November 8, 2017 – Vancouver, British Columbia; – LiCo Energy Metals Inc. (“the Company” or “LiCo”) TSX-V: LIC, OTCQB: WCTXF is pleased to report the assay results for the first five diamond drill holes (GB17‐01 to GB17‐05) from the on‐going drill program on the Glencore Bucke Property located 6km northeast of Cobalt, Ontario.
“We are exceptionally pleased with the grade and the widths of the cobalt mineralization that has been intersected”, says Tim Fernback, President & CEO of LiCo and “the drill program has been successful as cobalt mineralization has been intersected in every hole”.
The most significant results are as follows:
|GB17‐01||0.31% Co over 3.0 m from 18.0 to 21 .0 m, incl. 0.71 % Co over 1.13 m|
|GB17‐04||1.6% Co over 0.5 m from 16.25 to 16.75 m, incl. 3,11% Co, 0.17% Cu, 0.69% Zn over 0.25 m|
|GB17‐03||0.27% Co over 1.75 m from 27.15 to 28.9 m, incl. 0.44% Co over 0.75 m|
|GB17‐03||0.39% Co over 0.25 m from 31.25 to 31.5 m|
|GB17‐02||0.42% Co,0.2% Cu,2.2% Pb over 0.3 m from 39.37 to 39.67 m|
|GB17‐03||1.02% Cu, 294 ppm, Co, 12 ppm Ag, 204 ppm Zn, 689 ppm Pb over 2.5 m|
The results for the first five holes are summarized in Table 1 below. To date, a total of 19 diamond drill holes totaling 1,565 m have been completed on the Glencore Bucke Property, testing the Northwest and Main Zones. The drilling has confirmed and extended the cobalt mineralization on the property and which are consistent with historical grades and widths in the overall Cobalt Camp. The second drill testing the Teledyne property has completed 4 holes for 804 metres to date. The drill program is designed to provide the company with sufficient drill hole information to create a geological model and a 43‐101 complaint resource estimate.
“It is significant that the drilling has confirmed the historical cobalt style mineralization in both grade and widths which was historically mined by other companies within the Cobalt Camp” commented Dwayne Melrose, Technical Advisor for LiCo. “As the cobalt and associated (copper, silver, lead and zinc) mineralization that was intersected is close to surface, this could potentially make the property attractive for a future toll milling scenario”.
Table 1: Summary of Diamond Drill Results
Note: Intervals reported in Table 1 represent core lengths and not true widths.
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 20 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. From here, 0.5 g of the sample is digested with aqua regia for 2 hours at 95 °C. The sample is cooled and then diluted with deionized water. The sample is then analyzed using an Agilent 700 series ICP for the 38 element suite. QC for the digestion is 15% for each batch, 2 method reagent blanks, 6 in‐house controls, 8 sample duplicates and 5 certified reference materials. An additional 20% 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.
The Glencore Bucke and Teledyne Properties are managed by Joerg Kleinboeck, P.Geo., (LiCo’s QP), and supervised by Dwayne Melrose, Director and Head of the Technical Advisory Board of LiCo.
The overall drilling program will be conducted as part of LiCo’s flow thru financing and work commitments for the Glencore Bucke and Teledyne Properties.
About LiCo Energy Metals: https://licoenergymetals.com/
LiCo Energy Metals Inc. is a 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 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 150m and 70m 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 (Cunningham-Dunlop, 1979). 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.
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. The salar possesses a very high grade of both Lithium (1,840mg/l) and Potassium (22,630mg/l and is close to power, labour, communications, transportation and other infrastructure. The property of 160 hectares is enveloped by a concession owned by Sociedad Quimica y Minera (“SQM”) and lies, significantly, within a few kilometers of the property of CORFO (the Chilean Economic Development Agency) where its leases to both SQM and Albermarle’s Rockwood Lithium Corp Together these two companies have combined production of over 62,000 tonnes of LCE (Lithium Carbonate Equivalent) annually making up 100% of Chile’s current lithium output. The unique characteristics of Salar de Atacama make finished lithium carbonate easier and cheaper to produce than any of its peer group globally.
Purickuta is a smaller exploitation concession rather than a large exploration concession thereby accelerating the task of taking the project to a potential production scenario. Currently, the Chilean government retains ownership of lithium separate from other minerals and thus production can only proceed upon receipt of a special lithium operation contract know as a “CEOL”. In the future, it will be necessary for LiCo and partner to negotiate a production contract with CORFO concurrently with completing any positive feasibility study. “Chile, which has one of the world’s most plentiful supplies of lithium, is pushing ahead with new policies to develop those reserves”. (Reuters Jan 2, 2017).
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. 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.
Nevada Black Rock Desert Lithium Project:
The Company has entered into an option agreement whereby the Company may earn an undivided 70% interest, subject to a 3% Net Smelter Return Royalty, in the 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.
The Company is planning an exploration programs on a number of its properties over the next several months. 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 such as TSX Venture Exchange approval of any Option Agreement for the acquisition of an interest in the Purickuta Project, the satisfaction of any obligations and conditions that may be contained in such 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.