VANCOUVER, April 3, 2017 /CNW/ - LiCo Energy Metals Inc.
"The Company" or "LiCo" TSV-V: LIC OTCQB: WCTXF announces that
further to its news releases dated January
3, 3017 and January 18, 2017
and the conditional acceptance from the TSX Venture Exchange (the
"Exchange") dated March 30, 2017
whereby LiCo entered into a Definitive Mining Option Agreement
dated January 17, 2017 (the "Option
Agreement") with Durus Copper Chile SPA of Santiago, Chile, LiCo can earn up to a 60%
interest in the Purickuta Lithium Exploitation Concession (the
"Purickuta" Project) located within Chile's Salar de Atacama, the world's largest
and purest active source of lithium. The Option Agreement requires
LiCo to make certain cash payments totaling $USD 8.4 million,
issuing 5 million shares and making certain work and development
commitments during the term of the Option Agreement, the
transaction has now closed, subject to final acceptance from the
Exchange.
Finder's fees in the amount of 1,320,000 shares and $10,000 cash will be paid in connection with the
transaction.
The Company is pleased to report that it has filed on SEDAR a
technical report on the Purickuta Project (the "Report") pursuant
to National Instrument 43-101 "Standards of Disclosure for
Mineral Projects" ("NI 43-101"), which Report has an effective
date of January 20, 2017 and is
compliant with Exchange Mining Standards Guidelines which
incorporate NI 43-101.
About the Purickuta Project:
https://licoenergymetals.com/purickuta/
The Purickuta Project consists of 160 hectares and is one of a
few "exploitation concessions" granted within the Salar de Atacama,
home to approximately 37% of the worlds Lithium production. The
property is contained within an existing exploitation concession
owned by Sociedad Quimica y Minera ("SQM"), and lies approximately
3 km north of the exploitation concession of CORFO (the Chilean
Economic Development Agency). About 22 km south-east from the
Purickuta Concession, both SQM and Albemarle Corp. have large-scale
production facilities within the CORFO concession mentioned
above. These two facilities collectively produce over 62,000
tonnes of Lithium Carbonate Equivalent annually and account for
100% of Chile's current lithium
output.
Click here to see maps
Qualified Person: The technical content of this news
release has been reviewed and approved by Alan Morris CPG and
Eduardo Alvarez senior geologist and
QP.
About LiCo Energy Metals:
https://licoenergymetals.com/
LiCo Energy Metals Inc. is a well funded Canadian based
exploration company who's 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 a potential production scenario.
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 know 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
(Cunningham-Dunlop, 1979). 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:
Rick Wilson, 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 Exchange approval of the Option
Agreement and 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.
SOURCE LiCo Energy Metals Inc.
