GBLEF - Global Energy Metals Announces Drilling Results at Millennium North Identifies Significant Shallow Oxide Copper Intercepts and Sulphides to 1.5%; Review Underway at Millennium Central and South
(TheNewswire)
Vancouver, BC - TheNewswire - September 23, 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 completed full assay results from the initialRC drilling program at the Millennium copper, cobalt and gold(Cu-Co-Au) project near Mt Isa, Queensland (‘Millennium Project’)have now been received. This follows previous high grade Cu-Co-Auresults returned from the initial two holes into the Central Area( refer to news releasedated September 8, 2021 ).
-
- Drilling results received fromNorthern Area target at the Millennium Cu-Co-Au Project in northwestQLD as part of MBK’s exclusive option to earn-in up to 80% of theproject;
- Broad copper intersectionsreturned including:
-
- 8m @ 0.76% Cu from 62m(MI21RC05)
- 24m @ 0.29% Cu from 0m(MI21RC06)
- Preliminary review underwayregarding current Inferred Resource of of 5.9Mt @ 1.08%CuEq 1 and recent results; and
- Further work on metal zonation andstructural relationships to adjacent Pilgrim/Fountain Range Fault inNorthern Extension Area in progress .
-
Results reported are from 5 drill holes targetingnorthern extensions 800-1000m along strike of the main MillenniumInferred Resource of 5.9Mt @ 1.08% CuEq 1 asdefined by Hammer Metals in 2016. Results include:
- 7m @ 0.30% Cu from 18m (MI21RC03)
- 8m @ 0.76% Cu from 62m (MI21RC05)
- 5m @ 0.29% Cu from 1m and 13m @ 0.32% Cu from 11mwithin a broader interval of 24m @ 0.29% Cu from 0m (MI21RC06)
Results support Metal Bank’s exploration approach atMillennium to expand the known mineralisation and justify the surfacesoil copper anomalism within basement rock on the eastern contact ofthe regional Pilgrim/Fountain Range Fault system. Importantly,substantial hydrothermal alteration is developed in this area and mayindicate proximal siting for metal transport and/or deposition. Thismay open up potential for additional resources along strike and/orperipheral to the known resource.
Commenting on the findings atMillennium, Mitchell Smith, GEMC President and CEO said:
“The expansion of the Millenmiumfootprint to the north compliments the recent findings presented tothe market in early September with the results validating our beliefthat there is a high potential to substantially increase the Resourceat Millennium. They also highlight the high-grade nature of theproject and the near-surfacepotential of the mineralization. We believe the trends seen fromcurrent and past exploration to be very promising and further supportour strategy of advancing scalable high-grade battery metal projectsthrough a partnership model.”
Also commenting on the explorationwork, Inés Scotland, BMK Chair said:
“ Our northern extension drilling has openedup scope for additional resources at Millennium North providing uswith further confidence in the expansion potential of this Projectover and above the expansion of the existing Resource. We are nowevaluating potential to update that Resource and planning furtherextension test work for the existing Resource area and the NorthernArea.”
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 5granted Mining Leases with significant potential for expansion, allproximal to processing solutions and excellent infrastructure in theMount Isa region.
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 Project.
Millennium Drilling Program
The Millennium drilling program commenced 11 August2021 in the Southern Area (as shown in Figure 1 below), with tworeverse circulation (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 Area (also shown in Figure 1) testingpotential for mineralisation extensions in the northern part of theProject area as indicated by previous mapping, geochemistry andstructural interpretation. Refer to Table 1 and Table 2 for fulldrilling details.
Figure 1: MillenniumProject plan view showing interpreted basement geology, existingMillennium resource outline, previous and MBK drilling plusexploration targets with Northern Area RC drillingresults.
Northern Area Drilling
First-pass drilling in the Northern Area for(MI21RC03-07) has been completed, testing anomalous surface Co-Cugeochemistry, previously mapped geological units and structuressimilar to mineralisation features in the Southern and Central Areas.This area is approximately 800-1000m north along strike, has had noprevious drilling and does not form part of the existing Millenniumresource. Drilling was conducted in two fences on two lines 250mapart.
Copper oxides were observed near surface and sulphideswere observed deeper downhole, including 8m @ 0.76% Cu from 62m(MI21RC05), associ ated with contact zonesbetween metasedimentary units and graphitic siltstones. Individual Cuassays peak at 1.50% from 67m depth.
While appearing restricted to the south and east, Cumineralisation in the Northern Area remains open to the west, northand at depth. The relationship between this mineralisation and theFountain Range / Quamby Fault warrants further investigation. Inaddition, the eastern areas are not completely drill tested.
Figure 2: Millennium 7724700Nsection showing previous resource drill holes, 2016 resource model,MI21RC05-7 drill holes and working preliminary interpretation.
Review
A review of the existing JORC 2012 Resource is underwayto assess current scope for tonnage and grade updates, additionaltarget areas and further work requirements in both the Southern andCentral Areas of the resource.
The Resource review will include the two holescompleted by MBK in the Central Area of the Resource and previousdrilling completed by GEMC.
The two holes completed by MBK tested gaps in theexisting resource and the potential for extensions in the northernmargin of the southern area of the resource with excellent results.Several broad zones of Cu-Co mineralisation wereintersected 2 , with results including:
MI21RC01
- 17m @ 0.33% Cu, 0.08% Co and 0.12g/t Au from56m
- 16m @ 1.07% Cu, 0.26% Co and 0.40g/t Au from 80mincluding a high-grade zone of 5m @ 2.92% Cu, 0.50% Co and 1.19g/t Aufrom 82m (MI21RC01)
MI21RC02
- 2m @ 0.07% Cu and 0.29% Co from 41m
- 16m @ 0.34% Cu and 0.06% Co from 64m
- 3m @ 0.59% Cu and 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.
Southern Area PreviousDrilling
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. 3 GEMC were successful in bothduplicating historical results, demonstrating the continuity ofmineralisation within the mineralised zone and in determiningmineralisation continues to depth 4 ,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. 5
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. 6
Further Work
Pending outcomes from the Resource review and scopingwork, in light of the encouraging copper results in the Northern Areafurther work is underway to extend the basement mineralisation, definehigh grade target zones and understand mineralisation relationshipswith the adjacent Quamby/Pilgrim Fault system. Work will also seek todetermine the metal zonation aspects noted between the Northern andCentral/Southern Areas.
In addition, the Federal and Corella Trends requireassessment for potential to add additional targets and resources tothe project.
Table 1: Completed drill hole details
Table 2: MI21RC01-02 notableintersections
NOTE: 0.2% Cu cut-off, 3m maximuminternal dilution unless indicated by *. * within 24m @0.29% Cu from0m (with 5m <0.2% Cu). Co values > 0.2% listed outside Cu%cut-off ranges. All results reported are downhole intervals andinterpreted 70-75% true width. MI21RC01-02 results previously reportedon September 8, 2021. 2
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 significant size with potential toexpand mineralisation. Processing solutions and excellentinfrastructure exist 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 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 Announcementdated 6 December 2016 “Millennium Mineral Resource Estimate”.
Copper equivalent (CuEq) calculation was based solely on commodityprices 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 8 September 2021
3 GEMC News Releasedated 19 June 2018
4 GEMC News Releasesdated 17 January 2018, 30 April 2018 , 31 May 2018 and 19 June2018
5 GEMC News Releasedated 19 June 2018
6 GEMC News Releasedated 6 September 2018
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 |OTCQB:GBLEF | FSE:5GE1)
Global Energy Metals Corp. offersinvestment exposure to the growing rechargeable battery and electricvehicle market by building a diversified global portfolio ofexploration 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 these criticalcommodities and the associated technologies required for a cleanerfuture.
Securing exposure tothese critical minerals powering the eMobility revolution is agenerational investment opportunity. Global Energy Metals believe thethe time to be part 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
Twitter: | |
Subscribe to the GEMCeNewsletter
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.
Copyright (c) 2021 TheNewswire - All rights reserved.