Cobalt Bucke Property
Glencore is one of the world’s largest producers of cobalt as a result of by-products created from its copper assets in the DRC and nickel assets in Australia, Canada and Norway.
Strategically, the Glencore property consists of 16.2 hectares and sits along the west boundary of LiCo’s Teledyne Cobalt Project that covers the southern extension of the former producing 15 Vein on the past-producing Agaunico Mine Property. Historically, the Agaunico Mine produced 4,350,000 lbs. of cobalt and 980,000 oz. of silver during the mining boom of the early 1900’s (Cunningham-Dunlop, 1979).
In the early 80’s the Glencore property was explored by 36 surface diamond drill holes totaling 3,323 m. The drilling program outlined two separate vein systems hosting significant cobalt and silver values. The two zones are known as the Main Zone, measuring 152.4 m in length, and the Northwest Zone, measuring 70.0 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 lease #585 (Bresee, 1982). Additional work was recommended but never completed due to a downturn in cobalt prices at the time.
"We are very excited to acquire this strategic Canadian property from Glencore. The property is conveniently located adjacent to our current Teledyne Cobalt property, and this purchase agreement allows LiCo to expand upon one of Glencore’s longstanding Canadian cobalt assets. If all goes as planned, we could be selling all our cobalt produced back to Glencore in the future. It is a property sale, but we have also found a significant future customer." states states Tim Fernback, LiCo's President & CEO.