GBLEF - Global Energy Metals Announces Commencement of Partner Funded Exploration Work Program at the Millennium Cobalt-Copper-Gold Project in Queensland Australia
(TheNewswire)
Vancouver, BC - TheNewswire - July 15, 2021 - Global Energy MetalsCorporation ( TSXV:GEMC ) | ( OTC:GBLEF ) | ( FSE:5GE1 ) (“Global Energy Metals”, the“Company” and/or “GEMC ”), a company involved in investment exposure to the batterymetals supply chain, is pleased to advise that its partner, Metal BankLimited (“MBK”) has commenced initial exploration as part of a six month exclusiveoption (‘Option’)for MBK to earn-in and joint venture the Millennium Copper, Cobalt andGold Project in Mt Isa, Queensland (‘Millennium Project’). Initial field reconnaissance and mapping completed in early Julyhave confirmed outcropping copper mineralisation and key stratigraphicunits, adding support to target continuity in the north of theProject. MBK is now progressing and finalising an RC drill program totest the northern extensions of the Project, with drilling scheduledto commence in early August 2021.
Highlights
- MBK has commenced its initial exploration program atMillennium as part of its exclusive option over the Project,
- Initial fieldwork has identified Cu mineralisation atsurface in the Project’s “Northern Zone” extending the targetzone ,
- Up to 800m RC drilling of the untested Northern Zonescheduled for early August,
- At the end of the 6 month option period, MBK willhave the right to commence a formal earn-in to the Project to earn upto an 80% interest, and
- Millennium contains an inferred Cu equivalent MineralResource of 5.9MT 1 withsubstantial growth upside, in close proximity to processing solutionsand excellent infrastructure in the Mount Isa region
Mitchell Smith, President & CEOcommented on MBK completing its initial fieldwork ahead ofdrilling at the Millennium Project :
“ We’re excited to be underway on multipleexploration programs, now on two continents. With Metal Bank’sinitial field reconnaissance adding to the drill target inventorywe’re confident we’re on the path to further discovery atMillennium. We’re looking forward to continuing the development ofMillennium alongside our new partner. ”
Commenting on the exploration work,Inés Scotland, Chair of MBK said:
“Initialobservations by our field team are extremely encouraging and suggesttarget continuity in the north of the Project. The additionaloutcropping copper mineralisation exceeded expectations. As a result,MBK is now fast-tracking an RC drill program to test the NorthernExtension area. If we confirm the system extends to the north it willcompletely change the scale of the Project”
.
Figure 1: Map showing existingMillennium resource zone and exploration targets, including theNorthern Extension
The Millennium Project is an advanced exploration anddevelopment project located in the Mount Isa region, 19km from theRocklands copper-cobalt project which is host to 55.4Mt of Resourcesgrading 0.64%Cu, 0.15 g/t Au, 290ppm Co (0.90% CuEq) 1 . The MillenniumProject holds an inferred 2012 JORC resource of5.9MT @ 1.08% CuEq 2 across 5 granted Mining Leases with significant potentialfor expansion.
Initial fieldwork, conducted in early July was centredaround the ‘Northern Extension’ zone of Millennium. This fieldworkconfirmed and refined geological mapping, provided infilled pXRF soildata on 50m x 25m spacing and provided an opportunity to ground truthpotential drill pad locations.
The fieldwork, combined with pXRF spot rock chipsampling, has provided confidence that the mineralising system doescontinue to the north, and importantly, that the target zone may infact be wider than originally thought due to visible coppermineralisation at surface in zones adjacent to the ferruginousquartzite ‘host’ rock. Strong Cu-Co-As anomalism at surfaceextends over 800m x 300m.
Figure 2 : Northern Extension zonemineralised outcrop (looking south)
Mapping, soil geochemistry and rock sampling conductedby MBK has confirmed, with a high level of detail, anomalouscobalt-copper mineralisation in geological analogues that occur alonga potential strike extension in the northern half of the tenementpackage (‘Northern Extension’) 3 . This area has no previous drilling and provides an excellentopportunity to increase the overall resource potential of theMillennium Project.
MBK proposes to undertake up to 800m RC drilling totest the Northern Extension target zone, which is scheduled tocommence in early August.
Figure 3 : pXRF soil anomalism(Cu-Co-As) and proposed drillholes in Northern Extension targetzone
Figure 4: Corella Mine shaft showingsteep west dipping mineralised strata
The Millennium Project
The Millennium Project is a significant advancedcopper-cobalt-gold project with a large defined zone of copper-cobaltmineralisation that remains open for expansion at depth and alongstrike. Copper-cobalt mineralisation is associated with shear zoneshosted within a sequence of volcanic and sedimentary units.
The Millennium Project is strategically located ongranted mining leases, less than 20 km from the Rocklands mine siteand processing facility and within the economic and infrastructure hubof Mount Isa, Queensland.
The Mt. Isa Mineral Province is recognized as aworld-class mining region, with more than a quarter of the world’slead and zinc reserves, 5% of the world’s silver resources and 1.5%of the world’s copper resources.
The Project presents as an excellent opportunity toacquire a copper-cobalt asset of significant size with potential toexpand mineralisation in close proximity to a processing solution andexcellent infrastructure within the Mount Isa region of Queensland.
Hammer Metals Ltd (ASX: HMX) (‘Hammer Metals’)announced a maiden JORC (2012) resource in 2016 on the MillenniumProject 4 completed by HarenConsulting, comprised of an Inferred Resource of 5.89 million tonnes @1.08 CuEq (using CuEq cutoff of 0.7%), summarised in Table 1 below.The copper equivalent (CuEq) calculation for the Resource was basedsolely on commodity prices using the following prices: Cu: US$4,600/t;Co: US$27,000/t; Au: US$1,330/oz; and Ag: US$20/oz.
Table 1: Millennium JORC (2012)Resource
Geological Setting andMineralisation
The Millennium deposit lies within palaeo-Proterozoicmetasediments of the Quamby-Malbon Sub-province of the EasternSuccession of the Mt. Isa Inlier within the Corella Formation of theMary Kathleen Group.
Mineralisation is predominantly hosted within graphiticmetasediments, siltstones and ferruginous quartzite. Themineralisation, interpreted to be associated with the regional PilgrimFault, dips steeply to the west and parallels the main structuralgeology and stratigraphy. The mineralisation is hosted by northnorth-east trending shears that exploit competency contrasts betweenlithological units and pre-existing alteration zones. The width andtenor of the mineralisation appears to be strongly influenced by thehost’s propensity for brittle deformation.
Oxidation reaches to depths of 25m below surface.Malachite is commonly observed in the supergene zone. Supergenebornite, chalcocite and covellite, and chalcopyrite with hypogenebornite and rimmed by covellite, tetrahedrite and galena has beenidentified in mineralogical investigations.
The sulphide mineralisation occurs as disseminatedpyrite, chalcopyrite, and bornite with cobaltiferous pyrite andcobaltite. Sulphide mineralisation is also contained in sulphide-richveins, quartz veins and breccias. Several generations of veining areevident with veins consisting of pyrite and pyrite and chalcopyrite.
GEMC conducted a 10-hole, 1,141 metre drilling campaignon the Millennium Project during 2017 and 2018 to test the up-dipcontinuity at the Millennium North deposit and confirm historicalestimates of cobalt mineralization reported in 2016 by HammerMetals 5 . GEMC weresuccessful in both duplicating historical results, demonstrating thecontinuity of mineralisation within the mineralised zone and in determining mineralisation continues todepth 6 ,including 28m @0.35% Cu and 0.2% Co (MIRC026). Significantly, cobaltand copper mineralisation was encountered along the entire targeted1500 metre strike length with the zones remaining open in alldirections 7 .
Figure 5: Physiography of projectarea showing access and recent drilling.
QualifiedPerson
Mr. Paul Sarjeant, P. Geo., is thequalified person for this release as defined by National Instrument43-101 - Standards of Disclosure for Mineral Projects.
Global Energy MetalsCorporation
(TSXV:GEMC | OTC:GBLEF |FSE:5GE1)
Global Energy MetalsCorp. offers investment exposure to the growing rechargeable batteryand electric vehicle market by building a diversified global portfolioof exploration and growth-stage battery mineral assets.
Global Energy Metalsrecognizes that the proliferation and growth of the electrifiedeconomy in the coming decades is underpinned by the availability ofbattery metals, including cobalt, nickel, copper, lithium and otherraw materials. To be part of the solution and respond to thiselectrification movement, Global Energy Metals has taken a‘consolidate, partner and invest’ approach and in doing so haveassembled and are advancing a portfolio of strategically significantinvestments in battery metal resources.
As demonstrated withthe Company’s current copper, nickel and cobalt projects in Canada,Australia, Norway and the United States, GEMC is investing-in,exploring and developing prospective, scaleable assets in establishedmining and processing jurisdictions in close proximity to end-usemarkets. Global Energy Metals is targeting projects with low logisticsand processing risks, so that they can be fast tracked to enter thesupply chain in this cycle. The Company is also collaborating withindustry peers to strengthen its exposure to thesecritical commodities and the associated technologies required for acleaner future.
Securing exposure to these criticalminerals powering the eMobility revolution is agenerational investment opportunity. Global Energy Metals believe thethe time to be part of this electrification movement.
For FurtherInformation:
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Cautionary Statementon Forward-Looking Information:
Certain informationin this release may constitute forward-looking statements underapplicable securities laws and necessarily involve risks associatedwith regulatory approvals and timelines. Although Global Energy Metalsbelieves the expectations expressed in such forward-looking statementsare based on reasonable assumptions, such statements are notguarantees of future performance and actual results or developmentsmay differ materially from those in the forward-looking statements.Except as required by law, the Company undertakes no obligation toupdate these forward-looking statements in the event thatmanagement’s beliefs, estimates or opinions, or other factors,should change.
GEMC’s operationscould be significantly adversely affected by the effects of awidespread global outbreak of a contagious disease, including therecent outbreak of illness caused by COVID-19. It is not possible toaccurately predict the impact COVID-19 will have on operations and theability of others to meet their obligations, including uncertaintiesrelating to the ultimate geographic spread of the virus, the severityof the disease, the duration of the outbreak, and the length of traveland quarantine restrictions imposed by governments of affectedcountries. In addition, a significant outbreak of contagious diseasesin the human population could result in a widespread health crisisthat could adversely affect the economies and financial markets ofmany countries, resulting in an economic downturn that could furtheraffect operations and the ability to finance itsoperations.
For more informationon Global Energy and the risks and challenges of their businesses,investors should review the filings that are available atwww.sedar.com.
Neither TSX VentureExchange nor its Regulation Services Provider (as that term is definedin the policies of the TSX Venture Exchange) accepts responsibilityfor the adequacy or accuracy of this release.
We seek safeharbour.
1 CDU:ASX Announcement dated 31 October2017
2 HMX ASX Announcement dated 6 December 2016“Millennium Mineral Resource Estimate”.
Copper equivalent (CuEq) calculation wasbased solely on commodity prices using prices as follows: Cu:US$4,600/t; Co: US$27,000/t; Au: US$1,330/oz; and Ag:US$20/oz
3 GEMC News Release dated 6 September2018
4 HMX ASX Announcement dated 6 December 2016“Millennium Mineral Resource Estimate”
5 GEMC News Release dated 19 June2018
6 GEMC News Releases dated 17 January 2018, 30April 2018 , 31 May 2018 and 19 June 2018
7 GEMC News Release dated 19 June2018
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