LiCo Energy Metals Inc. (“the Company“ or “LiCo”)(TSXV:LIC) is pleased to announce that it is planning to start a Phase 1 diamond drilling on its Teledyne and Glencore Bucke cobalt properties situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario. A minimum 1,500 m diamond drill program is planned to commence approximately on September 21 st , 2017, by a reputable diamond drill contractor.
In 1981, Teledyne Canada Ltd. leased the Glencore Bucke Property from Falconbridge Nickel Mines Ltd. as they recognized the exploration potential that the Property had due the possible southern extension of the #3 vein located on the Cobalt Contact Property to the north. In the same year, Teledyne completed 36 diamond drill holes totaling 3,323.3 m, and delineated two zones of mineralization measure approximately 150 m and 70 m in length. The most significant results include 2.12% Co over 1.01 m in diamond drill hole T-18, 0.62% Co over 2.74 m in diamond drill hole T-23, 0.66% Co over 0.73 m, 1.68% Co over 0.46 m in diamond drill hole T-30, and 0.36% Co, 41 oz/t Ag over 0.58 m in diamond drill hole T-37 (Bresee, 1982). The historical reported intersections represent core lengths, and not true widths.
Initially, on the Glencore Bucke Property, the first few holes of the program will be oriented to confirm results from historical drilling completed by Teledyne Canada Ltd., and then followed by step out drill holes to expand the mineralized zones.
Drilling is also planned for the adjacent Teledyne Cobalt Property where historical drilling also encountered two zones of cobalt/silver mineralization extending from the boundary of mined zones at the Agaunico Mine in a north-south direction. Historically, the Agaunico Mine produced 4,350,000 lbs. of cobalt and 980,000 oz. of silver during the mining boom of the early 1900’s (Cunningham-Dunlop, 1979). In 1979, Teledyne completed 6 diamond drill holes totaling 1,281.1 m. In 1980, Teledyne completed a 700 m long production decline to reach the mineralization encountered in their recently completed surface diamond drill program. A total of 22 underground diamond drill holes totaling 1,879.7 m were completed. Both the surface and underground drilling programs indicated the presence of significant cobalt mineralization extending from the past-producing Agaunico Mine onto the Teledyne Cobalt Property for a strike length of 152.4 m. In addition, the drill program encountered a second zone with a strike length of 137.2 m. The most significant results included 0.644% Co over 16.9 m in diamond drill hole UT-2, 0.74% Co over 8.7 m in diamond drill hole UT-3, and 2.59% Co over 2.4 m in diamond drill hole UT-18 (Bresee, 1981). The historical reported intersections represent core lengths, and not true widths.
Drilling on the Teledyne Cobalt Property will also be orientated to confirm results from the historical drilling completed by Teledyne, and to expand the mineralized zones. Several other underexplored structures present on the Property will also be tested by diamond drilling.
The drilling will be conducted as part of LiCo’s flow thru financing.
“We are very excited and looking forward to the milestone event of the commencement of the diamond drill program on these properties. Acquiring the Glencore Bucke Property from Glencore and adding it to our land package significantly adds more potential to LiCo’s Cobalt properties” states Tim Fernback, LiCo’s President & CEO.
“With the combined land package and the historical results on both the Teledyne and Glencore Bucke propeties, it is going to be a very exciting drill program. I am looking forward with great interest to seeing the results of the upcoming drill programs scheduled for both the Teledyne and Glencore Bucke properties this month.” commented Mr. Dwayne Melrose, Director and Head of the Technical Advisory Board of LiCo.
About LiCo Energy Metals: https://licoenergymetals.com/
LiCo Energy Metals Inc. is a well funded 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.
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 salar possesses a very high grade of both Lithium (1,840mg/l) and Potassium (22,630mg/l and is close to power, labour, communications, transportation and other infrastructure. 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.
Purickuta is a smaller exploitation concession rather than a large exploration concession thereby accelerating the task of taking the project to a potential production scenario. Currently, the Chilean government retains ownership of lithium separate from other minerals and thus production can only proceed upon receipt of a special lithium operation contract know as a “CEOL”. In the future, it will be necessary for LiCo and partner to negotiate a production contract with CORFO concurrently with completing any positive feasibility study. “Chile, which has one of the world’s most plentiful supplies of lithium, is pushing ahead with new policies to develop those reserves”. (Reuters Jan 2, 2017).
Glencore Bucke Cobalt Project, Cobalt, Ontario:
Glencore plc is a leading integrated commodity producer and trader, operating worldwide with diversified operations comprising around 150 mining and metallurgical, oil production and agricultural assets. Glencore’s industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries where they employ around 155,000 people, including contractors. Glencore trades in and distribute physical commodities sourced from third party producers as well as their own production. The company also provide financing, processing, storage, logistics and other services to commodity producers and consumers.
Ontario Teledyne Cobalt Project:
The Company has an option to earn 100% ownership, subject to a royalty, in the Teledyne Project located near Cobalt. Ontario. The Property adjoins the south and west boundaries of claims that hosted the Agaunico Mine. From 1905 through to 1961, the Agaunico Mine produced a total of 4,350,000 lbs. of cobalt and 980,000 oz. of silver (Cunningham-Dunlop, 1979). A significant portion of the cobalt that was produced at the Agaunico Mine located along structures that extended southward onto property currently under option to LiCo Energy Metals.
Nevada Dixie Valley Lithium Project:
The Company has an option to acquire a 100% interest, subject to a 3% NSR, on a large lithium exploration project at the Humboldt Salt Marsh in Dixie Valley, Nevada. The geologic setting and presence of lithium in active geothermal fluids and surface salts in Dixie Valley match characteristics of producing lithium brine deposits at Clayton Valley, Nevada and in South America.
Nevada Black Rock Desert Lithium Project:
The Company has entered into an option agreement whereby the Company may earn an undivided 70% interest, subject to a 3% Net Smelter Return Royalty, in the Black Rock Desert Lithium Project that consists of 128 placer claims (2,560 acres/ 1,036 hectares) in southwest Black Rock Desert, Washoe County, Nevada.
The Company is planning an exploration programs for all its properties over the next several months.
On Behalf of the Board of Directors
Tim Fernback, 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 such as TSX Venture Exchange approval of any Option Agreement for the acquisition of an interest in the Purickuta Project, the satisfaction of any obligations and conditions that may be contained in such Option Agreement, and the Company’s ability to exercise the Option, 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.