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High-Tech Metals Limited (ASX: HTM) (High-Tech, or the Company), announced on the 23 January 2023 that it had commenced trading on the official list of the Australian Securities Exchange (ASX) following completion of its Initial Public Offering (IPO). The Company successfully raised $4.718 million (before costs) through the issue of 23,590,000 shares at $0.20 each and has completed the acquisition of the Werner Lake Cobalt Project (Project) located in North-Western Ontario, within the Kenora Mining District from Global Energy Metals Corporation (GEMC) (70%) and Marquee Resources Limited (MQR) (30%) (Please refer to Replacement Prospectus dated 31 October 2022).
HIGHLIGHTS
Successful completion of the Company’s Initial Public Offer (IPO) in January 2023 raising $4,718,000 (before costs).
HTM acquired the Werner Lake Cobalt Project located in North-Western Ontario, within the Kenora Mining District from Global Energy Metals Corporation (70%) and Marquee Resources Limited (30%).
High-Tech Metals appointed experienced geologist Toby Hughes to the HTM Team with exploration work program planning underway, progression of arrangements for land access, drilling permits and contractor engagement.
Engagement with APEX Geoscience Ltd to provide HTM professional geological consulting, exploration management and Technical Reporting.
Ground magnetics and electromagnetics surveys to commence at the Werner Lake Cobalt Project in early May.
High priority electrical conductors and/or magnetic anomalies will be key focal points for a follow- up RC/Diamond Drilling Program at Werner Lake which is known to contain cobalt-copper sulphide lenses.
The Company has received several new project opportunities in the vicinity of Werner Lake and continues to conduct high-level internal assessments on projects that fit the Company’s objective of becoming a battery metal focused Company.
Figure 1 - Project location and key infrastructure access in Ontario
High-Tech acquired the 100% ownership of Werner Lake through a $50,000 cash payment to GEMC and the issue of 3,250,000 fully paid ordinary shares in High-Tech shares (Shares) to the Vendors, with GEMC receiving 2,500,000 Shares and Marquee receiving 750,000 Shares. Marquee Resources Limited has also received 300,000 Founding Shares at a minimal cost of $0.0001 ($30) bringing its total holding to 1,050,000 shares in HTM.
HTM Geological Team
HTM announced on 16 February 2023, the appointment of highly experienced geologist, Toby Hughes, to manage the Canadian exploration work programs on its flagship Werner Lake Cobalt Project. Mr Hughes extensive experience and understanding of the Project area provides HTM with unique insights into new exploration opportunities and targets. In addition, HTM is pleased to announce the engagement of APEX Geoscience Ltd (APEX) of Edmonton, Alberta, as geological consultants to conduct a review of the Werner Lake Project and recommend the next stage of exploration for the project.
HTM Geophysics Program
After quarter end, on 20 April 2023, HTM advised that it is soon to commence ground magnetic and electromagnetic geophysical surveys at its 100% owned Werner Lake Cobalt Project (Figure 1 – Project Location). The surveys will include ground magnetometer traverses coupled with a Very Low Frequency-Electromagnetic (VLF-EM) system. Field crews will also conduct surveys with the Loupe Electromagnetic (EM) system.
The orebodies and anomalous mineralisation established historically at, and proximal to, Werner Lake (both cobalt-copper and nickel-copper-chromium-platinum group element mineralisation styles) are known to possess strongly magnetic and electromagnetic characteristics and lie within or along strike of the proposed survey areas (Figure 2). Compelling geophysical targets will be further explored with soil & rock sampling, trenching and mapping leading to the establishment and refining of 2023 exploration drill targets.
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