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LiCo Energy Metals - Completes its Final Payment to Glencore Canada Corporation and Finalizes the Purchase of 100% for the Mineral Rights on the Glencore Bucke Property
(via TheNewswire) MARCH 5, 2018 / TheNewswire / Vancouver, British Columbia; - LiCo ...
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[{"type":"text","content":"LiCo Energy Metals - Completes its Final Payment to Glencore Canada Corporation and Finalizes the Purchase of 100% for the Mineral Rights on the Glencore Bucke Property(via TheNewswire)\n\n \nMARCH 5, 2018 / TheNewswire / Vancouver, British Columbia; - LiCo Energy Metals Inc. (\"the Company\" or LiCo\") TSX-V: LIC, OTCQB: WCTXF is pleased to announce that it has formally completed its obligations to Glencore Canada Corporation under the Mineral Property Acquisition Agreement (\"Property Agreement\") dated August 31st 2017 and announced on September 5, 2017 by the Company. The Mineral Rights were owned originally by Glencore Canada Corporation (subsidiary of Glencore plc) (\"Glencore\") of Baar Switzerland (LSE: GLEN). The Property Agreement allows LiCo to acquire a 100% interest in mining rights for patent #585 (the \"Glencore Bucke property\") situated in Bucke Township, 6 km east-northeast of Cobalt, Ontario. The Purchase Agreement includes a back-in provision, production royalty and an off-take agreement in favor of Glencore.\n\n\n \nGlencore 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.\n\n\n \n\"We are very excited to formally acquire this strategically located cobalt property from Glencore. Its 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. As I have mentioned before, not only is this a great cobalt asset, but we have also found a significant future customer in Glencore.\" states Tim Fernback, LiCo's President & CEO.\n\n\n \nStrategically, the Glencore Bucke 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).\n\n\n \nIn the early 80's the Glencore Bucke 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. T...