LICO ENERGY METALS COM NPV (OTCMKTS:WCTXF) is a cobalt company that is seeing a jump in price. WCTXF has been extremely up and down over the last month, but the company is working in a very hot sector. WCTXF provided a shareholder update and the market is reacting.
Tim Fernback, President & CEO of LiCo, stated, “We are encouraged with the visual results that have been noted in the drill core to date. Based on the visual results, LiCo has decided to increase the overall planned drill program in the area. The samples from the initial drill holes have recently been sent to the laboratory for analysis and LiCo is anxiously waiting to receive the results.”
LICO ENERGY METALS COM NPV (OTCMKTS:WCTXF) is a 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.
WCTXF has entered into a property purchase agreement to acquire a 100% interest from Glencore Canada Corporation (subsidiary of Glencore plc) in the Glencore Bucke Property, situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario, subject to a back-in provision, production royalty and off-take agreement. Strategically, the Glencore Bucke Property consists of 16.2 hectares and sits along the west boundary of LiCo’s Teledyne Cobalt Project. The Property covers the southern extension of the #3 vein that was historically mined on the neighbouring Cobalt Contact Property located to the north of the Glencore Bucke Property. Diamond drilling in 1981 on the Glencore Bucke Property delineated two zones of mineralization measuring 150 m and 70 m in length.
The Company is adding additional meterage to the diamond drilling programs than what was originally planned for the Glencore Bucke and Teledyne Properties. LiCo is expecting the drilling contractor to provide a second diamond drill rig later this week. The current drill rig 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.
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WCTXF has completed a total of 10 holes for 775 metres testing the Main and Northwest zones on the Glencore Bucke property. Cobalt camp style mineralization 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.
LICO ENERGY METALS COM NPV (OTCMKTS:WCTXF) has a market cap of 7.25M with 106.68M shares out. WCTXF is in a hotbed for cobalt but North American cobalt is in its early stages many relying on past drilling reports. The same is taking place here. “The goal of this current drilling program 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,” said WCTXF’s managing director. We will be providing update on this company as more news is available especially since this is in the all-important cobalt market. Sign-up for continuing coverage on shares of $WCTXF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $WCTXF, either long or short, and we have not been compensated for this article.