LiCo Energy Metals Inc. is pleased to update its shareholders on the current diamond drilling program for its Teledyne and Glencore Bucke Cobalt Properties situated in Bucke and Lorrain Townships, 6 km east-northeast of Cobalt, Ontario, as originally announced on September 12th, 2017.
The Company has completed a total of 10 holes for 775 metres testing the Main and Northwest zones on the Glencore Bucke property. Cobalt camp style mineralization has visually been noted in every drill hole that the Company has completed. The historical drilling program outlined two separate vein systems hosting significant cobalt and silver values. The Main Zone, currently is 152 m in length, and the Northwest Zone, measuring 70 m in length. The Main Zone had a north-south strike, which is hypothesized as the southern extension of the #3 vein from the Cobalt Contact Mine located immediately to the north of the Property (Bresee, 1982).
The Company is adding additional meterage to the diamond drilling programs than what was originally planned for the Glencore Bucke and Teledyne Properties. LiCo is expecting the drilling contractor to provide a second diamond drill rig later this week. The current drill rig will remain drilling on the Glencore Bucke property, while the second drill rig will be used to test the drill targets identified by management on the Teledyne property.
Tim Fernback, President & CEO of LiCo, stated, "we are encouraged with the visual results that have been noted in the drill core to date. Based on the visual results, LiCo has decided to increase the overall planned drill program in the area. The samples from the initial drill holes have recently been sent to the laboratory for analysis and LiCo is anxiously waiting to receive the results."
The Teledyne and Glencore Bucke Properties are managed by Joerg Kleinboeck, P.Geo. (LiCo's QP), and supervised by Mr. Dwayne Melrose, Director and Head of the Technical Advisory Board of LiCo. "The goal of this current drilling program will be to confirm the results of historical drilling on the properties and to further expand the resource potential up and down dip and along strike," stated Mr. Melrose.
Historically, Teledyne Canada Ltd. completed 36 diamond drill holes totaling 3,323.3 m on the Glencore Bucke Property, and a combined 28 surface and underground diamond drill holes totaling 3,160.8 m on the Teledyne Property.
Diamond drilling completed by Teledyne Canada Ltd. on the Glencore Bucke Property delineated two zones of mineralization measuring approximately 150 m and 70 m in length. The most significant results include 2.12% Co over 1.01 m in diamond drill hole T-18, 0.62% Co over 2.74 m in diamond drill hole T-23, 0.66% Co over 0.73 m, 1.68% Co over 0.46 m in diamond drill hole T-30, and 0.36% Co, 41 oz/t Ag over 0.58 m in diamond drill hole T-37 (Bresee, 1982).
Diamond drilling by Teledyne Canada Ltd. on the Teledyne Property encountered two zones of cobalt/silver mineralization extending onto the Property from the Agaunico Mine located to the north. Historically, the Agaunico Mine produced 4,350,000 lbs. of cobalt and 980,000 oz. of silver during the mining boom of the early 1900's (Cunningham-Dunlop, 1979). A total of 6 surface drill holes followed by 22 underground diamond drill holes totaling 1,879.7 m was completed by Teledyne Canada Ltd. Both the surface and underground drilling programs indicated the presence of significant cobalt mineralization extending from the past-producing Agaunico Mine onto the Teledyne Cobalt Property for a strike length of 152.4 m. In addition, the drill program encountered a second zone with a strike length of 137.2 m. The most significant results included 0.644% Co over 16.9 m in diamond drill hole UT-2, 0.74% Co over 8.7 m in diamond drill hole UT-3, and 2.59% Co over 2.4 m in diamond drill hole UT-18 (Bresee, 1981). The historical reported intersections represent core lengths, and not true widths.
The drilling will be conducted as part of LiCo's flow thru financing and work commitments for the Glencore Bucke Property.