MTC's future, based on its Geology.

So while the geologists are pinpointing our Cobalt, Nickel, Silver and Copper at Rusty Lake/Bay Lake in the final weeks before the drills sink, I got pretty tired of reading HC's keyboard geologist's opinions on the Lithium projects.

Cancet's 15-25Mt at 1-2% with 100-250ppm Tantalum was independently estimated by Dahrouge Geological Consultants. They use the phase 1 diamond core drilling, assays, field mapping, trenching, rock and channel sampling, magnetic survey and LiDAR survey for this. This calculation was made in line with JORC 2012 reporting standards. Something tells me this is more accurate than the numbers being thrown out by Hotcopper posters since the follow up drilling.

This also doesn't include Cancet's untouched ~3000Ha East expansion for which a field program is planned after Rusty Lake/Bay Lake.

As an example, CXO just raised $6.4 Million + has a $2M SPP in progress for its 3.45Mt at 1.4%, project. This amount raised is more than MTC's ENTIRE undiluted Market Cap.

I added a picture stolen from another company's thread to get an idea of intercepts vs JORC ore reserves, almost all of the ~30Mt shallow pit intercepts in this pic are 1-7m each. The single 31m intercept becomes a talking point and somehow people expect every hole/every 10 hole maiden drilling program needs to hit 30+ metres at 1.5+% to not make the project a write off.


Just as a refresher Cancet's maiden drilling returned intercepts of: (I scaled the high grades back to effective widths at 1.5% given this picture has/every other company gets these grades so it's easier to benchmark:

37.68m at 1.5% (18m at 3.14%)
32.05m at 1.5% (21.46m at 2.24%)
23.35m at 1.5% (17m at 2.06%)
21.53m at 1.5% (11.02m at 2.93%)
19.27m at 1.5% (15.88m at 1.82%)
16.17m at 1.5% (6.25m at 3.88%)
17.8m at 1.5% (10m at 2.67%)


Intercepts like this on 100% owned property in the most favourable tax/sovereign jurisdiction (I'll make a post getting into the numbers on tax breaks and rates for Canadian mining some other day) are a rare opportunity. These were also very close to surface.

Don't forget the super high grade Cobalt (15% in Vein, 11.85% boulder) at Rusty Lake/ Bay Lake, and ownership of Adina, Terre Des Montagne, Sirmac Clapier, Kapiwak and Wells Lacourciere. Despite momentary retraces, battery minerals aren't getting any cheaper long term so all of those properties patiently waiting to be drilled are only becoming more and more valuable.

The current low volume prices represent paying for a 7M Market Cap (undiluted) with plenty of cash for more drill results. Even at 24c the placement was extremely well priced hence it being oversubscribed. People had their orders scaled back at 24c, so management genuinely know that 24c is too cheap to sell any more of their company than was necessary to fund current activities.

~50% of the $7M of shares are directors/land owners who have only been accumulating more. When BCC was announced, daily volume was ~20% of the entire free float, meaning rerates for MTC can be particularly violent like the 10->44c run at that time. The current Cobalt/Nickel prices provide great headwind for the drilling starting soon, and the announcement for completion of currently negotiated sale of part ownership of individual Lithium projects to fund further drilling can drop at any time.