LiCo Energy Metals - Summary of the Glencore Bucke Property Phase 1 Diamond Drilling Program
VANCOUVER, British Columbia, January 26, 2018 /PRNewswire/ --
LiCo Energy Metals Inc. ("the Company" or LiCo") (TSX-V: LIC) (OTCQB: WCTXF) is pleased to the update its shareholders on the completion on the Glencore Bucke Property Phase 1 diamond drilling program. During the fall of 2017, LiCo completed 21 diamond drill holes totaling 1,900 m. This drill program, along with the Phase 1 diamond drilling program completed on the Teledyne Cobalt Property, satisfied LiCo's flow-through financing obligations. The exploration program at the Glencore Bucke Property also satisfied our contractual obligations to Glencore plc. whereby LiCo was to incur $250,000 of exploration expenditures on the Property within six months of the approval date (see News Release dated September 5th , 2017).
(Photo: http://mma.prnewswire.com/media/551815/LiCo_Teledyne_property.jpg )
In 1981, Teledyne Canada Ltd., completed 36 surface diamond drill holes totaling 3,323 m. The drill program outlined two separate vein systems hosting significant cobalt and silver values, known as the Main Zone, measuring 152.4 m in length, and the Northwest Zone, measuring 70.0 m in length (Bresee, 1982).
LiCo's Phase 1 diamond drill program was designed to confirm and extend the existing known mineralization along strike and up and down dip, and LiCo was successful in completing this objective. The program tested the Main Zone for a strike length of approximately 55 m and the Northwest Zone for a strike length of approximately 45 m. Due to the nature of the mineralization, drill holes were closely spaced apart, generally at 10 m along sections, and 12.5 m between sections on average. Significant cobalt intersections include diamond drill hole GB17-10 that intersected 0.55% Co over 5.00 m from 28.00 to 33.00 m, and diamond drill hole GB17-15 that intersected 8.42% Co over 0.30 m from 62.40 to 62.70 m. Significant copper mineralization was also intersected, such as 0.90% Cu over 20.20 m from 42.50 to 62.70 m in diamond drill hole GB17-15, and 1.25% Cu over 6.10 m from 67.50 to 73.60 m in diamond drill hole GB17-21. The aforementioned intervals represent core lengths, and not true widths.
"We are very pleased with the results of the Glencore Bucke Phase 1 drill program," commented Tim Fernback, LiCo President and CEO. "We not only were successful in completing the objective of the drill program but also with the overall grade, width and consistency of the mineralization. We are working on the design and amount of metres to be drilled of the Phase 2 drill program which will then be the basis of completing a 43-101 compliant resource estimation, which will be completed in conjunction with the Teledyne Cobalt Project."
A summary of the most significant results from the Phase 1 diamond drilling program are provided in Table 1, while drill hole collar information is provided in Table 2.
Table 1: Highlights of Phase 1 Diamond Drilling Results, Glencore Bucke Property
DDH From To (m) Core Co (%) Ag Cu Zn Pb
(m) length (ppm) (ppm) (ppm) (ppm)
(m)
GB17-01 18.00 21.00 3.00 0.31 1.5 41 27 4
GB17-02 39.37 39.67 0.30 0.42 707 2100 136 21900
GB17-03 27.15 28.90 1.75 0.27 0.6 4 27 2
GB17-03 31.25 31.5 0.25 0.39 6.3 619 33 27
GB17-03 38.50 41.00 2.50 0.03 12.2 10251 204 689
GB17-04 16.25 16.75 0.50 1.62 7 994 3493 28
GB17-06 22.50 24.25 1.75 0.25 12 288 132 6
incl. 23.25 23.75 0.50 0.58 28.9 714 39 6
GB17-06 44.40 44.70 0.30 4.45 34.2 460 2600 159
GB17-07 99.79 100.05 0.26 7.64 9.1 441 44 16
GB17-10 28.00 33.00 5.00 0.55 0.8 7 32 2
GB17-10 81.00 83.30 2.30 0.11 17.6 5334 696 208
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 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
GB17-15 27.50 28.40 0.90 0.55 2.1 29 126 18
incl. 27.80 28.10 0.30 0.92 2.9 40 208 29
GB17-15 42.50 62.70 20.20 0.17 19.9 8983 2638 4747
incl. 62.40 62.70 0.30 8.42 136 1280 884 447
GB17-18 80.10 81.00 0.90 0.43 86.8 5177 133 662
GB17-19 46.00 46.60 0.60 0.75 111.1 689 44 6745
incl. 46.00 46.30 0.30 1.33 208 1210 59 12400
GB17-20 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
GB17-21 67.50 73.60 6.10 0.08 18.1 12545 378 463
incl. 69.70 70.30 0.60 0.73 50 13070 312 378
Note: Intervals reported in Table 1 represent core lengths and not true widths.
Table 2: Drill hole Collar Information
DDH Azm Dip
GB17-01 270 -45
GB17-02 270 -45
GB17-03 270 -45
GB17-04 270 -45
GB17-05 270 -45
GB17-06 270 -45
GB17-07 270 -45
GB17-08 270 -45
GB17-09 270 -45
GB17-10 270 -45
GB17-11 270 -45
GB17-12 270 -45
GB17-13 270 -45
GB17-14 270 -60
GB17-15 270 -45
GB17-16 270 -45
GB17-17 270 -60
GB17-18 270 -45
GB17-19 270 -45
GB17-20 270 -45
GB17-21 270 -52
Once the final assay results are received from the Teledyne Cobalt Project, LiCo will evaluate the results, along with the results from the Glencore Bucke Property, to develop a 2018 Phase 2 diamond drilling program for each Property.
QA/QC Program
LiCo Energy Metals Inc. has implemented a quality assurance/quality control (QA/QC) program for both the Glencore Bucke and Teledyne Property drill programs.
Diamond drill core was logged, then sawed in half, with one half placed in a labelled bag, and the remaining half placed back into the core box and stored in a secured compound. Either a standard or a blank was inserted every 20th sample. All samples were shipped to Activation Laboratories in Ancaster, Ontario. Each sample is coarsely crushed and a 250 g aliquot is pulverized for analysis. A 0.25g sample is digested with a near total digestion (4 acids) and then analyzed using an ICP. QC for the digestion is 14% for each batch, 5 method reagent blanks, 10 in-house controls, 10 samples duplicates, and 8 certified reference materials. An additional 13% QC is performed as part of the instrumental analysis to ensure quality in the areas of instrumental drift. If over limits for Cu, Pb, Zn, and Co are encountered, a sodium peroxide fusion, acid dissolution followed by ICP‐OES is completed. For Ag over limits, a four acid digestion is completed followed by ICP‐OES.
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 http://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.
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.
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.
Phone : +1(236)521-0207
http://licoenergymetals.com/
SOURCE LiCo Energy Metals Inc.
Share this article