LiCo Energy Metals Inc. [LIC-TSXV, WCTXF-OTCQB] on Friday January 19 released some of the best cobalt values encountered so far at its Teledyne and Glencore Bucke exploration properties northeast of Cobalt, Ontario. The latest results are assays from two holes drilled on the Teledyne property where the current program is designed to confirm and extend the existing mineralization along strike and up and down dip.
Highlights include 2.32% cobalt over 4.00 metres from 126.5 to 130.5 metres, including 21.9% cobalt over 0.36 metres in hole number TE17-05.
Drill hole TE17-04 returned 1.82% cobalt over 6.00 metres from 138.00 to 144. metres, including 5.06% cobalt over 1.75 metres from 141.25 to 143.00, and 18.7% cobalt over 0.15 metres from 141.64 to 141.79 metres in drill hole TE17-04.
“These are the highest grade results that have been intersected to date on either LiCo’s Teledyne or Glencore-Bucke property,” said LiCo President and CEO Tim Fernback. LiCo shares were up a half-cent to 14.5 cents in morning trading, Friday.
LiCo Energy Metals is a grassroots Canadian company that conducts exploration for metals used in the production of lithium-ion batteries. Exploration of these metals has become critical in the face of surging demand for electric vehicles, cell-phones, and many other modern devices.
LiCo Energy has four ongoing projects in mining friendly jurisdictions in Canada, the United States and Chile.
On the Teledyne property, the company completed 11 diamond drill holes, or 2,200 metres in the fall of 2017. Earlier highlights include hole TE17-02, which returned 0.95% cobalt over 1.9 metres from 143 to 144.9 metres, including 2.58% cobalt over 0.60 metres from 144.30 to 144.90 metres.
Drill hole TE17-02 returned 0.59% cobalt over 3.9 metres from 156.0 to 159.9 metres, including 2.22% cobalt over 0.60 metres, from 156.6 to 157.2 metres.
Assays from the nearby Glencore Bucke property are similar to those released from Teledyne. Highlights from Glencore Bucke include drill hole GB17-07, which returned 1.11% cobalt, 16.6 ppm silver over 2.0 metres, including 7.64% cobalt, and 9.1 ppm silver over 0.26 metres.
The drilling has confirmed cobalt mineralization on the property, which is consistent with historical grades and widths. LiCo has now completed its 2017 diamond drilling program on both Teledyne and Glencore Bucke properties.
This work satisfies both the company’s flow-through financing obligations and the contractual obligations outlined in the recently acquired Glencore Bucke property from metals trading giant Glencore Plc of Baar, Switzerland.
Fernback has said the company is looking ahead to getting the remaining drill core results back from the assay lab to confirm that the same cobalt mineralization is found throughout the Glencore and Teledyne properties.
Aside from the Ontario properties Lico’s asset portfolio includes the Dixie Valley Exploration project in Churchill County, Nevada, about 160 kilometres northeast of Reno. This is an early-stage conceptual lithium brine project covering 2,817 hectares of ground. The target is a lithium brine model based on Clayton Valley (Nevada) and several basins in South America.