Lico Energy Metals has started its Phase One exploration programme at the Teledyne Property located near to the Cobalt town in Ontario, Canada.

The Cobalt camp is one of the few areas globally to have primary cobalt mines that produced more than 50 million pounds of cobalt.

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Currently, line cutting is underway on the patented claims 372 and 229. After completion, the company has planned to conduct a geophysical survey.

"The Agaunico Mine has produced 4.3 millionlbs of cobalt and 980,000oz of silver within the period of 1905 to 1961."

The geophysical survey will include the Teledyne prospect and also incorporate those areas where little to no exploration work had been carried out to identify prospective mineralised targets at the depth of up to 300m or greater.

Besides this survey, Lico Energy also compiled the historical data of the project.

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The company will analyse this data and survey results before it advances with the diamond drill programme planned in the first quarter of next year.

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The property is located adjacent to the south and west boundaries of claims that hosts the Agaunico Mine.

The Agaunico Mine has produced 4.3 millionlbs of cobalt and 980,000oz of silver within the period of 1905 to 1961.

Lico Energy claims that a substantial portion of the cobalt producing structure of Agaunico Mine extends southward towards the property currently under its option.

More than $25m (inflation adjusted) worth of work is completed at the Teledyne Property.

The completed work included the development of valuable infrastructure that comprises a development ramp and a modern adit going down 500ft parallel to the vein.

The Canada based exploration company, Lico Energy Metals, has an option to own the Teledyne Cobalt Project completely subject to a royalty payment.