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 recently completed drilling 19 holes for a combined depth of approximately 2,000 meters on its two cobalt mineral exploration properties in Ontario. Visual mineralization is present in all drill holes completed to date.
On the Glencore Bucke Property, the Company has completed a total of 16 holes for approximately 1,400 metres of drilling, testing the Main and Northwest zones on the Glencore Bucke Property. Visual cobalt camp style mineralization has 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).
On the Company's adjoining Teledyne Property, a second drill rig has been recently added by the Company to expand its overall drilling program in the area. As of the date of this news release, the Company has been able to complete 3 - 200 metre drill holes for approximately 600 metres of new drilling. The second drill has also visually intersected Cobalt camp style mineralization in each drill hole that is testing the cobalt/silver targets on the Teledyne Property.
Tim Fernback, President & CEO of LiCo, states, "Building on what can be described as a successful start to LiCo's fall exploration program, the first drill hole on Teledyne has been drilled to test the cobalt/silver targets of the Teledyne Property that were previously identified by Teledyne Canada Ltd. Drill targets on the Teledyne and Glencore Bucke Property are considered to be extensions from the past producing Agaunico Mine and Cobalt Contact property respectively. The core samples from the initial drill holes have recently been sent to the laboratory for analysis and we are anxiously waiting to receive the results." For more information on LiCo's Teledyne and Glencore Bucke Properties listen to Tim Fernback's latest audio interview with SmallCapVoice.com here: http://smallcapvoice.com/blog/10-23-17-smallcapvoice-interview-with-lico-energy-metals-inc-wctxf/.
LiCo 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. 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 overall drilling program will be conducted as part of LiCo's flow thru financing and work commitments for the Glencore Bucke and Teledyne Properties.