VANCOUVER, British Columbia, July 5, 2017, WCTXF, /PRNewswire/ —
LiCo Energy Metals Inc. (“the Company” or “LiCo”) TSX-V: LIC; OTCQB: WCTXF is pleased to announce the positive results demonstrated in the technical report on the TEM geophysical survey recently conducted over the Purickuta Project located within the Salar de Atacama, Chile. The Transient Electromagnetic Method (TEM) geophysical survey report (June, 2017) prepared by Geodatos Chile states the following:
- “Beneath the surface crust (up to 14m thick) is detected a conductive unit with values of Resistivity less than 1 ohm-m, which are interpreted as brines, divided into two sub units:
- High conductivity saturated unit (0.4 and 0.9 ohm-m), the thickness of this layer varies between 6.3m and 22m and;
- Very high conductivity saturated unit (02 to 0.4 Ohm-m) this layer is detected at two depths, the first under the saline crust, with thickness of 3 and 7m, then again under the unit of high conductivity with a greater thickness of 100m, not detecting the floor of this stratum,” (meaning beyond the detective depth capacity of the TEM survey).
Tim Fernback, President and CEO, comments: “These extremely positive results add significantly to our belief in the commercial potential of the Purickuta Project. In the lithium triangle of Chile, Argentina and Bolivia, similar resistivity surveys consistently demonstrate that lithium brine-bearing aquifers are directly related to a low-resistivity, high-conductivity horizon within the salar. We found these positive geophysical characteristics over the entire property. Coming up, we have a 300m–diamond drill hole test designed to determine the lithium bearing capacity of the aquifer as outlined by Geodatos and I look forward to announcing the results.“
Salar de Atacama is considered to represent the planet’s largest deposit of economically recoverable Lithium and is very well known for its Lithium production by LiCo’s neighbors SQM and Rockwood/Albemarle.
The Company holds an option to acquire up to a 60% interest in the Purickuta Exploitation concession (the “Property”). The technical content of this news release has been reviewed and approved by Dwayne Melrose, Director and Qualified Person.
About LiCo Energy Metals: https://licoenergymetals.com/.
LiCo Energy Metals Inc. is a well-funded, Canadian-based exploration company whose primary listing is on the TSX Venture Exchange. The Company’s focus is directed towards exploration for high value metals integral to the manufacture of lithium ion batteries.
Chile Purickuta Lithium Project:
The Purickuta Project is located within Salar de Atacama, a salt flat encompassing 3,000 km2, being about 100 km long, 80 km wide and home to approximately 37% of the worlds Lithium production. The salar possesses a very high grade of both Lithium (1,840mg/l) and Potassium (22,630mg/l and is close to power, labour, communications, transportation and other infrastructure. The property of 160 hectares is enveloped by a concession owned by Sociedad Quimica y Minera (“SQM”) and lies, significantly, within a few kilometers of the property of CORFO (the Chilean Economic Development Agency) where its leases to both SQM and Albermarle’s Rockwood Lithium Corp. Together these two companies have combined production of over 62,000 tonnes of LCE (Lithium Carbonate Equivalent) annually making up 100% of Chile’s current lithium output. The unique characteristics of Salar de Atacama make finished lithium carbonate easier and cheaper to produce than any of its peer group globally.
Purickuta is a smaller exploitation concession rather than a large exploration concession thereby accelerating the task of taking the project to production once a measured reserve can be established. Currently, the Chilean government retains ownership of lithium separate from other minerals and thus production can only proceed upon receipt of a special lithium operation contract known as a ‘CEOL’. In the future, it will be necessary for LiCo and partner to negotiate a production contract with CORFO concurrently with completing any positive feasibility study. “Chile, which has one of the world’s most plentiful supplies of lithium, is pushing ahead with new policies to develop those reserves”. (Reuters Jan2, 2017).
Ontario Teledyne Cobalt Project:
The Company has an option to earn 100% ownership, subject to a royalty, in the Teledyne Project located near Cobalt, Ontario. 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.
Nevada Dixie Valley Lithium Project:
The Company has an option to acquire a 100% interest, subject to a 3% NSR, on a large lithium exploration project at the Humboldt Salt Marsh in Dixie Valley, Nevada. The geologic setting and presence of lithium in active geothermal fluids and surface salts in Dixie Valley match characteristics of producing lithium brine deposits at Clayton Valley, Nevada and in South America.
Nevada Black Rock Desert Lithium Project:
The Company has entered into an option agreement whereby the Company may earn an undivided 70% interest, subject to a 3% Net Smelter Return Royalty, in the Black Rock Desert Lithium Project that consists of 128 placer claims (2,560 acres/ 1,036 hectares) in southwest Black Rock Desert, Washoe County, Nevada.
The Company is planning exploration programs for all its properties over the next several months.
On Behalf of the Board of Directors
Tim Fernback, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information:
This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions such as the Company‘s ability to exercise the Option, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements.
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SOURCE LiCo Energy Metals Inc.