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LICO ENERGY METALS WORKING NEXT TO FORMER COBALT PRODUCER

By Gregory Reynolds, Mining Life

Oct 11, 2017

 

LiCo Energy Metals Inc. has high hopes for its Teledyne Cobalt Project near the Town of Cobalt.

The property adjoins the south and west boundaries of claims that hosted the Agnico Mine. From 1905 through to 1961, the 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 mine was located along structures that extended southward onto property currently under option to LiCo.

The company says “over $25 million (inflation-adjusted) of past work has been already been completed on the Teledyne Property. This work has resulted in valuable infrastructure, which includes a development ramp and a modern adit going down 500 feet parallel to the vein.”

It reports that a UTEM 5 electromagnetic survey covering mining claims 372 and 229 of the Teledyne Project was completed by Lamontagne Geophysics Ltd. Portions of the grid overlie the cobalt mineralization previously outlined by diamond drilling in 1979 through to 1980.

In preparation for a proposed diamond drilling program, all previous drilling data, both from surface and underground, is being reviewed and a 3D modeling of the underground working and drilling results is being prepared. Results of this compilation will aid in assessing locations for future drilling.

LiCo says it is a well-funded 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.

The company has an option to earn 100% ownership, subject to a royalty, in the Teledyne Project.

The company also has three lithium projects.

It 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.

The company has entered into an option agreement whereby it 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.

It also has the Chile Purickuta Lithium Project 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 world’s 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 kilometres 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 production once a measured reserve can be established.

The company is planning an exploration programs for all its properties.