VANCOUVER, British Columbia, December 7, 2016 /PRNewswire/ --
LiCo Energy Metals Inc. "The Company" or "LiCo" (OTCQB: WCTXF), (TSX-V: LIC) is pleased to report that it has commenced a Phase One exploration program on the Teledyne Property located close to Cobalt, Ontario. The Cobalt camp became one of the few areas in the world to host primary cobalt mines; it eventually produced over 50 million pounds of cobalt.
Line cutting is underway on patented claims 372 and 229 and once completed, a geophysical survey is planned to start shortly thereafter. The geophysical survey will cover the Teledyne prospect, and cover areas that have had little to no exploration work to further identify prospective mineralized targets to depths of up to a potential 300m or greater. This work, along with the historical data that is currently being compiled, will be evaluated in advance of a diamond drill program planned to commence in Q1 of 2017.
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 property currently under option to LiCo Energy Metals.
Over $25 million (inflation-adjusted) of past work has been already been completed on the Teledyne Property. This work has resulted in valuable infrastructure, which includes a development ramp and a modern adit going down 500 feet parallel to the vein.
Technical information in this news release has been approved by Joerg Kleinboeck, P.Geo., an independent consulting geologist and a qualified person as defined in NI 43-101.
About LiCo Energy Metals: http://licoenergymetals.com/
LiCo Energy Metals Inc. is a fully funded Canadian based exploration company who's primary listing is on the TSX Venture Exchange. The Company's focus is directed towards exploration for high value metals integral to the manufacturing of lithium ion batteries.
The Company has an option to earn 100% ownership, subject to a royalty, in the Teledyne Cobalt 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 property currently under option to LiCo Energy Metals.
In addition, LiCo Energy Metals 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.
The Company's latest addition is an option to earn an undivided 70% interest, subject to a 3% Net Smelter Return Royalty, in the existing 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, subject to TSX Venture Exchange approval.
The Company is planning an exploration programs for all its properties over the next several months.
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 such as Exchange approval of the 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.
1220-789 West Pender St
Vancouver BC V6C 1H2
Phone : +1(236) 521-0207
SOURCE LiCo Energy Metals Inc.