LiCo Energy Metals Inc. ("The Company" or "LiCo" OTCQB: WCTXF; TSX-V: LIC) is pleased to report that a UTEM 5 electromagnetic survey covering mining claims 372 and 229 of the Teledyne Cobalt Project near Cobalt, Ontario was recently completed by Lamontagne Geophysics Ltd. Portions of the grid overlie the cobalt mineralization previously outlined by diamond drilling in 1979 through to 1980. The survey report is expected to be received before the end of February.
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. The Company is currently requesting proposals from qualified drilling operators in Ontario and Quebec.
About the Teledyne Cobalt Project
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 was located along structures that extended southward onto Property currently under option to LiCo Energy Metals.
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.
Technical information in this news release has been approved by Joerg Kleinboeck, P.Geo., an independent consulting geologist and a qualified person as defined in NI 43-101.