GBLEF - Global Energy Metals Announces Partner Funded Drilling Commences at the Millennium Cobalt Copper and Gold Project in Queensland Australia
(TheNewswire)
Vancouver, BC - TheNewswire - May 18, 2022 - 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 announce that a partner fundeddrilling campaign is well underway at the Millennium cobalt,copper, and gold project in Queensland,Australia by jointventure partner Metal Bank Limited (“Metal Bank and/or MBK”). Initial observations from Millennium are encouraging with visiblesulphides, including chalcopyrite and cobaltite, and broad alterationhalos not currently within the resource envelope.
Global Energy currently holds 100% ofthe Millennium project and have entered into a joint venture withMetal Bank, where Metal Bank can earn up to 80% through significantstaged exploration spend and share equity payments. For moreinformation please refer to the linked
news release datedDecember 13, 2021
.
Figure 1. Drilling underway atMillennium
Commenting on MBK’s explorationprogram for Millennium, Metal Bank’s Chair, Inés Scotlandsaid:
“ At Millennium we are aiming to almostdouble the existing Millennium Resource of 5.9Mt @ 1.08% CuEq as wellas test adjacent and peripheral targets. As Australia looks toestablish itself as a global critical minerals supplier, at a time ofsupply constraint and unprecedented copper and cobalt prices, theMillennium project’s current Resource already provides significantvalue not yet factored into the current valuation. With a combinationof resource growth and the project’s granted Mining Leases theproject presents a real opportunity for near-termdevelopment. ”
Millennium 2022 Work Program
Drilling at Millennium recently commenced in theSouthern Resource area, targeting both shallow and deep extensions tothe existing mineralisation along with infill and metallurgicaldrilling.
Work is progressing northwards through the CentralResource area (Figure 2). Initial observations are encouraging withvisible sulphides including chalcopyrite and cobaltite within broadalteration halos not currently within the resource envelope. Assaysfrom the earliest drilling samples are expected in June.
Figure 2. Millennium Cu-Co-AuProject long section showing existing drilling, current resourceblocks and priority targets. NB: Intervals are CuEq%-metre aspreviously reported
MBK has developed a three-phase work program forMillennium in 2022 seeking to confirm the Exploration Target for theProject of 8 – 10Mt @ 1.0 – 1.1% CuEq, and future Resourceexpansion and development potential. For more information please referto the news release announcedMarch 16, 2022 .
Upon receipt and assessment of results MBK will embarkon a JORC 2012-compliant Resource update and Scoping Study utilisingappropriate economic parameters aimed for completion late 2022.
Millennium Project
The Millennium Cobalt,Copper and Gold Project nearCloncurry in NW QLD currently holds a JORC 2012 compliant InferredResource of 5.9Mt @ 1.08% CuEq13 (Cu-Co-Au-Ag) across 5 granted MiningLeases with significant potential for expansion.
The Millennium Project is located 19km from theRocklands copper-cobalt project with an established processing plantcapable of treating 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).
Following completion of the recent drill program MetalBank commenced a review of the existing Resource in the Southern andCentral Areas of the Project, MBK’s recent drill results and otherprevious drilling. In conjunction with significant appreciation incopper and cobalt prices since maiden Resource reporting, results fromthis review provided support for an initial Exploration Target for theProject of 8 – 10Mt @ 1.0 – 1.1% CuEq.
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 MBK’s final auditprocedures for down hole data, data acquisition and processing, forthe results of this analysis to be classified as a Mineral Resource inaccordance with the JORC Code.
As an equity shareholder in Metal Bank, GEMC is alsopleased to report that Metal Bank has been awarded an ExplorationIncentive Scheme (EIS) grant of up to $75,000 of co-funding from theWestern Australian government to drill test a deep structural targetat the Stanley prospect at Livingstone. Stanley is located 10km westof the Homestead Resource and 2.5 km north of the Kingsley Resourceand has a confirmed 3-4 km long coherent in soil gold anomaly3 whichhas had limited drilling to date. In addition to the work beingconducted at Millennium, GEMC is also benefit to drilling nowunderway at the Livingstone gold project in Western Australia withResource extension drilling at the Kingsley deposit completed. MBK’s extensive 2022 drilling program at Livingstone comprises>3,000m of Resource Extension and Exploration drilling aiming toincrease and update the Project’s resources (80,000 oz Au) byvalidating and testing mineralisation extensions at the Kingsley andthe Homestead deposits. For additional details please refer to the Metal Bank news releasedated May 17, 2022 .
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 thetime 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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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 a widespread 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.
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