LiCo Energy Metals Inc. (TSXV:LIC) is pleased to provide an initial report on the mineral assay results that have been recently returned from 5 of 33 holes completed on its 2018 Diamond Drilling Exploration Program on its Glencore-Bucke and Teledyne Cobalt Properties (the “Ontario Cobalt Properties”) located in Cobalt, Ontario.
LiCo Energy Metals Inc. (TSXV:LIC) is pleased to provide an initial report on the mineral assay results that have been recently returned from 5 of 33 holes completed on its 2018 Diamond Drilling Exploration Program on its Glencore-Bucke and Teledyne Cobalt Properties (the “Ontario Cobalt Properties”) located in Cobalt, Ontario. During the late fall of 2018, LiCo completed a total of 4,272 m / 14,016 ft. of diamond drilling in 33 holes on both the Glencore-Bucke and Teledyne Cobalt Properties: 2,559 m / 8,396 ft. were completed in 24 drill holes on the Glencore Bucke Property, and 1,713 m / 5,620 ft. in 9 drill holes on the Teledyne Cobalt Property.
On the Glencore-Bucke Property, drill holes GB18-22 to GB18-40 (assays pending) tested the Northwest and Main Zones with the intent of intersecting mineralized zones along strike and vertically above and below previous intersections reported in the 2017 drilling program completed on the same properties. To the east of the Main Zone, a single hole (GB18-41) was completed to test for mineralization at depth beneath a historical trench and intersected anomalous cobalt mineralization. To the south, drill holes GB18-42 to GB18-45 were completed in a fence 200 m south of recent drilling on the Main and North West Zones (2017 and 2018 LiCo) in an area where no known historical drilling has been completed.
Highlights from diamond drill holes GB18-41 to GB18-45 include:
- GB18-44 0.26 % Co, 1.16% Cu over 3.15 m from 110.60 to 113.75 m, including 0.57% Co, 0.27% Cu over 0.65 m from 110.60 to 111.25 m.
GB18-44 0.17% Co, 4.21% Cu over 1.65 m from 113.00 to 114.65 m
GB18-45 0.43% Cu, 1.04% Zn over 7.90 m from 104.00 to 111.90 m, including 2.01% Cu, 0.55% Zn over 0.70 m from 109.00 to 109.70 m.
“We have recently completed the Phase 2 of our diamond drilling program on our Ontario Cobalt Properties along with Surge Exploration Inc. This fulfils our 2018 flow-through obligations to the shareholders. From these results, we are strongly encouraged and intend to continue targeting and extending this exciting new development” states Mr. Rick Wilson, LiCo President & CEO. “LiCo management believes that the results received so far from the 2018 exploration program are typical of the area and the Ontario Cobalt camp generally. We are looking forward to receiving and reporting the remaining results from the assay lab in the near future.”
The results for diamond drill hole GB18-41 to GB18-45 are summarized below in Tables 1 and 2.
Table 1: Summary of Diamond Drill Results
|Diamond Drill Hole||From (m)||To (m)||Core length (m)||Cobalt (ppm)||Silver (ppm)||Copper (ppm)||Zinc (ppm)||Lead (ppm)|
Note: Intervals reported in Table 1 represent core lengths and not true widths.
Table 2: Drill hole Collar Information
LiCo Energy Metals Inc. has implemented a quality assurance/quality control (QA/QC) program for both the Glencore-Bucke and Teledyne Property drill programs.
Diamond drill cores were logged, and where marked for sampling, split in half, with one half placed in a labelled sample bag, and the remaining half placed back into the core tray and stored in a secured compound. A blank and a standard were inserted in the assay sampling sequence at every 26th and 27th place respectively. All samples were shipped to Activation Laboratories in Ancaster, Ontario. Each sample was coarsely crushed and a 250 g aliquot is then pulverized and made ready for analysis. A 0.25g portion of the pulverised material is digested with a near total digestion (4 acid) and then analyzed using an ICP. QC for the digestion is 14% for each batch, 5 method reagent blanks, 10 in-house controls, 10 samples duplicates, and 8 certified reference materials. An additional 13% QC is performed as part of the instrumental analysis to ensure quality in the areas of instrumental drift. If over limits for Cu, Pb, Zn, and Co are encountered, a sodium peroxide fusion, acid dissolution followed by ICP-OES is completed. Where Ag over limits, a four-acid digestion is completed followed by ICP-OES.
The technical content of this news release has been reviewed and approved by Joerg Kleinboeck, P.Geo., an independent consulting geologist and a qualified person as defined in NI 43-101.
About LiCo Energy Metals: https://licoenergymetals.com/
LiCo Energy Metals Inc. is a Canadian based exploration company whose primary listing is on the TSX Venture Exchange. The Company’s focus is directed towards exploration for high value metals integral to the manufacture of lithium ion batteries.
Ontario Cobalt Properties: The Company has entered into an Option Agreement with Surge Exploration Inc. (“Surge”) whereby Surge can earn an undivided 60% interest in the Glencore Bucke and the Teledyne Cobalt Properties, located in Cobalt Ontario, subject to certain cash, share and exploration payments to LiCo. Upon Surge having exercised the Option, Surge will have earned an undivided 60% interest in the Cobalt Properties, and the parties will enter into a Commercially Reasonable and Definitive Joint Venture Agreement.
LiCo has received an independent third-party fairness opinion from an experienced and qualified P.Geo. relating to the Cobalt Properties. The fairness opinion confirms and concludes the terms of the Option Agreement between the Company and Surge is fair to the shareholders of the Company.
Chile Purickuta Lithium Project:
The Purickuta Project is located within Salar de Atacama, a salt flat encompassing 3,000 km2, being about 100 km long, 80 km wide and home to approximately 37% of the worlds Lithium production. The property of 160 hectares is enveloped by a concession owned by Sociedad Quimica y Minera (“SQM”) and lies, significantly, within a few kilometers of the property of CORFO (the Chilean Economic Development Agency) where its leases to both SQM and Albermarle’s Rockwood Lithium Corp Together these two companies have combined production of over 62,000 tonnes of LCE (Lithium Carbonate Equivalent) annually making up 100% of Chile’s current lithium output. The unique characteristics of Salar de Atacama make finished lithium carbonate easier and cheaper to produce than any of its peer group globally.
The Purickuta Property is currently under Force Majeure as mentioned in previous news releases.
Nevada Black Rock Desert Lithium Project:
The Company has entered into an option agreement whereby the Company may earn an undivided 100% interest, subject to a 3% NSR, in the Black Rock Desert Lithium Project in southwest Black Rock Desert, Washoe County, Nevada.
On Behalf of the Board of Directors
Rick Wilson, President &CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information:
This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements.