LiCo Energy geologist Joerg Kleinbeck at the ramp entrance to the Teledyne Project northeast of the Town of Cobalt, Ontario. Source: LiCo Energy Metals Inc.
LiCo Energy Metals Inc. [LIC-TSXV; WCTXF-OTCQB] on Wednesday January 10 released new assay results from drilling at its Glencore Bucke property northeast of the Town of Cobalt, northeast Ontario.
Highlights include drill hole GB17-20, which intersected 0.44% cobalt, 19.4 g/t silver, 0.99% copper over 4.05 metres from 60.25 to 64.30 metres, including 1.42% cobalt, 48.8 g/t silver, 1.94% copper over 1.2 metres from 62.8 to 64.0 metres.
"We are very pleased with the drill program continuing to intersect the higher grade cobalt mineralization that has been intersected at Glencore Bucke property," said Tim Fernback, President and CEO LiCo.
"Not only have we continued to intersect cobalt mineralization, but also the base metal mineralization that has the potential to be advantageous when a resource estimate will be completed in the future," Fernback said.
LiCo Energy shares advanced on the news, rising 9.7% or $0.015 to 17 cents in morning trading Wednesday.
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. The company has four ongoing projects in mining friendly jurisdictions in Canada, the United States and Chile.
Assays from Glencore Bucke are similar to those that were recently released from the company's Teledyne property, also located northeast of Cobalt. The most significant results from drilling at Teledyne 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.
On the Teledyne cobalt property, the company drilled 11 holes, over 2,200 metres in the fall of 2017. The drilling has confirmed cobalt mineralization on the property, which is consistent with historical grades and widths.
At Glencore Bucke, the company has completed 21 diamond drill holes, totaling 1,900 metres, testing the Main and Northwest zones. 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.
The company said it will continue to release results from Glencore Bucke and Teledyne drilling as they are received.