GEMC:CC - Global Energy Metals Announces Delivery of Substantial Resource Tonnage And Grade Increase at The Millennium Cobalt-Copper-Gold Project - A Near Term Critical Mineral Project in Australia
(TheNewswire)
Vancouver, BC / TheNewswire / March 21, 2023 / Global Energy MetalsCorporation ( TSXV:GEMC ) ( OTC:GBLEF ) ( FSE:5GE1 ) (“Global Energy Metals”, the “Company” and/or“GEMC ”) , a company involved in theinvestment exposure to the battery metals supply chain, is pleased toprovide a key update from its Millenniumcopper-cobalt-gold (Cu-Co-Au) project (“Millennium” and/or the “Project”) located inQueensland, Australia. Global Energy Metals holds a 49% carriedinterest in the Project.
Highlights
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Updated JORC 2012 Mineral Resource Estimate (MRE) of8.4Mt @ 1.23% CuEq (0.09% Co, 0.29% Cu and 0.12g/t Au) including opencut (86%) and underground (14%) Resources
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Represents 42% tonnage increase and 14% grade increasefrom 2016 MRE
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Tonnage of mineralisation pre application ofRPEEE 1 has doubled with new significantExploration Target
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Bulk of the deposit is from surface, amenable to opencut mining and remains open at depth with high grade Co and Cuunderground mining potential
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Excellent metallurgy supports economic potential forfuture extraction
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Next steps include additional metallurgical drillingand test work leading to scoping and subsequently pre-feasibilitystudies.
Table 1 – Millennium Co-Cu-AuMineral Resource Estimate
Note: Open cut resources withinRPEEE pit estimates reported above a cut-off grade of 0.4CuEq% 2 , underground resources below pit shells within RPEEE estimatesreported above a cut-off grade of 1.00 CuEq%.
Some numericaldifferences may occur due to rounding.
1 ReasonableProspects of Eventual Economic Extraction
2 CuEq % = Cu % +(9.16 * Co %) + (0.678 * Au g/t)
Cu price (US$/lb) = $3.50; Co price(US$/lb) = $32.00; Au price (US$/oz) = $1,900; Cu recovery = 95.1%;
Co recovery = 95.3%; Au recovery =81.4%; Cu payability = 80%; Co payability = 80%; Au payability =80%
GEMC is pleased to announce that strategic partner,Metal Bank Ltd. (“MBK”), has released a JORC 2012 Mineral ResourceEstimate (“MRE”) update for the Millennium Co-Cu-Au depositlocated approximately 35km WNW of Cloncurry in North Queensland of8.4Mt @ 0.09% Co, 0.29% Cu and 0.12g/t Au for a 1.23% CuEq.
The Millennium deposit represents a near-term criticalminerals development opportunity, at surface on granted mining leasesand proximal to existing mining infrastructure in a renownedexploration and mining region.
Figure 1 – Millennium Co-Cu-AuProject isoview showing 2023 MRE, resource drilling and optimised pitshell
Mitchell Smith, GEMC’s President& CEO, Director commented:
“We are thrilledwith the outcome of this resource update for the MillenniumCobalt-Copper-Gold project in Queensland, Australia. Metal Banks’work to further the understanding of the geological setting andmineralisation types not only improves the resource confidence butalso continues to de-risk the Project towards future development. Withthe success had to date via the drill bit we expect it will only be amatter of time before we unlock the critical mineral potential atMillennium. ”
Commenting on the updated Resource,Metal Bank’s Chair, Inés Scotland said:
“The growth of the MillenniumResource into our 2021 Exploration Target range was delivered at lowcost and improved grade, demonstrating our approach of adding valuethrough exploration success. The deposit sits at surface on grantedmining leases and close to nearby processing infrastructure, providingnear term delivery potential for Australia’s growing requirement forcritical minerals. MBK is now well positioned to deliver on our goalsfor Millennium with a focus on scoping and feasibility study work, andtesting the new increased Exploration Target of 12 - 14Mt @ 1.0 -1.3%CuEq.”
Millennium 2023 MRE Update
In December 2021, MBK entered a joint venture agreementwith battery mineral experts Global Energy Metals to earn-in up to 80%of the Millennium Co-Cu project. Over the following 12 months MBKconducted exploration, drilling, sampling, geophysics and other workprograms to advance Millennium, grow the resource and test additionaltargets, including 33 drill holes for 3,873.1m.
MBK earned a 51% interest in the project on 5 December2022 and has now completed formal resource work to provide the firstMRE update since 2016 for 8.4Mt @ 0.09% Co, 0.29% Cu and 0.12g/t Aufor a 1.23% CuEq (previous resource of 5.9Mt @ 0.11% Co, 0.32% Cu and0.11g/t Au for 1.08% CuEq, 0.7% CuEq% cut-off, no RPEEEapplied).
Initial 2023 MRE scoping work was undertaken by HarenConsulting, with a formal JORC 2012 MRE review and ReasonableProspects for Eventual Economic Extraction (RPEEE) assessment by CubeConsulting.
The 2023 MRE update utilises 67 drill holes for9,400.1m completed from 2013 to 2022 (2016 Resource 40 holes for6,240m) plus integration of RPEEE aspects (Figure 2). The additionaldrill holes include 10 diamond (DD), one large diameter water-borehole and Reverse Circulation (RC) holes by Hammer Metals/GEMC in 2018,and 10 RC and 5 DD holes by MBK in 2021 and 2022.
Drilling has added extensions to the previous model outto ~1500m along strike and up to ~240m depth (remaining open),provided significant confidence to drill spacing and continuity alongstrike and depth, and retained close structural and wireframeinterpretation to the 2016 MRE.
Metallurgical samples were also obtained forpreliminary testwork in 2018, with subsequent high grade compositeresults demonstrating high recoveries (>95%) into Cu-Au and Coconcentrates.
The 2023 MRE update integrates the above with anapproximate 50m x 50-100m drill spacing using RPEEE factors in adominantly open-cut mining scenario using 0.4% CuEq cut-off andunderground resources using a 1.00% CuEq cutoff.. Long term consensusmetal price forecasts of Cu: US$3.50/lb ($7,716/t); Co: US$32.00/lb($70,547.84/t); Au: US$1,900/oz were used with a corresponding CuEq%formula of:
CuEq = Cu% +(Co% x 9.16) + (Au g/t x0.678)
Importantly, the 2023 MRE update with RPEEEconsideration compares favourably with the unconstrained 2016 MRE,with a 42% tonnage increase and 14% grade increase despite mining andeconomic constraints.
Figure 2 – Plan view of theMillennium Co-Cu resource, optimised pit shell and drilling
Figure 3: N-S long section view ofthe Millennium Co-Cu resource, optimised
pit shell and resourcedrilling
Exploration Target
In conjunction with this 2023 MRE Update, MBK hasrevised the overall project Exploration Target for Millennium to12-14Mt @ 1.0-1.3% CuEq (inclusive of current MRE), supported by itsupdated mineralisation model, high grade Co-Cu intersections at depthwhich remain open, a number of infill and extensional gaps in theexisting MRE, and additional scope for improving geology, metallurgy,geotechnical and economic parameters including for the updatedMRE.
The potential quantity and grade of the ExplorationTargets is conceptual in nature. There has been insufficientexploration to estimate an additional Mineral Resource and it isuncertain if further exploration will result in the estimation of aMineral Resource. The Exploration Targets take no account ofgeological complexity that may be encountered, possible mining methodor metallurgical recovery factors. It is acknowledged that thecurrently available data is insufficient spatially in terms of thedensity of drill holes, and in quality, in terms of MBK’s finalaudit procedures for down hole data, data acquisition and processing,for the results of this analysis to be classified as Mineral Resourcesin accordance with the JORC Code.
Refer to Figures 1-7 for further details on theMillennium Co-Cu Mineral Resource.
Forward Plan
The Millennium Project represents a key asset for MBKwith forward work program for the next 12-24 months including:
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Scoping and pre-feasibility studies to assessdevelopment potential and ESG;
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Further metallurgical drilling to obtain sufficientbulk samples for advanced metallurgical work and flowsheet inconjunction with geotechnical studies, geometallurgical domaining andinfill to increase confidence in the Mineral Resource;
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Infill and extension drilling to test the ExplorationTarget with scope to incorporate into the Global Resource;and
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Collaboration with other critical minerals projects andresearch in the region to optimise project value.
Figure 4 – 7722800N E-W section ofthe Millennium Co-Cu resource, optimised pit shell and resourcedrilling (+/-25m)
Figure 5 – 7723400N E-W section ofthe Millennium Co-Cu resource, optimised pit shell and resourcedrilling (+/-25m)
Geology
The Millennium Project geology comprises a variablymetamorphosed volcanosedimentary sequence of tremolitic marble andcalcsilicate rocks, mica schist, graphitic schist, quartzite,porphyritic mafic to intermediate lavas and volcaniclastics tometa-rhyolite and felsic volcaniclastics of the Palaeoproterozoic MiloBeds. The Milo Beds form part of the Corella Formation within theQuamby-Malbon sub-province of the Eastern Succession of the Mt IsaInlier.
The NNE-trending Quamby-Fountain Range Fault systemseparates the Milo Beds in the east from a fault-bound block ofyounger Quamby Conglomerate to the west. The Quamby Conglomerate formsa topographic high on the western side of the leases which has shedconglomeratic colluvium widely across the project area, covering largeportions of the underlying geology.
Figure 6 – 7723500N E-W section ofthe Millennium Co-Cu resource, optimised pit shell and resourcedrilling (+/-25m)
There are two major lithologies hosting Co-Cu-Aumineralisation: graphitic schist and ferruginous quartzite andmetasediments. Both lithologies are micro-fractured, altered andquartz-carbonate-sulphide veined.
The graphitic schist is a fine-grained feldspathic,quartz, tourmaline, graphite rich metapelite/metasiltstone containingabundant rutile, and sandy quartzitic to metasediment horizons oftencontain domains of albite, siderite and chlorite alteration.
Conglomerate has been mapped in eastern parts of ML7507adjacent the main body of quartzite and in narrower zones ofintercalated fine-grained metasediments and calc-silicate horizonshowever marker beds are limited.
An anastomosing network of veins, microveins, brecciasand fractures containing sulphides are often best developed in brittlefractured quartzite inter vals howevermineralisation is developed in both lithologies. Mineralisation isnoted to extend into the conglomerate in the footwall of thequartzite.
Figure 7: Simplified geology of theMillennium Co-Cu Project showing 2023
MRE and resource drill holes
Mineralisation is largely linear to anastomosing withina number of sub-parallel shears and veins dipping steeply WNW andlargely coincident with regional foliation trending NNE following theregional Quamby-Fountain Range Fault system trend.
A number of small NW and NE-trending steep cross-faultsand veinlets are noted which cause minor offsets to mineralisation andpossible pre-existing lithological control. Mineralisation is noted inall lithologies including into the footwallconglomerates and best developed to date in zones adjacent and withincontrasting units, particularly high competency quartzite andmargins.
Mineralisation varies from replacement/disseminated,fracture, vein, network, shear/fault to zones of open space brecciafill style. Primary sulphide minerals hosting Co-Cu-Au-Agmineralisation include cobaltite, chalcopyrite, bornite, chalcociteand cattierite.
Oxidation is fairly limited, with minor upperchalcocite, malachite, trace chrysocolla and limited erythritedevelopment restricted to shallow near surface levels with minordeeper zones of partial oxidation down dip of main shearstructures.
A number of down dip extensions remain open anduntested representing additional targets, and intersections outsidepreliminary pit shell modelling may add resources in future work.There is also considerable scope to increase near surface tonnes viainfill drilling along strike however access due to topographyprecludes drilling at this stage.
About MetalBank
Metal Bank Limited is an ASX-listed mineralsexploration company (ASX: MBK) holding a significant portfolio ofadvanced gold and copper exploration projects with substantial growthupside, including:
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the right to earn up to 80% of the Millennium Copper Cobalt project which holds an inferred 2023 JORC resource of 8.4Mt @1.23% CuEq, across 5 granted Mining Leases with significant potentialfor expansion;
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a 75% interest in the advanced Livingstone Gold Projectin WA which holds a JORC 2004 Inferred Resource of 49,900oz Au at theHomestead prospect, a JORC 2012 Inferred Resource of 30,500oz Au atKingsley, and an Exploration Target of 290 – 400Kt at 1.8 – 2.0g/t Au for 16,800 – 25,700oz Au at Kingsley; and
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the 8 Mile, Wild Irishman and Eidsvold Gold projects inSouth East Queensland where considerable work by MBK to date hasdrill-proven both high grade vein-style and bulk tonnageintrusion-related Au mineralisation.
Metal Bank is also committed to a strategy ofdiversification and growth through identification of new explorationopportunities which complement its existing portfolio and pursuit ofother opportunities to diversify the Company’s assets throughacquisition of advanced projects or cash- flow generating assets toassist with funding of the exploration portfolio.
QualifiedPerson
Mr. Paul Sarjeant, P. Geo., a Director andshareholder of the Company, is the qualified person for this releaseas defined by National Instrument 43-101 - Standards of Disclosure forMineral Projects.
Global Energy MetalsCorporation
(TSXV:GEMC |OTCQB:GBLEF | FSE:5GE1)
Global Energy Metals Corp. offers investment exposure to the growingrechargeable battery and electric vehicle market by building adiversified global portfolio of exploration and growth-stage batterymineral assets.
Global Energy Metals recognizes thatthe proliferation and growth of the electrified economy in the comingdecades is underpinned by the availability of battery metals,including cobalt, nickel, copper, lithium and other raw materials. Tobe part of the solution and respond to this electrification movement,Global Energy has taken a ‘consolidate, partner and invest’approach and in doing so have assembled and are advancing a portfolioof strategically significant investments in battery metalresources.
As demonstrated with our currentcopper, nickel and cobalt projects in Canada, Australia, Norway andthe United States, we’re investing-in, exploring and developingprospective, scaleable assets in established mining and processingjurisdictions in close proximity to end-use markets. We’re targetingprojects with low logistics and processing risks, so that they can befast tracked to enter the supply chain in this cycle. We’realso collaborating with industry peers to strengthen our exposure tothese critical commodities and the associated technologies requiredfor a cleaner future.
Securing exposure to these criticalminerals powering the eMobility revolution is agenerational investment opportunity. We believe the the time to bepart of this electrification movement.
For FurtherInformation:
Global Energy MetalsCorporation
#1501-128 West PenderStreet
Vancouver, BC, V6B 1R8
Email: info@globalenergymetals.com
t. + 1 (604) 688-4219
www.globalenergymetals.com
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