GEMC:CC - Global Energy Metals Announces Drilling Program Underway at the Millennium Copper Cobalt Project in Queensland Australia
(TheNewswire)
Vancouver, BC -TheNewswire - June 4, 2024 - Global Energy Metals Corporation ( TSXV:GEMC ) | ( OTCQB:GBLEF ) | ( FSE:5GE1 ) (“Global Energy Metals”, the “Company” and/or“GEMC”) , a multi-jurisdictional, multi-commodity critical mineralexploration, development and project generating company focused ongrowth-oriented projects supporting the global transition to cleanenergy, is pleased to announce that a drilling program is now underwayat the Millennium Copper Cobaltproject (the “Project”and/or “Millennium”) aimed at testing the Fountain Range-QuambyFault Zone potential with the intent of increasing existingcopper/cobalt Resources.
Millennium is a significant cobalt-copper deposit that remains openfor expansion. The Project is located close to well establishedmining, transport and processing infrastructure along with a skilledworkforce in the regional centres of Mount Isa and Cloncurry. TheProject has excellent potential and remains open for expansion byextending the known mineralized structure through exploration work tothe north and to the east.
Global Energy Metals’ joint venture partner, Metal Bank Limited(“MBK”) has recently been presented with the opportunity toutilise an all-terrain drilling rig at Millennium for a smalldrilling program which will allow it to further test the FountainRange-Quamby (“FRQ”) Fault Zone in the north of the project areaand to follow up on drilling an existing RC pre-collar target belowthe current Resource. In addition, MBK is also continuing in itsefforts to secure access and rights to the gap zone within itsResource and a buffer zone around its existing HK-mining leases(“MLs”) prior to progressing this project towards feasibilitystudies.
MBK’s focus at Millennium is to:
-grow current resource baseto within the range of the existingExploration Target (refer to news release dated March 21,2023 );
-secure the gap zone and buffer zones to support development andmining; and
-progress scoping and feasibility studies for development andcommencement of production.
MBK is continuing its communication with the holder of explorationpermits surrounding the Millennium ML’s and with the QueenslandGovernment, with a view to securing rights to explore and apply for aMining Lease over the gap zone in the Southern Area of the MillenniumProject (refer Figures 1 and 2) plus additional buffer areas aroundthe Millennium ML’s required to support development andmining.
Figure 1: N-S long section view of the Millennium Co-Cu resource,optimised pit shell and resource drilling. Note Exploration Targetfigures are conceptual in nature and are poorly tested/untested todate.
Millennium drilling
Initial scout drilling toward the FRQ Fault Zone completed in 2022was successful in defining anomalous copper mineralisation (refer to news release dated October 21,2022 ) in the footwall and to the north-west of theexisting Millennium resource. However, the region further west towardsthe fault and the fault itself was not able to be tested due to accessissues. Exposure in the FRQ Fault Zone area is very limited due topost-mineralisation cover by Quamby Conglomerate alluvials (Figure2).
Asmall drilling program is currently underway with an all-terraindrilling rig, with two holes planned to test theFRQ Fault Zone – one of which is directly under significant exposureof outcropping copper oxide in a polyphase siliceous fault breccia –plus a diamond core extension or ‘tail’ to an existing RCpre-collar hole from previous drilling in the Central Area of theexisting resource.
Figure 2: Simplified geology of the Millennium Co-Cu Project showing2023 MRE and resource drill holes
About Metal Bank
Metal Bank Limited is an ASX-listed minerals exploration company(ASX:MBK) holding a significant portfolio of advanced gold and copperexploration projects with substantial growth upside,including:
-Mineral exploration and reconnaissance rights in southern Jordan,focusing on identifying copper deposits within WadiAraba;
-the right to earn up to 80% of the Millennium Copper & Cobaltproject which holds an
Inferred 2012 JORC Resource of 8.4Mt @ 1.23% CuEq, across 5 grantedMining Leases with significant potential for expansion;
-a 75% interest in the advanced Livingstone Gold Project in WA whichholds a JORC 2012
Inferred Resource of 40,300oz Au at the Homestead prospect, a JORC2012 Inferred Resource of 30,500oz Au at Kingsley, and an ExplorationTarget of 290 – 400Kt at 1.8 –2.0g/t Au for 16,800 – 25,700oz Auat Kingsley; and
-the 8 Mile, Wild Irishman and Eidsvold Gold projects in South EastQueensland where
considerable work by MBK to date has drill-proven both high gradevein-style and bulk
tonnage intrusion-related Au mineralisation.
Metal Bank’s exploration programs at these projects are focussedon:
-Short term resource growth – advancing existing projects tosubstantially increase JORC
Resources;
-Identifying additional mineralisation at each of its projects;and
-Assessing development potential and including fast tracking projectsthrough feasibility and
development to production, particularly at the Millennium Project inQueensland, where the
copper and cobalt project is contained within granted mininglicenses.
Metal Bank is also committed to a strategy of diversification andgrowth through identification of new exploration opportunities whichcomplement its existing portfolio and pursuit of other opportunitiesto diversify the Company’s assets.
Qualified Person
Mr. Paul Sarjeant, P. Geo., is the qualified person for this releaseas defined by National Instrument 43-101 - Standards of Disclosure forMineral Projects. He is a shareholder and Director of theCompany.
ForFurther Information:
Global Energy Metals Corporation
#1501-128 West Pender Street
Vancouver, BC, V6B 1R8
Email: info@globalenergymetals.com
t. + 1 (604) 688-4219
www.globalenergymetals.com
Twitter: | |
Global Energy MetalsCorporation
(TSXV:GEMC |OTCQB: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 Metals recognizes that the proliferation and growth ofthe electrified economy in the coming decades is underpinned by theavailability of battery metals, including cobalt, nickel, copper,lithium and other raw materials. To be part of the solution andrespond to this electrification movement, Global Energy Metals hastaken a ‘consolidate, partner and invest’ approach and in doing sohave assembled and are advancing a portfolio of strategicallysignificant investments in battery metal resources.
As demonstrated with the Company’s current copper, nickel andcobalt projects in Canada, Australia, Norway and the United States,GEMC is investing-in, exploring and developing prospective, scaleableassets in established mining and processing jurisdictions in closeproximity to end-use markets. Global Energy Metals is targetingprojects with low logistics and processing risks, so that they can befast tracked to enter the supply chain in this cycle. The Companyis also collaborating with industry peers to strengthen its exposureto these critical commodities and the associated technologies requiredfor a cleaner future.
Securing exposure to these critical minerals powering the eMobilityrevolution is a generational investment opportunity. Global EnergyMetals believes Now is the Time to be part of this electrificationmovement.
Cautionary Statement on Forward-LookingInformation:
Certain information in this release may constitute forward-lookingstatements under applicable securities laws and necessarily involverisks associated with regulatory approvals and timelines. AlthoughGlobal Energy Metals believes the expectations expressed in suchforward-looking statements are based on reasonable assumptions, suchstatements are not guarantees of future performance and actual resultsor developments may differ materially from those in theforward-looking statements. Except as required by law, the Companyundertakes no obligation to update these forward-looking statements inthe event that management’s beliefs, estimates or opinions, or otherfactors, should change.
GEMC’s operations could be significantly adversely affected by theeffects of a widespread global outbreak of a contagious disease,including the recent outbreak of illness caused by COVID-19. It is notpossible to accurately predict the impact COVID-19 will have onoperations and the ability of others to meet their obligations,including uncertainties relating to the ultimate geographic spread ofthe virus, the severity of the disease, the duration of the outbreak,and the length of travel and quarantine restrictions imposed bygovernments of affected countries. In addition, a significant outbreakof contagious diseases in the human population could result in awidespread health crisis that could adversely affect the economies andfinancial markets of many countries, resulting in an economic downturnthat could further affect operations and the ability to finance itsoperations.
For more information on Global Energy and the risks and challengesof their businesses, investors should review the filings that areavailable at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider(as that term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of thisrelease.
We seek safe harbour.
Copyright (c) 2024 TheNewswire - All rights reserved.