GBLEF - Global Energy Metals Announces Drilling Underway at the Millennium Cobalt-Copper-Gold Project in Queensland Australia
(TheNewswire)
Vancouver, BC - TheNewswire - August 16, 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 drilling activities 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’).
Figure 1: MI21RC01drill pad setup, Millennium Project
Highlights
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- MBK’s drilling program at the Millennium Project innorthwest QLD has commenced as part of its exclusive 6-month option toearn in up to an 80% interest.
- 2 RC drill holes for 195m completed in the southernproject area for resource validation and extension:
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- MI21RC01 intersected visible Cu-Co mineralisationfrom 46m to 73m and 82m to 96m.
- MI21RC02 intersected visible Cu-Co from 62 to87m.
- These holes provide confidence in growth upside forthe existing Inferred Resource of 5.9Mt @ 1.08% CuEq 1 .
- Up to 600m RC drilling in the Northern Extension Areahas now commenced
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Drilling is predominantly focussed on confirming themineralised system continues to the north, with some resourcevalidation work in the south. Drilling is expected to be completed bymid to late August.
The first two drill holes in the south have beencompleted. Initial observations supported by pXRF analysis are veryencouraging, with MI21RC01 intersecting several broad zones of Cu-Comineralisation. This supports the up-dip continuity of the resourceand potential northern extension of the southern resourcemodel.
MI21RC02 intersected Cu-Co mineralisation and infills azone of low confidence in the existing resource model.
Samples have been delivered for analysis and resultsare awaited and drilling has now commenced in the Northern Extensionarea.
The Millennium Project is an advanced exploration anddevelopment project located in the Mount Isa region, 19km from theRocklands copper-cobalt processing facility. The Millennium Projectholds a 2012 JORC-compliant Inferred Resource of 5.9MT @ 1.08% CuEqacross 5 granted Mining Leases with significant potential forexpansion, all in close proximity to processing solutions andexcellent infrastructure in the Mount Isa region.
Mitchell Smith, President & CEOcommented on the progress made by MBK:
“ We arepleased to have our partner initiate drilling on this keystone projectand look forward to receiving and announcing assay results in the nearfuture as we continue to build exposure to the growing demand forcommodities tied to a new era of electrification.”
Commenting on the exploration work,Inés Scotland, MBK Chair said:
“ We are excited to receive visualobservations of copper and cobalt from the first two holes confirmingthe potential for expansion of the existing resource in the South bothat depth and along strike. We are awaiting the assays but the pXRFindicates increased confidence in the current resource and some highergrade zones. We are now commencing drilling to test the NorthernExtension area at Millennium to follow up on the extremely encouraginginitial observations by our field team that suggest target continuityin the north of the Project.”
1 HMX ASX Announcementdated 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
Figure 2: Map showingexisting Millennium resource zone and exploration targets, includingthe Northern Extension target area and proposeddrilling.
The drilling program commenced on 11 August 2021 on thesouthern holes for existing resource validation.(Figure 2).
MI21RC01 was undertaken to infill a gap in the 2016resource model in an area of low confidence drilling (Figure3).
Initial observations supported by pXRF analysisindicate several broad zones of Cu-Co mineralisation including 27m(downhole) from 46m and a 14m (downhole) stronger zone from 82mincluding semi-massive sulphides of bornite, chalcopyrite andpyrite.
This supports up-dip continuity of the resource and apotential lateral extension of the resource model. Samples have beendelivered for analysis and results are awaited.
Figure 3: Millennium 7722860Nsection showing resource drill holes, resource model andMI21RC01.
MI21RC02 was drilled to validate and infill the 2016resource model (Figure 4).
Initial observations of mineralisation over a 25mdownhole interval from 62m add support to and infill the existingresource model.
Figure 4: Millennium 7722800Nsection showing resource drill holes, resource model andMI21RC02.
Drilling has now commenced in the Northern Area wheremapping, soil geochemistry and rock sampling conducted by MBK hasconfirmed anomalous Co-Cu mineralisation in geological analogues tothe Southern Area resource.
This area has no previous drilling and provides anexcellent opportunity to increase the overall resource potential ofthe Millennium Project. This drilling is expected to be completed midto late August with results in September.
Table 1: Completed drill holedetails
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 1 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 2: 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, andchalcopyrite with hypogene bornite and rimmed by covellite,tetrahedrite and galena has been identified in mineralogicalinvestigations.
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 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 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 4 .
Figure 5: Physiography of projectarea showing access and recent drilling.
2 GEMC News Release dated 19June 2018
3 GEMC News Releases dated17 January 2018, 30 April 2018 , 31 May 2018 and 19 June2018
4 GEMC News Release dated 19June 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 | OTC: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.
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