targets.
The Company has significantly increased its exposure to nickel sulphides and copper through the acquisition of Norpax and option of Reynar Lake Projects.
- A historical non-JORC compliant resource of 1,010,000 tonnes 1.2% Ni and 0.5% Cu1.*
*The historical estimates are not reported in accordance with the JORC codes. A competent person has not completed sufficient work to classify the historical estimates as a mineral resource in accordance with JORC Code. It is uncertain that following further exploration work that the historical estimates will be able to be reported as mineral resources within the JORC Code.
- The area has a rich history in nickel sulphide mines with the old Gordon Lake Mine located 3.5 km to the East of Werner Lake, which produced 1,370,285 tons averaging 0.92% Ni and 0.47% Cu and has existing reserves of 170,420 tonnes averaging 0.85% Ni and 0.35% Cu2.
Reynar Lake Project:
- Reynar Lake Project immediately adjoins HTM’s Werner Lake Project.
- The ground is highly prospective for Ni, Cu and Co and should the option be exercised, it will provide HTM with additional landholding to potentially increase its cobalt Resource and explore for additional nickel sulphide mineralisation.
During the quarter, High-Tech announced that significant results were achieved through the Ni- Cu-Co geochemical assessment of 209 rock samples collected during the 2023 field season at Werner Lake (Please refer to ASX Announcement dated 30 August 2023).
The results were extremely encouraging for Werner Lake and confirm the Cu-Co potential of the Project, as well as the discovery of high-grade nickel sulphide at surface. With 209 samples taken as part of the program, more than 12 samples exceeded grades of 1% cobalt or 1% copper (exceeded upper detection limit) including individual sample results of:
- Sample F0015125 - 6.22% Cu and 0.5% Co;
- Sample F0015010 - 3.48% Cu and >1% Ni;
- Sample F0014501 - >1% Co and 0.2% Cu; and,
- Sample F0015073 - >1% Ni and 0.8% Cu.
Targeted lithologies included intrusive mafic and ultramafic rocks with variable amounts of sulphide (pyrite, pyrrhotite, pentlandite, and chalcopyrite) including some semi-massive concentrations. Samples were analysed for precious metals by fire assay and inductively coupled plasma-atomic emission spectrometry (ICP-AES) finish, base metals by ICP-mass spectrometry (ICP-MS) and for copper over-limit by ICP finish. The analysis was aimed at identifying areas of interest for further geological assessment for (but not limited to) Co-Ni-Cu mineralisation.
Figure 1 – Sample F0015010 – 3.48% Cu and >1% Ni – Semi-massive pyrite-pyrrhotite-pentlandite.
Figure 2 - Sample F0015073 - >1% Ni and 0.8% Cu – Chlorite-altered gabbro with pyrrhotite, pentlandite and chalcopyrite.
Norpax Acquisition and Reynar Lake Option
High-Tech announced on 6 September 2023 that it had entered into an agreement to acquire the Norpax and purchased an option to acquire the Reynar Lake Project (Reynar Lake) (Together, the Projects). The Projects are located in Ontario, Canada and are directly west and adjoin the Company’s existing project at Werner Lake.
The acquisition of the Projects increases HTM’s landholding in the Werner Lake Area and the Company’s exposure to battery metals such as copper, cobalt, and nickel.
Norpax consist of one mining claim covering an area of 1.11km2, which is approximately 1km west of the HTM Werner Lake property and 6km east of the Manitoba-Ontario Boarder and has a historic resource of 1,010,000 tonnes 1.2% Ni and 0.5% Cu2 (Refer to ASX Announcement dated 6 September 2023).*
*The historical estimates are not reported in accordance with the JORC codes. A competent person has not done sufficient work to classify the historical estimates as a mineral resource in accordance with JORC Code. It is uncertain that following further exploration work that the historical estimates will be able to be reported as mineral resources within the JORC Code
The Company intends to continue to review all available date on the Project and design an exploration program that will move towards a JORC 2012 compliant Mineral Resource Estimate (MRE).
This article includes content from High-Tech Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
High-Tech Metals Limited (ASX:HTM) is an exploration and development mining company focusing on its Canadian cobalt asset in the Kenora Mining District. The company’s Werner Lake project has received no previous modern exploration, creating blue-sky potential as High-Tech leverages new technologies and techniques. Additionally, High-Tech Metals is a well-structured entity from a capital perspective, with a highly experienced team of experts leading the company towards its goals. Toby Hughes was appointed to lead the exploration team and improve the value of the Werner Lake project.Cobalt is widely used in various applications due to its unique high-temperature and magnetic properties. Historically, cobalt has been used in jet turbines, electroplating and alloyed with nickel to make powerful magnets. Now, cobalt demand is skyrocketing as electric vehicles (EVs) increasingly take a big chunk of the market. EVs are projected to consume 320 kilotons of cobalt by 2030, about 84 percent of the total cobalt demand.
The Werner Lake project is near the Ontario-Manitoba border and is on the Werner Lake Geological Belt, known for hosting cobalt-copper and base metal deposits. The region has undergone continual exploration and production since cobalt was discovered in 1921.
Canada has the sixth largest cobalt reserves globally and both Ontario and Newfoundland and Labrador produce more than 1,000 metric tonnes of cobalt annually. In addition, Canada hosts many of the world’s top mining jurisdictions due to its mining-friendly policies, which will allow High-Tech Metals to streamline exploration and move towards production.
High-Tech’s project was explored in the 1930s and 1940s, then was taken into production in the 1990s. Results from historical exploration and production informed the project’s current JORC-compliant resource estimate of 720,000 pounds (lbs) at 0.52 percent cobalt. While encouraging, the team also believes there is a significant exploration of upside potential by leveraging modern tools and techniques.
High-Tech Metals has taken steps to expand its portfolio, securing an agreement to acquire the Norpax Deposit and an option to purchase the Reynar Lake Project, located in Ontario, Canada. The projects are directly west and adjoin the company’s Werner Lake Project The Norpax Nickel Sulphide Deposit has a historical non-JORC compliant resource of 1.01 million tonnes of 1.2 percent nickel and 0.5 percent copper. The Reynar Lake Project is highly prospective for nickel, copper and cobalt which could potentially provide HTM with additional landholding and increase its cobalt resource and explore for additional nickel sulphide mineralisation.
- High-Tech Metals is an exploration and development mining company exploring its underexplored cobalt asset in Canada.
- The company is a well-structured entity from a capital perspective, with the right management team in place to realize the potential of its assets.
- The Werner Lake Cobalt Project has seen some historical exploration and production but has not been explored with modern exploration techniques and technologies, creating upside potential for additional discoveries.
- Renowned geologist Toby Hughes leads the exploration team.
- Cobalt is currently used throughout a wide range of applications, and the growth of renewable technologies will continually drive up demand for the metal.
- The Werner Lake project is located on the Ontario-Manitoba border in a prolific mining district with an existing road network to facilitate future transportation.
- The company’s asset has a current JORC-compliant resource estimate of 720,000 lbs of ore at 0.52 percent cobalt.
- An experienced management team leads the company towards fully exploring its cobalt asset.
Werner Lake Cobalt Project
The company’s cobalt project sits on the Ontario-Manitoba border in the Kenora Mining District, a region known for cobalt, copper and other base metals. The Werner Lake project has some historical exploration and production but has not received any exploration using modern technologies and techniques. High-Tech Metals is currently preparing for its initial geophysics exploration campaign.
- Encouraging Mineral Resource Estimate: The Werner Lake project has a current JORC-compliant resource estimate of 720,000 lbs at 0.52 percent cobalt. This optimistic estimate demonstrates the presence of cobalt, yet the exploration team believes there is tremendous potential to expand known deposits.
- Favorable Geological Formations: The Werner Lake Geological Belt, where the company's project is located, hosts numerous cobalt-copper and base metal showings. Additionally, the region contains multiple past-producing mines, which indicates its potential.
- Exploration Expertise: Renowned exploration expert Toby Hughes leads the exploration team. High-Tech Metals hopes to expand known deposits to improve the value of its asset.
- Significant Assay Results from Summer Sampling Program: High-Tech Metals collected approximately 209 rock samples which returned high-grade nickel sulphide (greater than 1 percent Ni) rock chips, which have predominantly been explored for cobalt and copper, also returned high-grade samples including 6.22 percent copper and >1 percent cobalt.
Charles Thomas - Non-executive Chairman
Charles Thomas is an executive director and founding partner of GTT Ventures a leading boutique corporate advisory firm based in Australia. Thomas holds a Bachelor of Commerce from UWA majoring in corporate finance. Thomas has worked in the financial service industry for more than 17 years and has extensive experience in capital markets as well as the structuring of corporate transactions. Thomas has significant experience sitting on numerous ASX boards spanning the mining, resources and technology space. Thomas is currently non-executive director of Chase Mining Corporation (ASX:CML), non-executive chairman of Viking Mines Ltd (ASX.VKA) and executive chairman of Marquee Resources Limited (ASX:MQR).
Sonu Cheema - Executive Director
Sonu Cheema is a director at Cicero Group Pty Ltd and has over 12 years of experience working with public and private companies in Australia and abroad. Roles and responsibilities include financial control, preparation of statutory financial reporting, investor relations, initial public offers (IPO), reverse takeovers (RTO), management of capital raising activities, project management and audit management. Cheema currently serves as a non-executive director and company secretary for Avira Resources (ASX:AVW) and Austin Metals (ASX:AYT).
Quinton Meyers - Non-executive Director & Company Secretary
Quinton Meyers has over six years of experience working in the equities markets in the capacity of a stockbroker, company secretary and accountant for multiple ASX-listed companies gaining exposure to the resource, oil and gas and technology sectors. During this time, Meyers has worked on multiple initial public offers, reverse takeovers, equity capital markets transactions, while developing his knowledge of the ASX Listing Rules and Corporations Act.
Meyers holds a Bachelor of Commerce in accounting and finance from Curtin University, a Graduate Diploma in financial planning and is a member of the Chartered Accountants Australian & New Zealand.
Toby Hughes - Leader of Exploration
Toby Hughes is a professional geologist having worked in mineral exploration for more than 40 years, with experience in orogenic and epithermal systems, volcanogenic massive sulphides, and Cu-Ni-Co. He has worked for several years on and around the Werner Lake deposit, with additional experience in cobalt exploration within the Bear Magmatic Province, NT, Cobalt, ON and China. As a consultant, he has held senior positions with junior and senior mining companies across Canada, Argentina, China, Columbia, Ghana, Guyana, Mongolia, Peru, Venezuela, and the USA exploring for precious, base metal, industrial minerals and diamonds. Hughes is a graduate of The University of Dundee, Scotland (Honours B.Sc. Geology) and a registered professional geoscientist in Ontario.