LICO ENERGY METALS
Shares of LICO ENERGY METALS (OTCMKTS:WCTXF) fell 3.42%, days after the Canadian exploration company provided an update and outlook of its ongoing drilling programs. The company is currently carrying out drilling operations at its Teledyne and Glencore Bucke Cobalt Properties in Bucke and Loraine Townships.
WCTXF Stock Performance
The sell-off of LICO ENERGY METALS (OTCMKTS:WCTXF) shows no signs of slowing down as the stock continues to hit lower lows in the market. Since the start of the year, the stock has shed more than 50% in market value as it continues to trade in a strong downtrend. It awaits to be seen if the company’s exploration and development activities will help reinvigorate investor interest in the stock.
LICO ENERGY METALS (OTCMKTS:WCTXF) acquired the Glencore Bucke Cobalt Property from Glencore plc. The purchase agreement includes a back-in provision and production royalty. The agreement also contains a provision whereby Glencore will have to pay three times the exploration costs to exercise a back in option in future.
“Management believes that these two property acquisitions are of high quality and with some additional exploration, they will allow us to define a resource in both lithium and cobalt,” LiCo Energy Metals in a statement.
Drilling operations at the two properties has resulted in 12 holes of 1,010 meters each, at the Main and Northwest zones on the Glencore Bucke property. According to LiCo Energy Metals, cobalt camp style mineralization has been noted in every drill hole completed so far.
Building on the success, the exploration company plans to add a second drill rig to accelerate the exploration program. Ina addition LICO ENERGY METALS (OTCMKTS:WCTXF) has begun preparation of the Teledyne property for initial drilling activities
“We are still encouraged with the visual results that have been noted in the drill core to date and also excited with the second drill rig has now started to test the Teledyne Property. The core samples from the initial drill holes have recently been sent to the laboratory for analysis,” said CEO, Tim Fernback.
In addition to drilling operations in Canada, LICO ENERGY METALS (OTCMKTS:WCTXF) has paused drilling operation at its Parickuta Lithium Project in Chile. The pause will allow the company to better engage the local community in the development of the resource. The Project is located in Salar de Atacama considered the world’s most productive lithium brine.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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