Back in February, Kirk Hammett let it slip that Metallica was working on a secret project that wasn’t “100 percent a Metallica record.” Since then, we haven’t heard anything new about it. But late last night, Metallica finally confirmed that this secret project is a new collaboration with Lou Reed.

Metallica released the following statement (along with a picture taken of James Hetfield with Reed in the studio off that can be seen off to the side):

“A few months ago our own Kirk Hammett hinted at a new Metallica project that’s ‘not really 100 percent a Metallica record.’ While Kirkmay have jumped the gun a little (and has since been properly punished with a series of push-ups!), we are more than proud to announce that we have just completed recording a full-length album that is a collaboration with none other than the legendary Lou Reed.

Ever since we had the pleasure of performing with Lou at the 25th anniversary of the Rock And Roll Hall Of Fame at Madison Square Garden in October of 2009, we have been kicking around the idea of making a record together. Some of you astute Bay Area residents may have picked up news of recent Lou Reed sightings in the greater San Francisco area and we have indeed been working at our home studio at HQ on and off over the last few months. In what would be lightning speed for a Metallica-related project, we recorded ten songs during this time and while at this moment we’re not exactly sure when you’ll hear it, we’re beyond excited to share with you that the recording sessions wrapped up last week.

A true innovator and easily one of the most influential songwriters, musicians, and performers in rock music history, Lou’s work with the Velvet Underground and as a solo artist has such an enduring quality that he has long been revered and respected by us and many of our peers. We can’t wait for you to listen to the finished record, so as we like to hear ourselves say around here, keep watching this spot for updates . . . we’ll be back with more details as they come together.”

Even though the two performed together at the 25th anniversary of the Rock And Roll Hall Of Fame  in October of 2009, this still seems like an unlikely pairing. It’ll be very interesting to see what Metallica will produce with the “Take A Walk On The Wild Side” singer.

For now, though, we’ll have to be patient to find out more about the project. You can watch Metallica’s performance with Reed at the Rock And Roll Hall Of Fame Anniversary show below to see what might be of their collaboration. We’ll keep you posted when more is revealed.

UPDATE: has posted an exclusive interview with Metallica and Lou Reed about the collaboration.