LiCo Energy Metals Inc. TSX-V: LIC, OTCQB: WCTXF has announced the commencement of its Phase 1 diamond drilling programme on both its Teledyne and Glencore Bucke Cobalt Properties situated in Bucke and Lorrain Townships, 6 km east-northeast of Cobalt, Ontario, as originally announced on 12 September, 2017.
The drill programme has commenced and the company expects to drill upwards to a combined 3500 m on the Glencore Bucke and Teledyne Properties. The drilling is being conducted by an experienced diamond drill contractor, Chenier Drilling Services Ltd.
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 drilling programme 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. Drilling will commence on the Glencore Bucke Property for the initial 1200 m of the drill program. While we await assays, we will shift the drilling over to Teledyne to complete five or six holes totaling 1000 m” states Mr. Melrose.
Historically, Teledyne Canada Ltd. completed 36 diamond drill holes totaling 3323.3 m on the Glencore Bucke Property, and a combined 28 surface and underground diamond drill holes totalling 3160.8 m on the Teledyne Property.
Diamond drilling completed by Teledyne Canada Ltd. on the Glencore Bucke Property delineated two zones of mineralisation 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). The historical reported intersections represent core lengths, and not true widths.
Based on the surface diamond drill programme completed in 1981 by Teledyne Canada Ltd, a historical resource of 75 000 short t at an average grade of 0.45% Co, 3.0 oz/t Ag was estimated (Linn, 1983). The resource estimate is a historical estimate as defined by National Instrument 43-101. There was been no review of the methods and results of this historical resource estimate by a Qualified Person. No attempt was made to reconcile the historical resource calculations as reported by Teledyne Tungsten. LiCo is not treating the historical resource estimate as a current mineral resource or mineral reserve.
Diamond drilling by Teledyne Canada Ltd. on the Teledyne Cobalt Property encountered two zones of cobalt/silver mineralization extending from the boundary of mined zones at the Agaunico Mine in a north-south direction. Historically, the Agaunico Mine produced 4 350 000 lb. of cobalt and 980 000 oz. of silver during the mining boom of the early 1900’s (Cunningham-Dunlop, 1979). In 1979, Teledyne completed 6 surface diamond drill holes totaling 1281.1 m. In 1980, Teledyne completed a 700 m long production decline designed to reach the mineralisation encountered in their recently completed surface diamond drill program. A total of 22 underground diamond drill holes totaling 1879.7 m were completed. Both the surface and underground drilling programs indicated the presence of significant cobalt mineralisation extending from the past-producing Agaunico Mine onto the Teledyne Cobalt Property for a strike length of 152.4 m. In addition, the drill programme 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.
Diamond rich resources
Based on the surface and underground diamond drill programs completed between 1979 and 1981 by Teledyne Canada Ltd, a historical resource of 100,000 tons at an average grade of 0.45% Co, 0.6 oz/t Ag was estimated (Linn, 1983). The resource estimate is a historical estimate as defined by National Instrument 43-101. There was been no review of the methods and results of this historical resource estimate by a Qualified Person. No attempt was made to reconcile the historical resource calculations as reported by Teledyne Tungsten. LiCo is not treating the historical resource estimate as a current mineral resource or mineral reserve.
The drilling will be conducted as part of LiCo’s flow thru financing and work commitments for the Glencore Bucke Property.
Read the article online at: https://www.globalminingreview.com/exploration-development/29092017/lico-energy-metals-begins-drilling-its-two-cobalt-properties/