Why the Metalstech (ASX:MTC) share price has rocketed today

The Metalstech Ltd (ASX: MTC) share price opened nearly 18% higher today after the mineral exploration company announced it was spinning off its lithium assets into a new, publicly-listed company.

Shares in the miner retreated through the course of the day but rallied in the closing moments of trading to an intraday high of 21 cents before closing at 19.5 cents, up 14.7%. In comparison, the All Ordinaries Index (ASX: XAO) is down 0.52%.

Let’s take a closer look at what Metalstech announced.

Metalstech recycles its lithium

In today’s release, Metalstech advised it would spin out its Québécois lithium projects into a new, yet to be named…