PALM BEACH, Florida, September 26, 2017 /PRNewswire/ --
As the demand for Li-ion batteries to power consumer products ranging from smartphones to electric vehicles increases, the cobalt mining market is being pushed to new levels with major and junior miners scrambling to ramp up mining operations for extracting minerals and advance drilling efforts. In a recent report issued by CRU Group, cobalt demand is expected to exceed 100kt in 2017 and total demand of cobalt materials are estimated to increase at a CAGR of 11.6 percent over the next ten years. Active miners this week include: Vale S.A. (NYSE: VALE), LiCo Energy Metals Inc. (OTC: WCTXF) (TSX-V: LIC), Freeport McMoRan Inc. (NYSE: FCX), Lithium X Energy Corp (OTC: LIXXF) (TSX-V: LIX), eCobalt Solutions Inc. (OTC: ECSIF) (TSX: ECS).
LiCo Energy Metals Inc. (OTCQB: WCTXF) (TSX-V: LIC.V) is pleased to announce the commencement of its Phase 1 diamond drilling program on both its Teledyne and Glencore Bucke Cobalt Properties situated in Bucke and Lorrain Townships, 6 km east-northeast of Cobalt, Ontario, as originally announced on September 12th, 2017. The drill program has commenced and the Company expects to drill upwards to a combined 3,500 m on the Glencore Bucke and Teledyne Properties. The drilling is being conducted by an experienced diamond drill contractor, Chenier Drilling Services Ltd.
The Teledyne and Glencore Bucke Properties are managed by Joerg Kleinboeck, P.Geo. (LiCo's QP), and supervised by Mr. Dwayne Melrose, Director and Head of the Technical Advisory Board of LiCo. "The goal of this drilling program will be to confirm the results of historical drilling on the properties and to further expand the resource potential up and down dip and along strike. Drilling will commence on the Glencore Bucke Property for the initial 1,200 m of the drill program. While we await assays, we will shift the drilling over to Teledyne to complete five or six holes totaling 1,000 m," states Mr. Melrose. Historically, Teledyne Canada Ltd. completed 36 diamond drill holes totaling 3,323.3 m on the GlencoreBucke Property, and a combined 28 surface and underground diamond drill holes totaling 3,160.8 m on the Teledyne Property. Read this and more news for LiCo Energy at: http://www.marketnewsupdates.com/news/wctxf.html
Diamond drilling completed by Teledyne Canada Ltd. on the Glencore Bucke Property delineated two zones of mineralization measuring 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.
Based on the surface diamond drill program completed in 1981 by Teledyne Canada Ltd, a historical resource of 75,000 tons at an average grade of 0.45% Co, 3.0 oz/t Ag was estimated (Linn, 1983). The resource estimate is a historical estimate as defined by National Instrument 43-101. There was been no review of the methods and results of this historical resource estimate by a Qualified Person. No attempt was made to reconcile the historical resource calculations as reported by Teledyne Tungsten. LiCo is not treating the historical resource estimate as a current mineral resource or mineral reserve.
In other mining industry news and developments:
Vale S.A. (NYSE: VALE) had an above average active day of trading on Monday closing down slightly at $9.85 trading over 38.5 Million shares by the market close. Vale Electrolytic Cobalt Rounds are a high purity, primary form of the metal produced by electrowinning. The unique button-shape makes this product safe, convenient to handle and easy to transfer from drums. Vale Electrolytic Cobalt Rounds are used wherever a high purity form of cobalt is required; for example, in the production of cobalt-based super alloys. Cobalt is an important constituent of alloys with high temperature oxidation, corrosion resistance properties and a critical component of a wide variety of magnetic alloy and hard metals.
Freeport McMoRan Inc. (NYSE: FCX) closed down slightly on Monday at $13.90 by the market close trading over 13.5 Million shares but was up slightly in afterhours trading. FCX is a leading international mining company with headquarters in Phoenix, Arizona. FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX is the world's largest publicly traded copper producer. FCX's portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world's largest copper and gold deposits; significant mining operations in the Americas, including the large-scale Morenci minerals district in North America and the Cerro Verde operation in South America.
Lithium X Energy Corp (OTCQX: LIXXF) (TSX-V: LIX.V) closed up slightly on Monday at $1.5399 on the OTC markets and closing up slightly on the TSX Venture at $1.88 by the market close. Lithium X Energy Corp. released the results of the recently completed drill program at its wholly owned Sal de los Angeles project, which covers 95 per cent of the Salar de Diablillos in Salta province, Argentina. The drill program consisted of three exploratory diamond drill holes targeting undrilled portions of the basin north of the existing brine resource and two sonic drill holes in known areas to enhance porosity and stratigraphic data. Paul Matysek, executive chairman of the board of directors of Lithium X, commented: "The positive results from our recently completed work program both expand the known brine areas to the north, past our current resource boundary, and confirm positive conditions for the establishment of a well field. Once all samples have been received, we will have all the necessary information to complete a comprehensive dynamic model of the entire basin to support a feasibility study and reserve estimates. We are very pleased to have successfully demonstrated potential resource expansion and favourable well field conditions."
eCobalt Solutions Inc. (OTCQB: ECSIF) (TSX: ECS.TO) closed up slightly on Monday at $1.10 by the market close. eCobalt Solutions last month provide an update on its Feasibility Study ("FS") and recently initiated pre-construction activities on its 100% owned Idaho Cobalt Project ("ICP") in anticipation of final FS receipt expected later in September. The ICP is the only near term, environmentally permitted and primary cobalt project located in the United States. In 2016 eCobalt commissioned the FS with Micon International Limited ("Micon") and SNC-Lavalin ("SNC"). Paul Farquharson, President & CEO of eCobalt commented, "We are encouraged by the recent progress and preliminary results of the Feasibility Study. As we anticipate results to be filed in September, we are fast tracking key pre-construction activities at the mine site this fall in preparation for the expected recommencement of construction in 2018 after project financing is completed". He continued, "The recent addition of Floyd Varley, COO, and LLee Chapman, VP Administration has proven instrumental in the advancement of the Idaho Cobalt Project towards these pivotal goals."
DISCLAIMER: MarketNewsUpdates.com (MNU) is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. MNU is NOT affiliated in any manner with any company mentioned herein. MNU and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. MNU's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. MNU is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed MNU has been compensated forty-four hundred dollars for news coverage of the current press release issued by LiCo Energy Metals Inc. by a non-affiliated third party. MNU HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MNU undertakes no obligation to update such statements.