GBLEF - Global Energy Metals Announces Drilling at Millennium Cobalt-Copper-Gold Project Returns Strong Initial Results
(TheNewswire)
Vancouver, BC -TheNewswire - September 8, 2021 - Global Energy MetalsCorporation ( TSXV:GEMC ) | ( OTC:GBLEF ) | ( FSE:5GE1 ) (“GlobalEnergy 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 completed initial drilling and has reportedpriority assays from the first two drill holes 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 (“MillenniumProject”).
Drilling was focussed on resource validation work inthe southern part of the Millennium Project area and on assessingwhether the mineralised system continues in the Northern ExtensionArea.
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- Preliminary drilling of seven holes for 673mcompleted at the Millennium Cu-Co-Au Project in northwest QLD as partof MBK’s exclusive option to earn-in up to 80% of theproject.
- High grade Copper and Cobalt intersected in first twoholes at northern margin of the southern resource with resultsincluding:
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- MI21RC01 – 16m @ 1.07% Cu, 0.26% Co and0.40g/t Au from 80m including 5m@ 2.92% Cu, 0.50% Co and1.19g/t Au from 82m.
- MI21RC02 – 2m @ 0.32% Co from 41m and 3m @ 0.59%Cu, 0.14% Co from 84m within broader Cu-Co mineralisedintervals.
- Results provide confidence in growth upside of the existingInferred Resource of 5.9Mt @ 1.08%CuEq 1 .
- Initial RC drill testing of the Northern Area has beencompleted with visual Cu mineralisation observed and resultsawaited .
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Commenting on the initial drill results at Millennium,Mitchell Smith, GEMC President and CEO said:
“Initial findings by our partner have show that thereis potential to significantly expand the scale at Millennium. Additional review of this data along with previous work will look toconfirm that the broader underlying system extends well beyond thedeposit as currently defined. Clearly we are encouraged by theseinitial results and look forward to reporting on additional assaysonce received.”
Also commenting on the exploration work, InésScotland, BMK Chair said:
“ We are veryexcited about the high grade Copper and Cobalt intersections from thefirst two holes with grades, particularly cobalt, at higher levelsthan previous drilling. The results provide us with confidence inthe existing Resource and the significant potential for expansion andupgrading of the Resource. While we await the northern results, wewill now focus on reviewing the existing Resource to evaluate thepotential for updating that Resource and identifying further extension testing andwork requirements in both the southern and central areas of theProject.”
Figure 1: MI21RC07 drill setup nearing completion ofprogram
The first two drill holes tested gaps in the existingresource and the potential for extensions in the northern margin ofthe southern area of the resource with excellent results. Severalbroad zones of Cu-Co mineralisation were intersected, with resultsincluding (refer Table 2 for full results):
MI21RC01
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- 17m @ 0.33% Cu, 0.08% Co and 0.12g/t Au from 56m
- 16m @ 1.07% Cu, 0.26% Co and 0.40g/t Au from 80m including ahigh grade zone of 5m @ 2.92% Cu, 0.50% Co and 1.19g/t Au from 82m(MI21RC01)
MI21RC02
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- 2m @ 0.07% Cu, 0.29% Co from 41m
- 16m @ 0.34% Cu, 0.06% Co from 64m
- 3m @ 0.59% Cu, 0.14% Co from 84m
These results support the up-dip continuity of theResource and potential northern extension of the southern resourcemodel, in particular, within the current gap area between the southernand central resources.
In addition, the results have identified that somehigher-grade zones may remain untested within the Resource area,providing confidence in the significant growth upside of the existingInferred Resource located in the southern and central areas of theProject.
Initial RC drill testing of the Northern Extension Areahas been completed with visual copper mineralisation observed andresults awaited.
The Millennium Project is an advanced exploration anddevelopment project located in the Mount Isa region on northwestQueensland, 19km from the Rocklands copper-cobalt processing facility.The Millennium Project holds a 2012 JORC-compliant Inferred Resourceof 5.9MT @ 1.08% CuEq 1 across five granted MiningLeases with significant potential for expansion, all proximal toprocessing solutions and excellent infrastructure in the Mount Isaregion.
MBK has an exclusive 6 month option over the MillenniumProject under its agreement with Global Energy Metals and its whollyowned subsidiary, Element Minerals Australia Pty Ltd. At the end ofthe option period, MBK will have the right to commence a formalearn-in to earn up to an 80% interest in the Millennium Project.
Millennium Drilling Program
The Millennium drillingprogram commenced 11 August 2021 inthe Southern Area (as shown in Figure 2 below), with two reversecirculation (RC) holes for 195m (MI21RC01-02) aimed at testingresource gaps and low confidence zones as part of Resource validationwork.
A further 5 RC holes for 478m (MI21RC03-07) werecompleted in the Northern Extension Area (also shown in Figure 2)testing potential for mineralisation in the northern part of theMillennium Project area as indicated by previous mapping, geochemistryand structural interpretation. Refer to Table 1 and Tble 2 for fulldrilling details.
Southern Area Drilling
MI21RC01 was undertaken to infill a gap in the 2016resource model in an area of low confidence drilling (Figures 2 and3). Two main, broad zones of Cu-Co mineralisation and associatedalteration were noted including semi-massive sulphides of bornite,chalcopyrite and pyrite. These two zones returned assay results of 17m@ 0.33% Cu, 0.08% Co and 0.12g/t Au from 56m (with peak 1m assayvalues of 0.91% Cu), and 16m @ 1.07% Cu, 0.26% Co and 0.40g/t Au from80m, including a high grade zone of 5m @ 2.92% Cu, 0.50% Co and1.19g/t Au from 82m. In addition, several other intervals of notableelevated Cu and Co were returned.
These MI21RC01 results support up-dip continuity ofmineralisation into an area outside the 2016 Resource model area andin addition, identify potential for lateral extension of the Resourceto the north within the current gap region between the Southern Areaand Central Area resources.
Importantly, the results highlight significant Covalues in areas previous indicated to be marginal, and also suggeststhat other high grade zones may be present at Millennium instructurally controlled shoots not previously targeted bydrilling.
Figure 2: Millennium Project plan view showinginterpreted basement geology, existing Millennium resource zones,previous and MBK drilling plus exploration targets, including theNorthern Area extension target zone.
Figure 3: Millennium 7722860N section showing previousresource drill holes,
2016 resource model and MI21RC01.
MI21RC02 (Figure 2 and 4) was drilled to validate andinfill the 2016 Resource model in an area of structural complexity andmodelled low grade.
Drilling successfully validated the model withmineralisation observed over a broad interval returning 16m @ 0.34%Cu, 0.06% Co and 0.06g/t Au from 64m (Figure 4). Notably, as withMI21RC01, there are peripheral higher grades of interest including 2m@ 0.07% Cu and 0.29% Co from 41m above this broader zone, and a lowerzone of 3m @ 0.59% Cu, 0.14% Co from 84m.
Figure 4: Millennium 7722800Nsection showing previous resource drill holes,
2016 resource model andMI21RC02.
The results from the two southern drill holes, combinedwith previous drilling results by GEMC summarised below, areconsidered very encouraging, providing confidence in the potential toexpand and upgrade the current Resource.
Southern Area Previous Drilling
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 mineralisation reported in 2016 by HammerMetals 2 . GEMC were successful in bothduplicating historical results, demonstrating the continuity ofmineralisation within the mineralised zone and in determiningmineralisation continues to depth 3 , including 28m @0.35% Cu and0.2% Co (MIRC026). Significantly, cobalt and copper mineralisation wasencountered along the entire targeted 1500 metre strike length withthe zones remaining open in all directions 4 .
Prior the GEMC’s involvement, the project area hadbeen tested by only 73 drill holes (percussion, RC and diamond) for atotal of 7,891 metres. Most holes have been drilled within 200metres of surface, with few holes reaching to depths greater than 250metres below surface. At present mineralisation remains open atdepth and along the strike extent of the JORC resourcearea 5 .
Northern Area Drilling
First-pass drilling in the Northern Area for(MI21RC03-07) has been completed, testing anomalous Co-Cugeochemistry, previously mapped geological units and structurecoincident with anomalous Cu-Co geochemistry similar to themineralisation in the Southern and Central Areas. This area has had noprevious drilling and does not form part of the existing JORC Resourcearea. Visual copper oxides and sulphides were observed downhole andappear best associated with contact zones between metasedimentaryunits and graphitic siltstones, however, some variation to previouslyinterpreted geology was noted. Assay results are awaited.
Further Work
While results from the Northern Area are pending, MBKwill commence a review of all existing results in the JORC Resourceareas to assess the existing Resource, to evaluate the scope for aresource update and to form a view on the areas for extension testingand further work requirements in both the Southern and Central Areasof the resource.
Upon receipt of results, the Northern Area will beassessed for economic potential and larger scale targets potentiallyassociated with the Fountain Range/Pilgrim Fault system.
Table 1: Completed drill hole details
Table 2: MI21RC01-02 notable intersections
NOTE: 0.2% Cu cut-off, 3m maximum internal dilution. Covalues > 0.2% listed outside Cu% cut-off ranges. All resultsreported are downhole intervals and interpreted 70-75% truewidth.
The Millennium Project
The Millennium Project is a significant advancedcopper-cobalt-gold (Cu-Co-Au) project with a large defined zone ofcopper-cobalt mineralisation that remains open for expansion at depthand along strike. Copper-cobalt mineralisation is associated withshear zones hosted within a sequence of volcanic and sedimentaryunits.
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 significantsize with potential to expand mineralisation. Processing solutions andexcellent infrastructure exist within the Mount Isa region ofQueensland.
Hammer Metals Ltd (ASX: HMX) (‘Hammer Metals’)announced a maiden JORC (2012) resource in 2016 on the MillenniumProject i 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 2 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 3: Millennium JORC (2012) Resource
1 HMX ASX Announcement dated 6 December 2016 “MillenniumMineral 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
2 GEMC News Release dated 19 June 2018
3 GEMC News Releases dated 17 January 2018, 30 April 2018 , 31May 2018 and 19 June 2018
4 GEMC News Release dated 19 June 2018
5 GEMC News Release dated 6 September 2018
Qualified Person
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)
GlobalEnergy 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 that theproliferation 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 Metals 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 the Company’scurrent copper, nickel and cobalt projects in Canada, Australia,Norway and the United States, GEMC is investing-in, exploring anddeveloping prospective, scaleable assets in established mining andprocessing jurisdictions in close proximity to end-use markets. Global EnergyMetals is targeting projects with low logistics and processing risks,so that they can be fast tracked to enter the supply chain inthis cycle. The Company is also collaborating with industry peersto strengthen its exposure to these critical commodities and theassociated technologies required for a cleaner 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 Further Information:
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Email: info@globalenergymetals.com
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