LiCo Energy Metals Inc. (https://licoenergymetals.com/) is a Canadian-based exploration Company with a primary listing on the TSX Venture Exchange (TSX-V: LIC). The Company’s focus is directed towards exploration for high-value metals integral to the manufacture of lithium-ion batteries (specifically cobalt and lithium) with world-class exploration properties in Ontario, Nevada and Chile.
LiCo’s Ontario-based cobalt properties, the Glencore Bucke and Teledyne properties, are located six kilometres east-northeast of Cobalt, Ont. Recently, LiCo completed the acquisition of a 100 per cent interest from Glencore Canada Corporation (subsidiary of Glencore PLC) of the Glencore Bucke Property. Strategically, the Glencore Bucke Property consists of 16.2 hectares and sits along the west boundary of LiCo’s Teledyne Cobalt Project. The property covers the southern extension of the No. 3 vein that was historically mined on the neighbouring Cobalt Contact Property located to the north of the Glencore Bucke Property. Diamond drilling in 1981 on the Glencore Bucke Property delineated two zones of mineralization measuring 150 metres and 70 metres in length.
On the adjoining 13 mineral claims referred to as the Teledyne Cobalt Project, the Company has an option to earn 100 per cent ownership, subject to a royalty. 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 pounds of cobalt and 980,000 ounces of silver. A significant portion of the cobalt that was produced at the Agaunico Mine located along structures that extended southward onto the Teledyne property.
During the fall/winter of 2017, LiCo completed a diamond drill exploration program on both its Glencore Bucke and Teledyne properties. Here, LiCo completed 32 diamond drill holes totalling over 4,000 metres.
On Glencore Bucke, significant cobalt intersections include diamond drill hole GB17‐10 that intersected 0.55 perc cent Co over 5.00 metres from 28.00 to 33.00 metres, and diamond drill hole GB17‐15 that intersected 8.42 per cent Co over 0.30 metres from 62.40 to 62.70 metres. Significant copper mineralization was also intersected, such as 0.90 per cent Cu over 20.20 metres from 42.50 to 62.70 metres in diamond drill hole GB17‐15, and 1.25 per cent Cu over 6.10 metres from 67.50 to 73.60 metres in diamond drill hole GB17‐21.
A summary of the most significant results of the recent drill core assays on Teledyne are TE17‐05 2.32 per cet Co over 4.00 metres from 126.5 to 130.50 metres, including 21.9 per cent Co over 0.36 metres from 127.64 to 128.00 metres, TE17‐04 1.82 per cent Co over 6.00 metres from 138.00 to 144.00 metres, including 5.06 per cent Co over 1.75 metres from 141.25 to 143.00 metres, and 18.70 per cet Co over 0.15 metres from 141.64 to 141.79 metres and TE17‐05 1.70 per cent Co over 6.00 metres from 136.00 to 142.00 metres.
Other impressive assay numbers were also released by the Company and can be found on the LiCo website (https://licoenergymetals.com/). It should be noted that the aforementioned intervals represent core lengths, and not true widths.
“We are very pleased with the results of the Glencore Bucke and Teledyne Phase 1 drill program,” says Tim Fernback, LiCo president and CEO. “We not only were successful in completing the objective of the drill program but also with the overall grade, width and consistency of the mineralization. We are working on the design of the Phase 2 drill program that will involve over 10,000 metres of additional drilling which will then be the basis of completing a 43‐101 compliant resource estimation”.
NI 43‐101 reports for both the Teledyne and Glencore Bucke Properties, are publicly available on www.SEDAR.com as well as the Company’s website. LiCo’s recently completed diamond drilling program (September to December 2017) consisted of both twinning and infill drilling of the historical drill holes located on both the Teledyne Cobalt and Glencore Bucke Properties.
