LiCo Energy Metals Inc. "The Company" or "LiCo" is pleased to report that it has commenced a Phase One exploration program on the Teledyne Property located close to Cobalt, Ontario. The Cobalt camp became one of the few areas in the world to host primary cobalt mines; it eventually produced over 50 million pounds of cobalt.
Line cutting is underway on patented claims 372 and 229 and once completed, a geophysical survey is planned to start shortly thereafter. The geophysical survey will cover the Teledyne prospect, and cover areas that have had little to no exploration work to further identify prospective mineralized targets to depths of up to a potential 300m or greater. This work, along with the historical data that is currently being compiled, will be evaluated in advance of a diamond drill program planned to commence in Q1 of 2017.
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 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.