PALM BEACH, Florida, October 25, 2017 /PRNewswire/ --
According to Paul Farquharson, President and CEO of eCobalt, the future outlook for the electric vehicle and lithium-ion battery markets further supports sustained and long-term demand for cobalt - a critical ingredient in the cathodes of rechargeable batteries. Today's rapidly growing demand for massive energy storage solutions and nanotechnology along with the need for Li-ion batteries to power consumer products ranging from smartphones to electric vehicles increases, the cobalt and lithium mining sector is reaching new levels on a daily basis with major and junior miners increasing mining operations and drilling efforts to meet the demand. This week's active miners include: LiCo Energy Metals Inc. (OTC: WCTXF) (TSX-V: LIC), Freeport McMoRan Inc. (NYSE: FCX), Glencore Plc (OTC: GLNCY), Lithium Americas Corp. (OTC: LACDF) (TSX: LAC) and Vale S.A. (NYSE: VALE)
LiCo Energy Metals Inc. (OTCQB: WCTXF) (TSX-V: LIC.V) 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 now completed a total of 12 holes for 1,010 metres testing the Main and Northwest zones on the Glencore Bucke Property. Cobalt camp style ineralization 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). Read this and more news for LiCo Energy at: http://www.marketnewsupdates.com/news/wctxf.html
Building on what can be described as a successful start to its exploration program, the Company has decided to add a second drill rig to fast forward the overall exploration program. Furthermore, late last week the Company begun the preparation of the Teledyne property for drilling its initial drill targets. As of Sunday October 22, 2017, this added drill rig commenced drilling on the Teledyne Property. The first drill hole testing the cobalt/silver targets of the Teledyne property that were previously identified by Teledyne Canada Ltd., that are considered to be extensions from the past producing Agaunico Mine. Tim Fernback, President & CEO of LiCo, states, "We are still encouraged with the visual results that have been noted in the drill core to date and also excited with the second drill rig has now started to test the Teledyne Property. The core samples from the initial drill holes have recently been sent to the laboratory for analysis and LiCo is 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.
In other cobalt/lithium mining news and developments:
Glencore Plc (OTC: GLNCY) closed up slightly on Tuesday at $10.10 by the market close. In an article published on BloombergTechnology , the race is on to supply more of the cobalt needed for batteries in the fast-growing market for electric vehicles -- and that means fresh competition for the big players Glencore Plc and the Democratic Republic of Congo. A pipeline of projects is looming in places including Australia, the U.S. and Canada after cobalt prices more than doubled in the past year. Glencore produces almost a third of the world's supply, mainly from the Congo, which is by far the biggest source, accounting for as much as 65 percent. Read more at:https://www.bloomberg.com/news/articles/2017-06-08/cobalt-upstarts-eye-glencore-s-turf-for-244-billion-ev-spoils
Freeport-McMoRan Inc. (NYSE: FCX) closed up 2.84% on Tuesday trading more than 20.9 million shares by the market close. In a recent article, there are potentially bottlenecks in lithium and cobalt mining efforts, which are crucial for lithium-ion batteries used to power electric cars. In terms of supply, major disruptions that took place in the first half of the year supported prices. But worries have eased as top copper producer Chile reported higher output in July. Meanwhile, Freeport-McMoRan, which owns Grasberg, the world's second-largest copper mine, will continue to export copper as it negotiates a new permit with the Indonesian government. Read more at https://investingnews.com/daily/resource-investing/base-metals-investing/copper-investing/copper-prices-rally-q4/
Lithium Americas Corp. (OTCQX: LACDF) (TSX: LAC.TO) announced earlier this week an update on the Lithium Nevada Project located in Nevada, USA. The Company is developing the 100% owned Lithium Nevada Project, a clay-based lithium resource in the McDermitt Caldera, through its wholly owned subsidiary, Lithium Nevada Corp. Building on years of exploration and testing, a Preliminary Feasibility Study on the Lithium Nevada Project is expected to be complete by the end of Q2 2018 to demonstrate the economic potential of producing lithium hydroxide from lithium-bearing claystone.
In other mining developments:
Vale S.A. (NYSE: VALE) came to a close up 3.28% on Tuesday with over 28.6 million shares traded by the market close. Brazil's Vale SA , the world's largest iron ore producer, said on last week its production in the third quarter hit a fresh quarterly record, boosted by a ramp-up at its S11D mine. Iron ore output rose 3.3 percent compared with the same period last year to 95.1 million tonnes, the company said, spurred by record quarterly production in Vale's so-called northern system, which includes the Carajas, Serra Leste and S11D mines in the state of Para. Output at those mines jumped 16.4 percent to 45 million tonnes, as S11D, which began selling ore this year, advanced "according to plan," the company said.
DISCLAIMER: MarketNewsUpdates.com (MNU) is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. MNU is NOT affiliated in any manner with any company mentioned herein. MNU and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. MNU's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. MNU is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed MNU has been compensated forty-four hundred dollars for news coverage of the current press release issued by LiCo Energy Metals Inc. by a non-affiliated third party. MNU HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and MNU undertakes no obligation to update such statements.