Teledyne Cobalt Project
LiCo Energy Metals has entered into an option agreement to acquire up to a 100% interest, 2% net smelter royalty of the Teledyne property. The property consists of 5 mining claims and 6 staked crown claims in the Buck and Lorrain Townships, located in the district of Temiskaming, Ontario. The project covers 115.5 hectares of mining and surface rights, with an additional 439.1 hectares of staked crown claims. The property is easily accessible by highway and a well maintained secondary road.
Over $25 million (inflation-adjusted) of past work has been already been completed on the Teledyne Property. This work has resulted in valuable infrastructure, which includes a development ramp and a modern adit going down 500 feet parallel to the vein.
The Teledyne property is located within a historic mining camp that dates back to 1903. This was one of the world’s largest silver camps in the early 20 th century. Historically, an estimated 18,000,000 kg of silver and 14,000,000 kg of cobalt has been produced here. Even today, this remains a mining-friendly community that packs a skilled workforce, along with other mining and exploration services available locally.
The previous owner, Teledyne Canada Ltd., completed a diamond drilling program consisting of 6 surface drill holes in 1979. Another 22 holes were drilled from the underground to confirm the previous surface drilling in 1980. The initial program supported a development ramp of 2,300 feet to reach the delineated orezone, with the face of the ramp just 70 feet east of the orezone.
4 of the 6 surface drill holes intersected ore grade cobalt (>0.10% Co); individual cobalt grades to 10.6%. Additionally, 18 of the 22 underground drill holes intersected ore grade cobalt (>0.10% Co); individual cobalt grades to 10.2%. The average grade/core width from the 22 holes equalled 0.57% Cobalt/ 1.6 metres core width. This zone remains open to the south with a further 650 metres of potential mineralized strike length on the Teledyne property, and represents an excellent target for a future drilling campaign. Based on the 1979-1980 drilling results, probable and inferred reserves accessible from the current ramp are estimated to be in excess of 100,000 tons at 0.45% Co.
High-grade, advanced stage cobalt project
- $25 Million in inflation-adjusted infrastructure
- Located in the cobalt mining camp that dates back to 1903
- Mining-friendly community with skilled workforce and services