Larry W. Reaugh, President and Chief Executive Officer of RecycLiCo Battery Materials (“RecycLiCo Battery Materials” or “AMI” or the “Company”), (TSX.V: AMY; OTCQB: AMYZF; FSE: ID4), is pleased to announce that the Company has entered into an option agreement with Liaz Pty Ltd (‘Liaz’) (which has since been acquired by Longford Resources Limited (‘LRL’)) whereby Liaz may earn a 60% interest in AMI’s Rocher Deboule high-grade copper/gold/cobalt property. Consideration for the option consists of $10,000 cash; an additional payment of $5,000 or 50,000 shares of Liaz/LRL; exploration expenditures of $2,000,000 over four years; and $10,000 cash plus $5000 cash or 50,000 shares of Liaz/LRL each year until the 60% interest has been fully earned by Liaz.
The Rocher Deboule property is part of the Hazelton Project, which includes 3 historic mines:
- Victoria Mine – where ore grades averaged 123.4 g/t gold and 2.8% cobalt
- Rocher Deboule Mine – where ore grades averaged 5.9% copper and 2.9 g/t gold
- Highland Boy Mine – where ore grades averaged 7.0% copper and 1.8 g/t gold
The Project was last mined in 1952 and has had very limited exploration since. There is considerable potential to delineate an additional high‐grade cobalt‐copper‐gold mineralization with modern exploration techniques.
About Longford Resources Ltd.
LRL, listed on the Australian Stock Exchange (ASX: LFR), is a mining company with a cash position of A$2.8 million and is well placed to immediately commence exploration following completion of the acquisition.
About RecycLiCo Battery Materials
RecycLiCo Battery Materials is a diversified specialty and critical metal company focused on capitalizing on its patented intellectual property through low cost production or recovery of electrolytic manganese products throughout the world, and recycling of spent electric vehicle lithium-ion rechargeable batteries.
Interest in the Company’s patented process has adjusted the focus of RecycLiCo Battery Materials toward the examination of applying its patented technology for other purposes and materials. RecycLiCo Battery Materials aims to capitalize on its patented technology and proprietary know-how to become and industry leader in the recycling of spent electric vehicle lithium-ion batteries having cathode chemistries such as: Lithium-Cobalt, Lithium-Cobalt-Nickel-Manganese, and Lithium-Manganese.
To review The Most-Lucrative Niche in Cobalt Market article on AMI by Stockhouse please view here.
On behalf of Management
RecycLiCo Battery Materials
Larry W. Reaugh
President and Chief Executive Officer
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain certain “Forward-Looking Statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the Toronto Stock Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.