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LiCo Energy Metals - Intersects 1.42% Co and 1.94% Cu Over 1.2 Metres on the Glencore Bucke Property

 

VANCOUVER, British Columbia, Jan. 10, 2018 /PRNewswire/ -- LiCo Energy Metals Inc. ("the Company" or LiCo") (TSX-V: LIC), (OTCQB: WCTXF) is pleased to report assay results for drill holes GB17-11 through to GB17-14, GB17-20, and GB17-21, completed on the Glencore Bucke Property, located 6 km northeast of Cobalt, Ontario.

A summary of the most significant results of the recent drill core assays are:

  • GB17-13 0.92% Co over 2.0 m from 34.00 to 36.0 m, including 2.53% Co over 0.6 m from 35.1 to 35.7m.
  • GB17-13 0.46% Co, 132.5 ppm Ag, 1.46% Cu over 0.9 m from 77.6 to 78.5 m, including 0.79 % Co, 221.0 ppm Ag, 2.40% Cu over 0.4 m from 77.6 to 78.0 m.
  • GB17-13 0.32% Co, 98.8 ppm Ag, 0.81% Cu over 1.5 m from 100.5 to 102.0m, including 0.55% Co, 16.9 ppm Ag, 0.50% Cu over 0.6 m from 100.8 to 101.4 m.
  • GB17-20 0.44% Co, 19.4 ppm Ag 0.99% Cu over 4.05 m from 60.25 to 64.30 m, including 1.42% Co, 48.8 ppm Ag, 1.94% Cu over 1.2 m from 62.8 to 64.0 m.
  • GB17-21 0.08% Co, 18.1 ppm Ag, 1.25% Cu over 6.1 m, including 0.73% Co, 50.0 ppm Ag, 1.31% Cu over 0.6 m from 69.7 to 70.3 m.

"We are very pleased with the drill program continuing to intersect the higher grade cobalt mineralization that has been intersected at Glencore Bucke property," says Tim Fernback, President & CEO of LiCo. "Not only have we continued to intersect cobalt mineralization, but also the base metal mineralization that has the potential to be advantageous when a resource estimate will be completed in the future".

On the Glencore Bucke Property, the Company has completed a total of 21 diamond drill holes totaling 1,900 m, testing the Main and Northwest zones. The Company will continue to release results from the Glencore Bucke and Teledyne drill programs as they are received.

The results for diamond drill hole GB17-11 through to GB17-14, GB17-20, and GB17-21 are summarized in Table 1 below. 

 

Table 1: Summary of Diamond Drill Results:

DDH

From (m)

To (m)

Core Length (m)

Co (%)

Ag (ppm)

Cu (ppm)

Zn (ppm)

Pb (ppm)

GB17-11

29.00

29.25

0.25

0.27

0.6

1

27

2

GB17-11

60.00

60.30

0.30

0.32

22.5

2650

92

34

GB17-11

82.50

83.50

1.00

0.03

28.0

4260

13960

29050

GB17-12

50.50

51.30

0.80

0.14

25.8

475

152

2395

GB17-13

34.00

36.00

2.00

0.92

2.8

175

147

23

incl.

35.10

35.70

0.60

2.53

5.2

270

101

32

GB17-13

52.40

53.00

0.60

0.48

65.8

3770

94

2675

GB17-13

77.60

78.50

0.90

0.46

132.5

14614

1759

2059

incl.

77.60

78.00

0.40

0.79

221.0

24000

3670

3840

GB17-13

100.50

102.00

1.50

0.32

98.8

8124

417

6588

incl.

100.80

101.40

0.60

0.55

16.9

4970

376

6110

GB17-14

33.60

37.70

4.10

0.04

5.4

3559

575

2095

incl.

36.00

36.30

0.30

0.36

17.1

3600

633

2080

GB17-14

41.70

43.30

1.60

0.03

16.8

10184

317

164

GB17-20

52.20

52.80

0.60

0.34

129

268

110

10200

GB17-20

58.00

64.00

6.00

0.29

13.8

7804

110

26

incl.

60.25

64.30

4.05

0.44

19.4

9863

116

30

incl.

62.80

64.00

1.20

1.42

48.8

19362

127

60

GB17-20

66.40

69.70

3.30

0.02

13.2

9494

180

130

incl.

67.00

68.50

1.50

0.03

19

13858

169

100

GB17-20

101.50

108.60

7.10

0.03

16.9

7640

275

901

incl.

102.30

103.70

1.40

0.07

28.7

11814

193

432

incl.

102.30

102.60

0.30

0.26

49.5

11600

198

1230

GB17-21

55.10

55.40

0.30

0.33

134.0

702

181

15600

GB17-21

67.50

73.60

6.10

0.08

18.1

12545

378

463

incl.

69.70

73.10

3.40

0.14

31.2

21071

160

162

incl.

69.70

70.30

0.60

0.73

50.0

13070

312

378

GB17-21

83.45

83.70

0.25

0.28

49.7

1650

396

4990

Note: Intervals reported in Table 1 represent core lengths and not true widths

 

As reported on the Company's November 30th, 2017 news release, LiCo has recently completed its 2017 diamond drilling program on its Teledyne and Glencore Bucke Properties completing a total of 32 diamond drill holes, drilling 4,100 m of core. This exploration work satisfies both its flow-through financing obligations and the contractual obligations outlined in the recently acquired Glencore Bucke Property from Glencore plc of Baar Switzerland (LSE: GLEN).

Qualified Person

The technical content of this news release has been reviewed and approved 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.

Glencore Bucke Cobalt Project, Cobalt, Ontario

The Company has entered into a property purchase agreement to acquire a 100% interest from Glencore Canada Corporation (subsidiary of Glencore plc) in the Glencore Bucke Property, situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario, subject to a back-in provision, production royalty and off-take agreement. 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 #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 m and 70 m in length. 

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. A significant portion of the cobalt that was produced at the Agaunico Mine located along structures that extended southward onto the Teledyne property. The Company completed a total of 11 diamond drill holes totaling 2,200 m in the fall of 2017. The drilling has confirmed cobalt mineralization present on the Property which is consistent with historical grades as reported historically by Cunningham-Dunlop (1979) and Bressee (1981), disclosed in earlier news releases. These reports are available in the public domain through MNDM's AFRI database. 

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. 

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 and Chile itself holds 53% of the world's known lithium reserves (Source: Bloomberg Markets – June 23, 2017, "Lithium Squeeze Looms as Top Miner Front-Loads, Chile Says"). The property is 160 hectares large and is enveloped by a concession owned by Sociedad Quimica y Minera ("SQM") and lies within a few kilometers of a property owned by CORFO (the Chilean Economic Development Agency) where its leases land to both SQM and Albermarle's Rockwood Lithium Corp. ("Albermarle") for lithium extraction. Together these two companies, SQM and Albermarle, have a combined annual production of over 62,000 tonnes of LCE (Lithium Carbonate Equivalent) making up 100% of Chile's current lithium output. As reported in The Economist (June 15, 2017 – A battle for supremacy in the lithium triangle), the Salar de Atacama has the largest and highest quality proven reserves of lithium. The combination of the desert's hot sun, scarce rainfall, and the mineral-rich brines make Chile's production costs the world's lowest. This together with a favourable investment climate, low levels of corruption, and the quality of its bureaucracy and courts makes Chile a favourable place to conduct business. 

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. Some important geological similarities exist between various lithium brines, notably geothermal activity, a dry climate, a closed basin, an aquifer, and tectonically driven subsistence exist at Dixie Valley along with Clayton Valley and various lithium bearing salars in Chile, Argentina and Bolivia.

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

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, 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.

Contact:
LiCo Energy Metals Inc. 
Phone: +1(236) 521-0207
LiCoEnergyMetals.com

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/lico-energy-metals----intersects-142-co-and-194-cu-over-12-metres-on-the-glencore-bucke-property-300580623.html

SOURCE LiCo Energy Metals Inc.

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