Tickers: PINX:WCTXF, XTSX:LIC
Tags: Mining
January 4th, 2018 / TheNewswire / Vancouver, British Columbia; - LiCo Energy Metals Inc. ("the Company" or LiCo") TSX-V: LIC, OTCQB: WCTXF announces that at request of IIROC, wishes to clarify disclosures made in its January 3rd, 2018 news release. Specifically, LiCo wishes to clarify or retract the following:
In the title, the Company has retracted "Commercial Grade" as no technical report supporting an economic study by either a PEA, PFS of FS has been filed on SEDAR. Any additional references to "commercial grade" are similarly retracted for the same reason.
On the Teledyne Cobalt Property, the Company completed a total of 11 diamond drill holes totaling 2,200 m in the fall of 2017. Drilling intersected cobalt mineralization on the Property which is consistent with historical grades but given that previously reported Intervals represent core lengths and not true widths, LiCo is unable to determine if the cobalt mineralization on the Property is consistent with historic widths.
Further clarification of LiCo's Exploration Property Descriptions:
Chile Purickuta Lithium Project:
1.The Purickuta Project is located within Salar de Atacama, a salt flat encompassing 3,000 km2, being about 100 km long, 80 km wide and home to approximately 37% of the worlds Lithium production and Chile itself holds 53% of the world's known lithium reserves (Source: Bloomberg Markets - June 23, 2017, "Lithium Squeeze Looms as Top Miner Front-Loads, Chile Says"). As reported in The Economist (June 15, 2017 - A battle for supremacy in the lithium triangle), the Salar de Atacama has the largest and highest quality proven reserves of lithium. The combination of the desert's hot sun, scarce rainfall, and the mineral-rich brines make Chile's production costs the world's lowest. This together with a favourable investment climate, low levels of corruption, and the quality of its bureaucracy and courts makes Chile a favourable place to conduct business.
The Company notes that wishes to retract its statement regarding its small size being a contributing factor to taking this project into production. Although the Company has received a legal opinion from a respected mining law firm in Chile, Philippi Prietocarrizosa Ferrero DU & Uria, which states that the small size of the Company's Purickuta Property, among other factors, is considered favourable to obtaining a CEOL, the Company recognizes that it will still need the approval of the Chilean government which may be withheld from the Company for a variety of additional reasons yet to be determined. It is therefore premature to determine the exact needs of the Company with respect to the eventual exploitation of the mineral concession for lithium.
Nevada Dixie Valley Lithium Project:
The Company recognizes that the disclosure referencing the geological characteristics of Dixie Valley lithium brine matching that of Clayton Valley and South America lithium brines is both vague and potentially misleading to the reader. The Company would like to state that some important geological similarities exist between various lithium brines, notably geothermal activity, a dry climate, a closed basin, an aquifer, and tectonically driven subsistence exist at Dixie Valley along with Clayton Valley and various lithium bearing salars in Chile, Argentina and Boliva.
Qualified Person
The technical content of this news release has been reviewed and approved Joerg Kleinboeck, P.Geo., an independent consulting geologist and a qualified person as defined in NI 43-101.
On Behalf of the Board of Directors
Tim Fernback, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Disclaimer for Forward-Looking Information:
This news release may contain forward-looking statements which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements.
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