GEMC:CC - GLOBAL ENERGY METALS Announces Results of Partner Funded Exploration Program at the Millennium Project Including Confirmation of High Cobalt and Copper Grades
(TheNewswire)
Vancouver, BC / TheNewswire / October17, 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 anexploration update from its Millennium copper-cobalt-gold (Cu-Co-Au)project (“Millennium” and/or the “Project”) located inQueensland, Australia. The exploration program is being fully fundedby Metal Bank Ltd. (“MBK”) as it earns up to an 80% interest inthe project through staged exploration and milestone share equitypayments. Global Energy Metals currently holds 100% of the Projectthrough its wholly-owned subsidiary Element Minerals Australia Pty Ltdand has a 31,250,000 shareequity position in MBK .
Highlights
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•• Assay results continue to return highcobalt grades
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•• First diamond drilling assays receivedincluding:
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•• 12m @ 0.62% Cu, 0.14% Co and 0.34g/t Aufrom 51m (MI22DD01)
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•• Additional RC results receivedincluding:
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•• 3m @ 0.22% Co from 61m (MI22RC04)
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•• 12m @ 0.53% Cu and 0.14% Co from 39m(MI22RC08 – outside current resource)
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•• Scope of the Central Resource areaextended approximately 120m north of existing Resource
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•• Electrical (IP/resistivity) geophysicssurvey completed
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•• Resource upgrade work to commence uponreceipt of final outstanding assay results
Mitchell Smith, CEO & Director ofGEMC commented:
“The Metal Bank funded drillcampaign has not only been successful in achieving the main objectiveof confirming the extent and continuity of high-grade cobalt andcopper mineralisation at Millennium but has also extended the limitsof mineralisation defined by the current JORC Mineral Resource model.We look forward to continued drilling success by our partner and theadvancement of this important cobalt-copper project in Australia at atime when jurisdictionally safe supply of critical battery minerals isso highly regarded.”
Commenting on the results, MetalBank’s Chair, Inés Scotland said:
“Great results. Cobalt isrecognised as a critical mineral for the production of renewableenergy technologies and just this past week there was significantmedia coverage regarding the Quad Fund and their charter to invest inCobalt and Copper companies. The additional near surface extensions inthe Central Area are particularly encouraging, and we still waiting onthe assay results of the deeper drilling.”
Figure 1: Millennium RC drilling,Northern Area
Following resource extension and infill drillingprogram completion in mid-September, assay results have now beenreceived for the first of MBK’s diamond drill (DD) holes (MI22DD01)and additional reverse circulation (RC) drilling (MI22RC04,MI22RC08-11) at the Southern and Central Resource Areas of theMillennium project.
Results include:
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•• 12m @ 0.62% Cu, 0.14% Co and 0.34g/t Aufrom 51m (MI22DD01)
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•• 3m @ 0.22% Co from 61m (MI22RC04)
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•• 12m @ 0.53% Cu and 0.14% Co from 39m(MI22RC08, outside current resource)
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•• 1m @ 2.19% Cu from 40m (MI22RC10, outsidecurrent resource)
These results form part of the Millennium resourceupdate, infilling gaps, extending mineralisation and resourceconfidence, along with metallurgical sampling acquisition. Ofparticular note are the strong cobalt (Co) grades hosted inhydrothermal veins and crackle breccias. The cobalt grades reiterateMillennium as one of Australia’s highest grade undeveloped batterymetals projects, contained within granted mining licenses. (Figure2).
Furthermore, results from holes MI22RC08 and MI22RC09have extended the scope of the Central Area resource some 120m northof the existing JORC 2012 Inferred Resource of 5.9Mt @ 1.08%1 CuEq(Figure 2).
Figure 2: Copper/Cobalt projectresource grades, Australia
Results for a further four diamond drill (DD) holes andseven reverse circulation (RC) holes including the deep resourcedrilling and exploration and extension work in the Northern Area areawaited.
In addition, a small Induced Polarisation/resistivityelectrical geophysical survey (as utilised to excellent effect atCarnaby Resources and Hammer Metals Cloncurry region projects) wasalso conducted. This survey aimed to better delineate key structuraland geological features to aid drill targeting over untested parts ofthe project.
Table 1: Millennium drilling notableintersections
Figure 3: Millennium Project areaplan showing current drilling, notable new
drilling results and IP/resistivitylines
Millennium 2022 Work Program
Results from the recently completed drilling programhave been received, including one diamond (DD) and five ReverseCirculation (RC) drill holes validating and extending the existingresource (MI22RC04, MI22RC08-11). An additional four DD holes andseven RC holes were also completed as part of the recently completeddrilling program, with full assay results expected in the next fewweeks. Results are presented in Table 1 and Figure 2, withcross-sections in Figures 3 and 4.
SOUTHERN AREA
Hole MI22DD01 (metallurgical hole) was targeted into aresource gap. Encouraging results of up to 12m @ 0.62% Cu, 0.14% Coand 0.34g/t Au (Figures 3 and 4) were returned from sheeted veinlet tovein and crackle breccias, with strong Co grades consistent withprevious results for the deposit enhanced by low-grade Cu and minoroxide Au mineralisation.
Figure 4: Millennium 7722700Ncross-section (NB: MI22RD01 DD tail to be
drilled in future)
CENTRAL AREA
Central Area drilling successfully extendedmineralisation 120 m north of the current resource (refer to Figures 3and 5). Drill hole MI22RC08 collared north of the current resource,intersected 12m @ 0.53% Cu and 0.14% Co from 39m and drill holeMI22RC09, collared 120m north of MI22RC08 intersected 1m @ 2.19% Cufrom 40m. Further infill and step out drilling is required in thisnorthern extension to enable for its inclusion in future resourceestimates.
Importantly, broad intervals of prospective alterationand Cu-Co+/-Au mineralisation (including high grade Co zones) wereintersected in deeper drilling (Figure 6) within the Central Area.Results from these holes are awaited.
Figure 5: Millennium 7723750Ncross-section
Figure 6: MI22RD05, ~179.7m – highgrade cobaltite-rich zone (silver speckles) in strongly altered anddeformed calcareous metasediment (HQ core)
NORTHERN AREA
Results from the copper-dominant Northern Area areawaited. The two northernmost holes aimed at extending the NorthernArea mineralisation a further 200m+ north were unable to be completeddue to track access issues.
Pilgrim/Fountain Range/Quamby Fault Zone
The Pilgrim/Fountain Range/Quamby Fault zone remains animportant target for additional new zones of mineralisation, however,the relationship between these structures and Cu-Co-Au mineralisationat Millennium remains unclear. One scout hole drilled in this program(MI22RC18) was terminated prematurely due to poor ground conditionswithout intersecting the target fault zone. MBK anticipates initialdrill testing of this fault zone in 2023.
IP/RESISTIVITY GEOPHYSICAL SURVEY
Results from a five-line pole-dipole InducedPolarisation/resistivity electrical geophysical survey (as used torecent success in the area by Carnaby Resources and Hammer Metals)have been received. The survey has been successful in identifying thefault zone hosting Cu-Co-Au mineralisation which is reflected in thegeophysical data as the contrast between areas of high resistivity/lowchargeability (hard rocks), and low resistivity/high chargeability(softer rocks). This greatly enhances MBK’s ability to directlytarget strike extensions of mineralisation at Millennium.
Figure 7: Millennium 7722800NIP/resistivity 2D inversion model sections showing Millenniumstructure, 2016 resource model and assay results.
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 embarkon a JORC 2012-compliant Resource update and Scoping Study utilisingappropriate economic 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.
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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•• theright to earn up to 80% of the Millennium Copper Cobalt project whichholds an inferred 2012 JORC resource of 5.9Mt @ 1.08% CuEq, across 5granted Mining Leases with significant potential forexpansion;
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•• a 75%interest in the advanced Livingstone Gold Project in WA which holds aJORC 2004 Inferred Resource of 49,900oz Au at the Homestead prospect,a JORC 2012 Inferred Resource of 30,500oz6 Au at Kingsley, and anExploration Target6 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 8Mile, Wild Irishman and Eidsvold Gold projects in South EastQueensland where considerable work by MBK to date has drill-provenboth high grade vein-style and bulk tonnage intrusion-related Aumineralisation.
Metal Bank’s exploration programs at these projectsare focussed on:
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•• shortterm resource growth - advancing existing projects to substantiallyincrease JORC Resources;
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•• identifying additional mineralisation at each of itsprojects; and
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•• assessing development potential and including fast trackingprojects through feasibility and development to production.
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 EnergyMetals 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 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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