Cobalt Mining Operations Increase Sharply as Battery Materials Market Remains Hot

PALM BEACH, Florida, March 7, 2018 /PRNewswire/ --

MarketNewsUpdates.com News Commentary 

Cobalt has increasingly come under the spotlight over the last year as vehicle makers lay out plans for massive investments in electric vehicles (EVs), where demand is accelerating due to governments around the world moving to cut noxious emissions from carbon-based fuels. In addition, recent reports that Apple was in talks to procure cobalt, the essential component in smartphone batteries, direct from mining companies reveal concerns over an impending supply shortage. Demand for, and the price of, cobalt has skyrocketed since early 2016 on projections of fast-growing demand for electric vehicles, whose lithium-ion rechargeable batteries are dependent on the metal. ResearchandMarket.com predicted the global lithium-ion battery market to experience significant growth through 2024, swelling to north of $40 billion. Cobalt/Lithium miners with developments include: LiCo Energy Metals Inc. (OTC: WCTXF) (TSX-V: LIC), eCobalt Solutions Inc. (OTC:E CSIF) (TSX: ECS), US Cobalt Inc. (OTC: USCFF) (TSX-V: USCO), Cruz Cobalt Corp. (OTC: BKTPF) (TSX-V: CUZ), Sherritt International Corporation (OTC: SHERF) (TSX:S).

LiCo Energy Metals Inc. (OTCQB: WCTXF) (TSX-V: LIC.V) BREAKING NEWS: LiCo Energy Metals is pleased to report assay results for drill holes TE17-06 through to TE17-11 completed on the Teledyne Cobalt Property, located 6 km northeast of Cobalt, Ontario. The current drill program was designed to confirm and extend the existing known mineralization along strike and up and down dip.

"LiCo is pleased to report the final assay results for the Phase 1 diamond drill program completed at the Teledyne Cobalt Property. Drill hole TE17-08 intersected multiple zones of cobalt mineralization over a core interval of just over 19 m," says Tim Fernback, President & CEO of LiCo. Read this and more news for LiCo Energy at:http://www.marketnewsupdates.com/news/wctxf.html  

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

- TE17-07 0.50% Co over 2.10 m from 127.60 to 129.70 m, including 1.50% over 0.40 cm from 128.20 to 128.60 m.

- TE17-08 0.77% Co over 3.40 m from 169.50 to 172.90 m, including 1.17% Co over 2.00 m from 169.50 to 171.50 m.

- TE17-08 0.59% Co over 1.20 m from 174.00 to 175.20 m.

- TE17-08 0.62% Co over 0.60 m from 178.60 to 179.20 m.

- TE17-11 0.54% Co over 2.00 m from 130.00 to 132.00 m, including 1.07% Co over 0.50 m from 130.00 to 130.50 m.

On the Teledyne Cobalt Property, the Company completed a total of 11 diamond drill holes totaling 2,200 m in the fall of 2017. The results and drill hole collar information for diamond drill holes TE17-06 to TE17-11 are summarized in Tables 1 & 2 that can be seen at: http://www.marketnewsupdates.com/news/wctxf.html

In other mining industry news and developments:

eCobalt Solutions Inc. (TSX: ESC.TO) (OTCQX: ECSIF) recently announced the successful closing of the bought deal financing announced on February 13, 2018, including the exercise in full of the underwriters' over-allotment option. The Company issued a total of 23,000,000 units (the "Units") at a price of $1.30 per Unit for gross proceeds of $29,900,000 (the "Offering"). Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant shall entitle the holder thereof to purchase one common share at an exercise price of C$1.95 for a period of eighteen (18) months following the closing of the Offering. The Company intends to use the net proceeds of the Offering for advancing the development of the Company's Idaho Cobalt Project, supporting pre-construction activities at the mine and mill site in preparation for production, support of engineering for new mine and Cobalt Processing Facility design, and for general working capital purposes.

US Cobalt Inc. (OTCQB: USCFF) (TSX-V: USCO.V) recently announced analytical results from a further five surface core holes drilled during 2017 at the Iron Creek project (the "Property") in Idaho, USA. All five core holes encountered sulfide mineralization with significant cobalt values. All widths or thicknesses reported here are true thickness based on 3-D modeling. One hole reported here (IC17-29) further confirms significant mineralization within the main target identified by the historical estimate (see Company news release - September 7, 2016), and another six holes have been completed in this area with results pending (see Company news release dated October 4, 2017 for previous drill results from this target). Three holes reported here (IC17-24, 27, and 30) are located west of the historical estimates, and results for one additional hole are pending. One hole reported here (IC17-25) is located between the two historical estimates, with results for one additional hole pending in the area.

Cruz Cobalt Corp. (OTC: BKTPF) (TSX-V: CUZ.V) recently announced it has started the process to apply for the drill permit on its Idaho Star Cobalt Prospect. Cruz has retained Powell PLLC to assist in the Plan of Operation for the drilling permit. On February 14, 2018 Cruz increased its acreage in the Cobalt District of Ontario.  The new acreage is contiguous to the "Lorraine Cobalt Prospect" and now consists of 10,556 contiguous acres bordering First Cobalt Corp. in the direct vicinity of the town of Cobalt, Ontario now making Cruz one of the single largest landholders in the cobalt region of Ontario. Cruz President, James Nelson, stated, "We are pleased to accelerate the drilling process in Idaho. Cruz has amassed a stable of North American cobalt prospects over the past few years and we look forward to advancing these prospects in 2018.  

The Globe and Mail reports that Eight Capital analyst Jacques Wortman believes Sherritt International Corporation (OTC: SHERF) (TSX: S.TO) offers "strong" leverage to both nickel and cobalt. The Globe's David Leeder writes that Mr. Wortman began coverage on Sherritt with a "buy" rating. He targets the shares at $2.20. Analysts on average target the shares at $1.97. Mr. Wortman says in a note: "Despite the diversity of the company's overall operations, Sherritt International is fundamentally a nickel and cobalt investment vehicle via its 50-per-cent interest in the Moa JV. Sherritt's Moa JV interest makes it one of the largest producers of cobalt among investment vehicles domiciled in North America. In addition, Sherritt also holds a 12-per-cent interest in Ambatovy, although no dividends from this interest are expected until 2027 due to significant precedent debt (about $4 billion) at the JV level. Given the recent announcements by automakers and growing awareness of electric vehicle (EV) technology, Sherritt shares have seen increased demand in the last six months. Despite the recent correction, we believe that coming demand for cobalt and nickel associated with EVs will potentially eclipse market forecasts."  

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