Mr. Tim Fernback reports

LICO ENERGY METALS - RECENT ASSAY RESULTS HAVE LICO INTERSECT 0.55% COBALT OVER AN IMPRESSIVE 5.00 M ON ITS GLENCORE BUCKE PROPERTY

Lico Energy Metals Inc. has released assay results for diamond drill holes GB17-08 to GB17-10 from the recently completed drill program on the Glencore Bucke property located six kilometres northeast of Cobalt, Ont. The company would also like to provide an update on the recently completed drilling program and a brief analysis of what has been determined to date by the company.

A summary of the most significant results of the recent drill core assays is:

• GB17-10 -- 0.55 per cent cobalt over 5.00 metres from 28.00 to 33.00 m;
• GB17-10 -- 0.11 per cent Co, 17.6 parts per million silver, 0.53 per cent copper from over 2.30 m from 81.0 to 83.3 m.

As reported on the company's Nov. 30, 2017, news release, Lico has recently completed its 2017 diamond drilling program on its Teledyne and Glencore Bucke properties completing a total of 32 diamond drill holes, drilling 4,100 m of core. This exploration work satisfies both its flow-through financing obligations and the contractual obligations outlined in the recently acquired Glencore Bucke property from Glencore PLC of Baar Switzerland. The overall drilling program has confirmed and extended the cobalt mineralization on each property and these results are consistent with historical grades and widths in the overall Cobalt camp. As reported previously, visual Cobalt-camp-style mineralization has been noted in every drill hole that the company has logged to date.

On the Glencore Bucke property, the company has completed a total of 21 diamond drill holes totalling 1,900 m, testing the Main and Northwest zones. Additional base metal mineralization within and proximal to the cobalt mineralization has also been intersected throughout the drill program. On the company's adjoining Teledyne property, a total of 2,200 m has been completed in 11 diamond drill holes and the drill program is now complete. The analytical results for the Teledyne program have started to be received and reported by the company.

Tim Fernback, president and chief executive officer of Lico, stated that: "We have been extremely pleased with our results to date and the exceptional work of our drilling team in Ontario. In this industry, it is very rare to design an exploration program and to find exactly what you are looking for at depth. So far, the results we are getting back from the assay lab are confirming the historic drill results and fit the model that we are predicting to be at depth. We are excited about getting the remaining results back from the lab, and to design our follow-up exploration program for 2018. With any luck, we will be closer to realizing our corporate goal of putting this property into production with a great JV partner like Glencore."

Additional base metal mineralization within and proximal to the cobalt mineralization has also been intersected throughout the drill program at the Glencore Bucke property, which Lico finds encouraging as it has not been properly evaluated in the past for its full potential as accessory mineralization. "It is very encouraging that the Glencore Bucke property has continued to provide good grades and width of cobalt mineralization based on the results that have been released to date," commented Dwayne Melrose, director and technical adviser of Lico. Mr. Melrose further explained: "Conceptually, having strong copper results could be significant to the overall economics of any potential mining operation. Copper is often associated with cobalt deposits globally. If you combine the additional value that copper mineralization may add to the value of the cobalt mineralization, it could increase the overall attractiveness of this group of properties which is important to both Lico and any future strategic partner."

The results for diamond drill holes GB17-08 through to GB17-10 are summarized in the associated table.

                       SUMMARY OF DIAMOND DRILL RESULTS
  
DDH        From      To  Core length     Co     Ag       Cu      Zn      Pb
            (m)     (m)          (m)    (%)  (ppm)    (ppm)   (ppm)   (ppm)

GB17-08   48.40   53.25         4.85   0.01    1.7    1,547     122       5
incl.     48.40   50.50         2.10   0.02    1.9    2,345     206       2
GB17-09   60.50   61.75         1.25   0.13    5.4    4,758     151     134
GB17-10   27.00   33.00         6.00   0.47    1.2       52      43       6
incl.     28.00   33.00         5.00   0.55    0.8        7      32       2
          81.00   88.60         7.60   0.04    5.9    1,957     242      80
incl.     81.00   83.30         2.30   0.11   17.6    5,334     696     208

incl.      82.3    83.3            1   0.25   13.8    4,788     363     232
incl.     88.40   88.60          0.2   0.13   18.1   11,400     220     285

Note 
Intervals reported represent core lengths and not true widths.

 

Qualified person

The Glencore Bucke and Teledyne properties are managed by Joerg Kleinboeck, PGeo (Lico's qualified person), and supervised by Mr. Melrose, director and head of the technical advisory board of Lico.

The overall drilling program will be conducted as part of Lico's flow-through financing and work commitments for the Glencore Bucke and Teledyne properties.

About Lico Energy Metals Inc.

Lico Energy is a Canadian-based exploration company, the primary listing of which is on the TSX Venture Exchange. The company's focus is directed toward exploration for high-value metals integral to the manufacture of lithium-ion batteries.

The company is planning an exploration program on a number of its properties over the next several months. The technical content of this news release has been reviewed and approved by Mr. Kleinboeck, an independent consulting geologist and a qualified person as defined in National Instrument 43-101.

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