GEMC:CC - Global Energy Metals Announces High-Tech Metals Raises AUD $4.718m Lists on the ASX and Completes on Acquisition of the Werner Lake Copper-Cobalt Project Resulting in Global Energy Becoming a 7.6% Shareholder in High-Tech
(TheNewswire)
Vancouver, BC - TheNewswire - January23, 2023 - Global Energy Metals Corporation ( TSXV:GEMC ) ( OTC:GBLEF ) ( FSE:5GE1 ) (“Global Energy Metals”, the “Company” and/or“GEMC”) , a multi-jurisdictional,multi-commodity critical mineral exploration and development companyfocused on growth-oriented battery metal projects supporting theglobal transition to clean energy, is pleased to report that High-TechMetals Limited (“High-Tech”) and/or “HTM”) has completed onthe acquisition of the Werner Lake copper-cobalt project in Ontario,Canada (“Werner Lake” and/or the “Project”) having raised AUD$4,718,000 and closing its initial public offering with its admissionto the Australian Stock Exchange (“ASX”) under trading symbolHTM.
Highlights of the Transaction
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HTM acquires the Werner Lake Cobalt Project located innorth-western Ontario, within the Kenora Mining District from GlobalEnergy Metals Corporation (70%) and Marquee Resources Limited(30%).
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AUD $50,000 cash and 2,500,000 shares of High-Tech werereceived by GEMC upon closing of the transaction making Global Energya 7.6% shareholder of High-Tech.
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High-Tech now listed on the ASX with trading symbol HTMhaving raised AUD $4.718M dollars on its IPO.
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Indicated mineralisation remains open at depth andalong strike with the potential for undiscovered high gradezones.
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Substantial exploration has been committed to byHigh-Tech as they work to unlock the high-grade cobalt and copperpotential of the Werner Lake property.
Mitchell Smith, CEO of Global EnergyMetals commented:
“We are very pleased to close onthis transaction with High-Tech Metals and see the Werner Lakeproject with a group focused on advancing it and exposing itspotential at such a pivotal time when Canada is positioning to be apowerhouse in the supply of technology enabling metals essential to anelectrified future. This transaction exemplifies Global Energy’sbusiness model of identifying, acquiring and developing qualityprojects, to further advance the assets and monetize them throughsubstantial equity positions in our partners. The AUD $4.718Mraised by High-Tech for Werner Lake reiterates the strength of ourproject portfolio and highlights the unrealized value the marketcurrently holds for Global Energy and the opportunity it presents fornew and existing shareholders at today’s valuation. ”
HTM’s Executive Director, SonuCheema, commented:
“ The worldneeds more high-quality cobalt and High-Tech is committed to beginwork to realize the potential of the Werner Lake Cobalt Project in asus tainable and responsiblemanner to ensure strong outcomes for all stakeholders. Havingcompleted the IPO, High-Tech is in a unique position to advanceexploration on its flagship project focused on EV metals in a tier-1jurisdiction. On behalf of the High-Tech Metals Board, we welcome allshareholders onto our register”
Transaction Terms
The Mineral Property Purchase and Sale Agreementprovided, amongst other matters, that the aggregate purchase price forWerner Lake is AUD $700,000 of which AUD $50,000 was paid to theCompany on execution of the Mineral Property Purchase and SaleAgreement and the balance of which was satisfied by the issuance ofa total of 3,250,000 shares of High-Tech (the “ConsiderationShares”) as to 2,500,000 Consideration Shares to Global EnergyMetals and 750,000 Consideration Shares to Marquee Resources Ltd basedon project ownership.
Global Energy now holds 7.6% in High-Tech followingHigh-Tech closing AUD $4.718 million as part of its IPO to the ASX.
Funds raised by High-Tech will be used to advanceexploration of the Werner Lake project, identify additionalopportunities to grow the company, and for general corporate andworking capital purposes.
Exploration Upside and WorkProgram
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The Werner Lake project is located in Ontario, one ofthe safest mining jurisdictions in the world.
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The Company’s planned technical exploration programfor the Project will aim to review the existing exploration andgeological data, evaluate drill targets that weren’t previouslydrilled and establish new drill targets at the Project.
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HTM seeks to further establish new drill targetsoutside of the existing orebody by utilizing electromagnetictechniques.
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Planned drilling program over the drill targets deemedto best provide opportunities for mineralisation to be undertaken withdrilling to provide material for more advanced metallurgicaltest-work.
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Previous mining indicates that the Mineral Resource islikely amenable to metallurgical extraction via traditional processmethods.
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Experienced Board and Management with extensiveunderstanding of the Project and relationships with key stakeholderswithin the region that have actively worked on the Project and willhelp progress forward plans.
Werner Lake Project
The project is located near the Ontario-Manitoba borderin the Kenora Mining District. The Werner Lake Geological Belt hostsnumerous cobalt-copper and
base metal showings, deposits and past producing mines.The two largest cobalt deposits defined to date are the Werner LakeMinesite Deposit and the West Cobalt Deposit. The area has seenextensive exploration and development work since the originaldiscovery of cobalt in 1921. The Werner Lake Cobalt Mine producedcobalt ore in the 1930s and 1940s from the “Old Mine Site” depositarea and with the discovery of the main ore area at the West CobaltDeposit, was taken to production decision in the late 1990s. At thetime, infrastructure was put in place, including four season road,mill buildings, and tailings settling area. Decline ramp, drifts andraises of over 258 metres were driven into the heart of the deposit.Mineralisation remains open at depth and along strike with thepotential for undiscovered high grade zones. Metallurgical studieshave shown that excellent cobalt recoveries can be yielded from astandard flotation mill process followed by a low-pressure oxidativehydrometallurgical leach (net recovery 88%), to produce a cobaltcarbonate end product.
Figure 1. Werner Lake ProjectLocation
Qualified Person
Mr. Paul Sarjeant, P. Geo., is the qualifiedperson for this release as defined by National Instrument 43-101 -Standards of Disclosure for Mineral Projects. He is a Director andshareholder of the Company.
About High-Tech Metals Limited
High-Tech Metals Limited (ASX:HTM) is an ASX-listedcompany focused on the exploration and development of its flagship,100 per cent owned Werner Lake Cobalt Project (the Project) located innorth-western Ontario, within the Kenora Mining District,approximately 85 km north-northwest of Kenora, Ontario andapproximately 170 km east-northeast of Winnipeg, Manitoba. The Projectwas acquired from Global Energy Metals Corporation (70%) and MarqueeResources Limited (30%).
Global Energy Metals Corporation
(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 believesNow is the Time to be part of this electrificationmovement.
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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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 to updatethese forward-looking statements in the event that management’sbeliefs, 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.
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