GEMC:CC - Global Energy Metals Announces Partner Funded Drilling Campaign to Commence at the Millennium Cobalt-Copper-Gold Project
(TheNewswire)
Vancouver, BC - TheNewswire - March 16, 2022 - Global Energy Metals Corporation ( TSXV:GEMC )( OTC:GBLEF ) ( FSE:5GE1 ) ( “Global Energy Metals”, the “Company” and/or“GEMC ”), a company involvedin investment exposure to the battery metals supply chain, is pleasedto report a drilling contract has been executed with SchonknechtDrilling Pty Ltd. for 2022 work at the Millennium Project in NWQueensland . Drillingis currently scheduled to commence in April.
With over $10 million raised at the endof last year, Global Energy Metals’ joint venture partner, ASXlisted Metal Bank Limited(“MBK”) , is fullycapitalized to pursue and sole fund this work program as part ofMBK’s right to earn up to 80% of the Millennium Copper, Cobalt andGold project which holds a JORC 2012-compliant Inferred Resource of5.9Mt @ 1.08% CuEq 1 across 5 granted Mining Leases.
In 2021, MBK established an Exploration Target of8–10Mt @ 1.0-1.1% CuEq 2 , withthe first drill program intercepting 5m @ 2.92% Cu, 0.50% Co and1.19g/t Au (within 22m @ 2.22%) 3 andconfirming northern extensions to the mineralisation system.
The 2022 drilling program is aimed at expandingexisting resources at the Central and Southern Areas and defining newresources in the Northern Area with the overall goal of converting theExploration Target into resources.
Figure 1: MI21RC07 drill setupnearing completion of 2021 drill program
Highlights
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GEMC’s JV partner funded 2022 exploration program atthe Millennium Cu-Co-Au Project, NW Queensland is underway withdrilling to commence in April;
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The Project holds a JORC 2012-compliant InferredResource of 5.9Mt @ 1.08% CuEq 2 across 5granted Mining Leases;
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The 2022 exploration program includes extension, infilland metallurgical work aimed at significantly increasing existingresources to underpin an updated JORC 2012 Resource statement in late2022;
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The Project provides exposure to copper and cobalt –in demand, critical components for the renewable energytransition;
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Global Energy Metals currently holds 100% of theMIllennium project with MBK having the right to earn, in stages, up toan 80% interest in the Project; and
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With a recent successful capital raising by MBK, GEMCwill benefit from having a well funded partner to pursue explorationand development work at Millennium aimed at increasing the project’sResources.
Commenting on the Millenniumexploration program for 2022, Metal Bank’s Chair, Inés Scotlandsaid:
“ The 2022 work program at Millennium isaimed at increasing the existing Millennium Resource of 5.9Mt @ 1.08%CuEq 1 . As Australia looks to establish itselfas a global critical minerals supplier, at a time of supply constraintand unprecedented copper and cobalt prices, the Millennium project’scurrent Resource already provides significant value not yet factoredinto the current share price. With a combination of resource growthand the project’s granted Mining Leases the project presents a realopportunity for near-term development. ”
Copper and Cobalt
The Millennium Project provides exposure to copper andcobalt – in demand, critical components for the renewable energytransition.
Cobalt has increased 11,500 USD/MT or 16.31% since thebeginning of 2022 and copper reached a record high above the$5-per-pound level in March (see Figure 2).
Located on granted Mining Leases, with an existingResource and significant expansion potential, the Project presents anexcellent opportunity to advance and develop a copper-cobalt asset ofsignificant size in close proximity to processing solutions andexcellent infrastructure in the Mount Isa region. With escalatingprices, Millennium’s low logistics and processing risks, the projectis well placed to participate in the battery revolution.
Figure 2: Cobalt and Copper pricecharts: source tradingeconomics.com
Millennium Work Program
A three-phase work program for 2022 has been developedto confirm the Exploration Target and future Resource expansion anddevelopment potential.
Figure 3: Millennium Cu-Co-AuProject long section showing existing drilling, current resourceblocks and priority targets. NB: Intervals are CuEq%-metre aspreviously reported. 4
The work program comprises:
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Phase 1 – 1800-2000m RC/DD Exploration Targetconfirmation of scale drilling program. The aim of this program willtest the open Southern and Central Area shoots at depth, the shallowNorthern Area extension and infill, and adjacent Pilgrim/FountainRange/Quamby Fault Zone resource potential;
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Phase 2 – 2000m RC/DD drilling extension program toinfill Resource gaps, extend near surface existing Resources, firstpass testing of peripheral targets and Phase 1 follow-up; and
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Phase 3 – 1500m RC Resource infill, metallurgicaltest work, economic assessment and follow-up work from Phase 1 and2.
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Upon receipt and assessment of results MBK will embarkon a JORC 2012-compliant Resource update and Scoping Study utilisingappropriate economic parameters aimed for completion late2022.
Figure 4: Millennium Cu-Co-AuProject plan showing interpreted geology, 2016 Inferred Resource anddrilling to date.
Millennium Project – MBK earning upto 80%
The Millennium Copper and Cobalt Project near Cloncurryin NW QLD currently holds a JORC 2012-compliant Inferred Resource of5.9Mt @ 1.08% CuEq 1 (Cu-Co-Au-Ag) across 5 granted Mining Leases with significantpotential for expansion.
The Millennium Project is located 19km from theRocklands copper-cobalt project, operated by Copper ResourcesAustralia Pty Ltd., with an established processing plant capable oftreating Millennium-style ores once recommissioned.
Recent MBK drilling provided confidence in growthupside to the existing Resource. This included encouraginginfill/extension work in the Southern Area Resource (MI21RC01-2) andsignificantly expanding the system strike and scale into the NorthernArea (MI21RC03-07) (Figures 3 &4).
Following completion of the recent drill program areview commenced of the existing Resource in the Southern and CentralAreas of the Project, recent drill results and other previousdrilling. In conjunction with significant appreciation in copper andcobalt prices since maiden Resource reporting, results from thisreview provided support for an initial Exploration Target 3,4 for the Project of 8–10Mt @ 1.0 – 1.1% CuEq 2 (Figures 3 &4).
This Exploration Target is based on extensions bothalong strike and at depth in both the Southern and Central Areacopper-cobalt-gold Resources and also in the Northern Area, whereshallow copper intervals at broad spacing have been returned some800-1000m north of the closest Resource.
It should be noted that the Exploration Target isconceptual in nature. There has been insufficient drilling at depth ofthe existing Resource and in the Northern Area of the project andinsufficient information relating to the Reasonable Prospects ofEventual Economic Extraction (RPEEE) of the Millennium project toestimate a Mineral Resource over the Exploration Target area, and itis uncertain if further study will result in the estimation of aMineral Resource over this area. It is acknowledged that the currentlyavailable data is insufficient spatially in terms of the density ofdrill holes, and in quality, in terms of final audit procedures fordown hole data, data acquisition and processing, for the results ofthis analysis to be classified as a Mineral Resource in accordancewith the JORC Code.
QualifiedPerson
Mr.Paul Sarjeant, P. Geo., is the qualified person for this release asdefined by National Instrument 43-101 - Standards of Disclosure forMineral Projects.
1 HMX ASXAnnouncement dated 6 December 2016 and MBK ASX Release dated 13December 2021 “MBK signs Earn-in and JV Agreement for the MillenniumProject.
2 MBK ASX Releasedated 13 December 2021 “MBK signs Earn-in and JV Agreement for theMillennium Project.
3 MBK ASX Release 2September 2021 “Millennium drilling completed with first two holesassayed”
4 MBK ASXAnnouncement dated 26 October 2021 “Livingstone Acquisition &Entitlement Offer to raise $6.34M”
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
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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.
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