GEMC:CC - Global Energy Metals Announces Partner Funded Exploration at Millennium Exceeds $1 Million; Metal Bank to Move to Stage 2 Earn-In by Spending Additional $2 Million and Issue Shares to the Value of $350000
(TheNewswire)
Vancouver, BC - TheNewswire -December 5, 2022 - Global Energy Metals Corporation ( TSXV:GEMC ) | ( OTC:GBLEF ) | ( FSE:5GE1 ) (“Global Energy Metals”, the “Company” and/or“GEMC”) , a company involved in investmentexposure to the battery metals supply chain, is pleased to provide akey update from its Millenniumcopper-cobalt-gold (Cu-Co-Au) project (“Millennium” and/or the “Project”) located inQueensland, Australia.
GEMC is pleased to announce that Metal Bank Ltd.(“MBK”), through its wholly owned subsidiary MBK Millennium PtyLtd (MBKM), has provided the Company with a Stage 1 earn-in notice,having completed all of the obligations under the under the Millenniumearn-in and joint venture agreement (JV Agreement) with Global EnergyMetals and its wholly owned subsidiary, Element Minerals Australia PtyLtd (EMA), including the investment of in excess of $1 million inexploration spend on the project. The companies will enter Stage 2under the agreement, which the JV Agreement will govern.
Figure 1: Millennium RC drilling,Northern Area
Highlights
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The Millennium three phase 2022 workprogram has been completed
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MBK’s Millennium Stage 1 Earn-inexpenditure of $1M has been met
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MBK has given notice to elect toform the Millennium Joint Venture with MBK holding a 51% joint ventureinterest and GEMC holding a 49% interest in the Project
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MBK will now move to Stage 2 of theJV to increase its joint venture interest to 80%
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Resource upgrade work hascommenced
Mitchell Smith, CEO & Director ofGEMC commented:
“We are delighted to have reachedthis key stage in the JV agreement and for the vote of confidence inthe potential for this strategic project. We welcome Metal Bank’scommitment to further advance Millennium through acceleratedexploration activities and realize its opportunity as an asset ofsignificant importance in filling future demand for critical metals,such as cobalt and copper, ata time when our economy transitions to a sustainable low carbon andelectrified world.”
Commenting on the results, MetalBank’s Chair, Inés Scotland said:
“MBK now holds a 51% interest inthe Millennium project and its existing JORC resource of 5.9MT @ 1.08%CuEq, which has been confirmed and expanded by our 2022 explorationprogram. Millennium provides MBK with exposure to copper and cobalt– in demand, critical components for the renewable energytransition. With the project’s granted Mining Leases and proximityto processing solutions, Millennium presents a real opportunity fornear-term development.”
Figure 2: Copper/Cobalt projectresource grades, Australia
The JV Agreement was entered into in December 2021. Since that time, as part of its Stage 1 earn-in, MBK has completed a3 Phase exploration program at the Millennium copper-cobalt-gold(Cu-Co-Au) project in Queensland, which holds an inferred 2012 JORCresource of 5.9MT @ 1.08% CuEq across 5 granted Mining Leases withsignificant potential for expansion. MBKM has sole funded explorationexpenditure of more than $1M satisfying its stage 1 earn-inobligations under the JV Agreement and has given notice to EMAelecting to acquire a 51% Joint Venture Interest in the Millenniumproject and assets.
In accordance with the JV Agreement, MBK will issue10,416,667 MBK shares to the value of AUD $350,000 to GEMC at a priceof $0.0336 (being the average 5 day VWAP at the last business dayprior to the date of MBKM’s notice), following the Company’sAnnual General Meeting and consolidation of the Company’s sharecapital (subject to shareholder approval at the AGM).
Following issue of these Shares, MBKM will hold a 51%Joint Venture Interest in the Millennium project and assets and willhave the sole and exclusive right to earn an additional 29% JointVenture Interest (taking its total interest to 80%) by sole fundingexploration expenditure to the amount of $2 million.
The Millennium Project represents an excellentopportunity for MBK to advance and develop a copper-cobalt asset ofsignificant size, close to processing solutions and excellentinfrastructure in the Mount Isa region. The cobalt grades reiterateMillennium as one of Australia’s highest grade undeveloped batterymetals projects, contained within granted mining licenses.
Millennium Project
The Millennium Copper andCobalt Project near Cloncurry in NWQLD currently holds a JORC 2012- compliant Inferred Resource of 5.9Mt@ 1.08% CuEq (Cu-Co-Au-Ag) across 5 granted Mining Leases withsignificant potential for expansion. It is located 19km from theRocklands copper-cobalt project with an established processing plantcapable of treating Millennium-style ores once recommissioned.
MBK’s 2021 drill results and other previous drilling,in conjunction with significant appreciation in copper and cobaltprices since maiden Resource reporting, provided support for aninitial Exploration Target for the Project of 8 – 10Mt @ 1.0 –1.1% CuEq.
MBK developed a three-phase work program for Millenniumin 2022 seeking to confirm the Exploration Target for the Project, andfuture Resource expansion and development potential. The ExplorationTarget is based on extensions both along strike and at depth in boththe Southern and Central Area copper-cobalt-gold Resources and in theNorthern Area, where shallow copper intervals at broad spacing havebeen returned some 800-1000m north of the closest Resource.
Upon receipt and assessment of all results from thecurrent 2022 drilling program, MBK will embark on a JORC2012-compliant Resource update and Scoping Study utilising appropriateeconomic parameters aimed for completion late 2022.
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.
Figure 3: Millennium Project overview showing recentdrilling results
About Metal Bank
Metal Bank Limited is an ASX-listed mineralsexploration company (ASX: MBK) holding a significant portfolio ofadvanced gold and copper exploration projects with substantial growthupside, including:
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the right to earn up to 80% of the Millennium Copper Cobalt project which holds an inferred 2012 JORC resource of 5.9Mt @1.08% CuEq, across 5 granted Mining Leases with significant potentialfor expansion;
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a 75% interest in the advanced Livingstone Gold Projectin WA which holds a JORC 2004 Inferred Resource of 49,900oz Au at theHomestead prospect, a JORC 2012 Inferred Resource of 30,500oz Au atKingsley, and an Exploration Target of 290 –400Kt at 1.8 – 2.0 g/t Au for 16,800 – 25,700oz Au at Kingsley;and
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the 8 Mile, Wild Irishman and Eidsvold Gold projects inSouth East Queensland where considerable work by MBK to date hasdrill-proven both high grade vein-style and bulk tonnageintrusion-related Au mineralisation.
Metal Bank’s exploration programs at these projectsare focussed on:
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short term resource growth - advancing existingprojects to substantially increase JORC Resources;
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identifying additional mineralisation at each of itsprojects; and
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assessing development potential and including fasttracking projects through feasibility and development toproduction.
Metal Bank is also committed to a strategy ofdiversification and growth through identification of new explorationopportunities which complement its existing portfolio and pursuit ofother opportunities to diversify the Company’s assets throughacquisition of advanced projects or cash- flow generating assets toassist with funding of the exploration portfolio.
QualifiedPerson
Mr. Paul Sarjeant, P.Geo., is the qualified person for this release as defined by NationalInstrument 43-101 - Standards of Disclosure for MineralProjects.
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 isthe 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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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.
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