Disclosure NewswireTMiCrowdNewswire - Sep 13, 2017
NEW YORK —
The mining industry is very diverse and in recent years, technological advancements have raised demand for certain minerals like Lithium, which is now widely used in researchable batteries. Lithium-ion batteries are an efficient source of energy for rechargeable storage devices, capable of expanding battery durability, and are leading to an increasing power source for consumer electronics including hybrid and electric vehicles. According to a research by Techsci Research, the global lithium-ion battery market is projected to grow at a CAGR of over 17% during 2016 – 2021. In terms of energy demand, it is expected to increase from 12928.4 Million Ton Oil Equivalent (MTOE) in 2014 to 17,000 MTOE by 2020. LiCo Energy Metals Inc (OTC: WCTXF), Glencore Plc (OTC: GLNCY), MGX Minerals Inc. (OTC: MGXMF), First Cobalt Corp (OTC: FTSSF), Lundin Mining Corporation (OTC: LUNMF).
Lithium cobalt oxide (LCO) battery type are expected to constitute a large share of the overall lithium ion battery market. A report by Markets and Markets indicates that the energy density of any LCO battery is very high, and the cost of manufacturing these batteries is fairly reasonable, owing to the use of graphite carbon and cobalt. The market for lithium nickel manganese cobalt battery type is expected to grow at the highest rate between 2016 and 2022. As for the overall lithium ion battery market, the research projects that the market will be valued at USD 68.97 Billion, by 2022, growing at a CAGR of 16.6% between 2016 and 2022.
LiCo Energy Metals Inc (OTCQB: WCTXF) is also listed on the TSX Venture Exchange under the ticker ‘LIC’. Earlier today, the company announced breaking news that it is planning to start a Phase 1 diamond drilling on its Teledyne and Glencore Bucke cobalt properties situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario. A minimum 1,500 m diamond drill program is planned to commence approximately on September 21st, 2017, by a reputable diamond drill contractor.
In 1981, Teledyne Canada Ltd. leased the Glencore Bucke Property from Falconbridge Nickel Mines Ltd. as they recognized the exploration potential that the Property had due the possible southern extension of the #3 vein located on the Cobalt Contact Property to the north. In the same year, Teledyne completed 36 diamond drill holes totaling 3,323.3 m, and delineated two zones of mineralization measure approximately 150 m and 70 m in length. The most significant results include 2.12% Co over 1.01 m in diamond drill hole T-18, 0.62% Co over 2.74 m in diamond drill hole T-23, 0.66% Co over 0.73 m, 1.68% Co over 0.46 m in diamond drill hole T-30, and 0.36% Co, 41 oz/t Ag over 0.58 m in diamond drill hole T-37 (Bresee, 1982). The historical reported intersections represent core lengths, and not true widths. Initially, on the Glencore Bucke Property, the first few holes of the program will be oriented to confirm results from historical drilling completed by Teledyne Canada Ltd., and then followed by step out drill holes to expand the mineralized zones.
Drilling is also planned for the adjacent Teledyne Cobalt Property where historical drilling also encountered two zones of cobalt/silver mineralization extending from the boundary of mined zones at the Agaunico Mine in a north-south direction. 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 1979, Teledyne completed 6 diamond drill holes totaling 1,281.1 m. In 1980, Teledyne completed a 700 m long production decline to reach the mineralization encountered in their recently completed surface diamond drill program. A total of 22 underground diamond drill holes totaling 1,879.7 m were completed. Both the surface and underground drilling programs indicated the presence of significant cobalt mineralization extending from the past-producing Agaunico Mine onto the Teledyne Cobalt Property for a strike length of 152.4 m. In addition, the drill program encountered a second zone with a strike length of 137.2 m. The most significant results included 0.644% Co over 16.9 m in diamond drill hole UT-2, 0.74% Co over 8.7 m in diamond drill hole UT-3, and 2.59% Co over 2.4 m in diamond drill hole UT-18 (Bresee, 1981). The historical reported intersections represent core lengths, and not true widths. Drilling on the Teledyne Cobalt Property will also be orientated to confirm results from the historical drilling completed by Teledyne, and to expand the mineralized zones. Several other underexplored structures present on the Property will also be tested by diamond drilling. The drilling will be conducted as part of LiCo’s flow thru financing.
“We are very excited and looking forward to the milestone event of the commencement of the diamond drill program on these properties. Acquiring the Glencore Bucke Property from Glencore and adding it to our land package significantly adds more potential to LiCo’s Cobalt properties,” states Tim Fernback, LiCo’s President & CEO.
“With the combined land package and the historical results on both the Teledyne and Glencore Bucke properties, it is going to be a very exciting drill program. I am looking forward with great interest to seeing the results of the upcoming drill programs scheduled for both the Teledyne and Glencore Bucke properties this month,” commented Mr. Dwayne Melrose, Director and Head of the Technical Advisory Board of LiCo.
Glencore Plc (OTC: GLNCY) is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 90 commodities. On July 27, 2017, the company announced it signed agreements with Yancoal Australia Limited regarding the acquisition of a 49% interest in the Hunter Valley Operations coal mine in NSW and form a Joint Venture following Yancoal’s acquisition of Coal & Allied from Rio Tinto. The addition of 49% of HVO to our existing portfolio in the Hunter Valley will unlock mining and operating synergies. Glencore’s combined portfolio of mines in the Hunter Valley, including HVO, will have production capacity of 69 million tonnes per annum of high quality energy coal to meet increasing Asian demand.
MGX Minerals Inc. (OTC: MGXMF) and its engineering partner have developed a proprietary, low-energy design process that is patent-pending. The process is specifically designed for highly-mineralized brine associated with oilfields. The process rapidly concentrates lithium and other minerals from brine. Recently, the company provided shareholders with a progress report on multiple fronts inclusive of lithium, magnesium, silicon, and newly acquired rare earth superalloy projects. MGX has processed wastewater and lithium brine from eight North American project sites since inception of its one cubic meter per hour pilot plant in July 2017. These bulk samples of one US barrel each were shipped from six oil and gas sites and two mine sites in the US and Canada. Independent assays are pending to verify lithium and other mineral recoveries as well as clean water output profile to determine environmental and water handling benefit.
First Cobalt Corp (OTC: FTSSF) is focused on building a diversified global portfolio of assets that are highly leveraged to the cobalt market. Recently, the company announced the filing of an independent NI 43-101 technical report on its Greater Cobalt Project located near Cobalt, Ontario. The Project area covers 4,300 hectares in the neighboring historic towns of Silver Centre and Cobalt, now commonly referred to as the Cobalt Camp. First Cobalt’s Greater Cobalt Project in Ontario, Canada comprises a group of contiguous claims in the historic Silver Centre mining centre and a group of non-contiguous claims in the historic Cobalt mining centre, now collectively referred to as the Cobalt Camp. The Project covers a total area of approximately 4,300 hectares.
Lundin Mining Corporation (OTC: LUNMF) is a diversified Canadian base metals mining company with operations in Chile, the United States of America, Portugal, and Sweden, primarily producing copper, nickel and zinc. In addition, Lundin Mining holds an indirect 24 percent equity stake in the Freeport Cobalt Oy business, which includes a cobalt refinery located in Kokkola, Finland. Recently, the company reported its Mineral Resource and Mineral Reserve estimates as at June 30, 2017. On a consolidated and attributable basis, contained metal in the Proven and Probable Mineral Reserve categories totaled 3,232 kt of copper, 3,415 kt of zinc and 130 kt of nickel.
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