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Recent reports that Apple is now chasing after cobalt from active mining companies has put a huge spotlight on the industry concerning the valuable metal's impending supply shortage. More than 60 percent of the world's cobalt is found in theDemocratic Republic of Congo. By moving to buy straight from miners, Apple is looking to find a level of guaranteeing their supply chain is clean. Demand for as well as the price of cobalt has skyrocketed since just over a year on projections of fast-growing demand for electric vehicles, whose lithium-ion rechargeable batteries are also dependent on the metal. Some industry professional believe it is likely the market will see other major electronics manufacturers like Samsung and LG Chem follow the path taken by Apple by opting for longer-term contracts with major cobalt miners to secure future supply. Cobalt/Lithium miners with developments include: LiCo Energy Metals Inc. (OTC:WCTXF) (TSX-V:LIC), First Cobalt Corp. (OTC: FTSSF) (TSXV: FCC), Freeport-McMoRan Inc. (NYSE: FCX), Advantage Lithium Corp. (OTC: AAUKF) (TSXV:AAL), Vale S.A. (NYSE: VALE).
LiCo Energy Metals Inc. (OTCQB: WCTXF) (TSX-V: LIC.V) BREAKING NEWS: LiCo Energy Metals is pleased to the update its shareholders on the completion on the Teledyne Cobalt Property Phase 1 diamond drilling program. During the fall of 2017, LiCo completed 11 diamond drill holes totaling 2,200 m. The drill program, along with the Phase 1 diamond drilling program completed on the Glencore Bucke Property, satisfied LiCo's flow-through financing obligations.
"We are extremely pleased with the overall results, especially the grades and widths of the cobalt mineralization intersected in the majority of the drill holes from the Teledyne Phase 1 drill program. We view the results of both the Teledyne and Glencore Bucke drill programs as being successful" commented Mr. Tim Fernback, President & CEO of LiCo. "Now that we have all the drill results, LiCo will design the Phase 2 drill program which will then become the basis of completing a 43-101 Compliant resource estimation. We are very excited about the future and commencing Phase 2 on both the Teledyne and Glencore Bucke properties in the future".
From 1979 through to 1980, Teledyne Canada Ltd., completed 6 surface diamond drill holes and 22 underground diamond drills for an aggregate of 3,160.8 m on the Teledyne Cobalt Property. Based on the surface and underground diamond drill programs, historical reserves of 60,000 tons in the geologically inferred category, and 40,000 tons in the probable category, at an average grade of 0.45% Co, 0.6 oz/t Ag was estimated (Linn, 1983). The reserve estimate is a historical estimate as defined by National Instrument 43-101. The historical reserve estimate contains categories that are not consistent with current CIM definitions. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. No attempt was made to reconcile the historical reserve calculations as reported by Teledyne Tungsten. LiCo is not treating the historical reserve estimate as a current mineral resource or mineral reserve. Read this and more news for LiCo Energy at: http://www.marketnewsupdates.com/news/wctxf.html
LiCo's Phase 1 diamond drill program was designed to confirm and extend the existing known mineralization along strike and up and down dip, and LiCo was successful in completing this objective. The program tested the Teledyne Zone for a strike length of approximately 220 m. A Summary of the most significant results of the Phase 1 Diamond Drill Program completed on the Teledyne Cobalt Property are:
- TE17-01 0.62% Co over 6.00 m from 136.00 to 142.00 m including 3.92% Co over0.75 m from 140.25 to 141.00 m.
- TE17-02 0.95% Co over 1.90 m from 143.0 to 144.9 m, incl. 2.58% Co over 0.60 mfrom 144.30 to 144.90 m.
- TE17-02 0.59% Co over 3.90 m from 156.0 to 159.9 m, incl. 2.22% Co over 0.60 mfrom 156.6 to 157.2 m.
- TE17-04 1.82% Co over 6.00 m from 138.00 to 144.00 m, including 5.06% Co over1.75 m from 141.25 to 143.00 m
- TE17-05 2.32% Co over 4.00 m from 126.5 to 130.50 m
- TE17-05 1.70% Co over 6.00 m from 136.00 to 142.00 m.
- TE17-07 0.50% Co over 2.10 m from 127.60 to 129.70 m
- TE17-08 0.77% Co over 3.40 m from 169.50 to 172.90 m, including 1.17% Co over2.00 m from 169.50 to 171.50 m.
- TE17-08 0.59% Co over 1.20 m from 174.00 to 175.20 m.
- TE17-08 0.62% Co over 0.60 m from 178.60 to 179.20 m.
- TE17-11 0.54% Co over 2.00 m from 130.00 to 132.00 m
A summary of the most significant results from the Phase 1 diamond drilling program are provided in Table 1, while drill hole collar information is provided in Table 2 which can be seen at: http://www.marketnewsupdates.com/news/wctxf.html