GEMC:CC - Global Energy Metals Announces Strategic Review of its Nevada-Based Lovelock and Treasure Box Copper-Nickel-Cobalt Projects; Engages Dahrouge Geological to Prepare Technical Report
(TheNewswire)
Vancouver, BC - TheNewswire - October11, 2023 - Global EnergyMetals 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 announce that it willundertake a strategic review of the Company’s Lovelock Mine andTreasure Box projects (the “Projects) located in Nevada,USA . This strategicreview follows the successful negotiation and closing of theconsolidation of 100% ownership in the Projects. GEMC holding 100%ownership of the Projects simplifies decision-making and provides theoptimal structure to oversee the rapid exploration and development ofkey U.S. based battery minerals projects at a time when securingfuture supply of critical minerals required for a North Americanbattery supply chain is a top priority.
Mitchell Smith, GlobalEnergy Metals’ CEO and Director, said:
“ LovelockMine and Treasure Box are highly prospective, drill ready, copper,nickel, cobalt exploration projects, positioning these assets as ahigh-priority for future development to potentially benefit from thenear to mid-term expected supply shortages with battery minerals.Additionally, the Projects are located in Nevada, a strong miningjurisdiction with a history of support for the development andoperation of base-metal projects. We will consider all potentialoptions that result from this tactical review and see this well-timedcalculated undertaking as a way to maximize value forshareholders. ”
The decision to undertake a strategicreview of the Projects has been prompted by the ongoing developmentsin the battery metals market and the structural misalignment of flator declining supply versus growing demand. Onshoring of domesticsupply of critical minerals is a top objective for the United Statesand the Company believes these projects have the potential to play arole in the growing battery metals market.
The strategic review will consider,evaluate and compare a broad selection of potential options for thepurpose of identifying opportunities to maximize the value for theCompany’s shareholders. As part of the strategic review, GEMC hasengaged Dahrouge Geological Consulting USALtd. (“Dahrouge Geological”) to undertake a detailed evaluation of theProjects and in doing so prepare a National Instrument 43-101compliant technical report for one or both of the Projects. GEMC previously engagedDahrouge Geological for mineral exploration activities at theProjects . They carried out a numberof exploration initiatives to ground truth the Earthlabs Inc.’sfindings and further define the scale and scope of the prospectiveNevada-based battery metals projects .The work conducted by Dahrouge Geological was successful inidentifying existing nickel, cobalt, copper and silver showings withinthe property boundaries, as well as identifyingpotential mineralized trends along proposed faults and lithologiccontacts.
As highlighted by recent successes in GEMC’s ability toattract well funded, technically inclined and jurisdictionallyexperienced groups to projects GEMC identified and has exposure to inits portfolio , thecompany believes this is an opportunity to conduct a strategic reviewwhich could involve a potential sale of all or part of the Projects, amerger or other business combination with another party, the formingof a separate company to hold these mining assets.
Recent examples of the Company’smonetization strategy include:
• Råna, Norway - Strategic partnership with Kingsrose Miningto advance the Råna Nickel-Copper-Cobalt Project in Norway. Kingsrosehas committed to spend up to $15 million in exploration expenditures.Analytical results from the first two diamond drill holes at theBruvann prospect at the Råna project include the interception ofhigh-grade massive sulphide nickel-copper-cobalt mineralisation.Drilling results confirm that mineralisation at Bruvann remains openalong strike from existing mine infrastructure with encouraging highgrade nickel sulphides with substantial widths ofmineralisation.
• Millennium, Australia - Partner funded work by Metal Bank Ltd.delivers substantial resource tonnage and grade increase at theMillennium Cobalt-Copper-Gold Project. Next steps include additionalmetallurgical drilling and test work leading to scoping andsubsequently pre-feasibility studies.
• Werner Lake, Canada - High-Tech Metals raises AUD $4.718M, listson the ASX and completes on acquisition of the Werner Lake CobaltCopper Project. High-Tech plans to build on the recent explorationsuccess at Werner Lake that confirmed not only the copper-cobaltpotential of the project, but also the discovery of high-grade nickelsulphide at surface, and will immediately begin planning explorationon the newly acquired Projects. GEMC holds a 7.61% interest inHigh-Tech Metals.
• Mount Isa, Australia - Divested an80% interest in the Mount Dorothy and Cobalt Ridge projects, twocopper-cobalt-gold explorations projects located in Mount Isa,Queensland Australia . Inconsideration of the 80% interest, GEMC subsidiary Element was granteda 1% NSR on each of the Mount Isa Projects and Hammer will incur allcosts associated with project advancement including exploration,maintenance and holding costs up until completion of a Pre-FeasibilityStudy.
All parties interested in moreinformation regarding the strategic review process should contact theCompany directly.
AboutLovelock
The Property currently consists of 81unpatented lode claims in the Cottonwood Canyonarea of the Stillwater Range totaling approximately 1,586 acres(642 hectares). It was discovered by George Lovelock and Charles Bellabout 1880. According to U.S. Government annual reports, the LovelockMine saw limited production of nickel, copper and cobalt beginning in1883. The primary cobalt mineral was identified as “cobaltite”.The general average of the 200 tons shipped in 1886 averaged 14percent cobalt and 12 percent nickel. The mine operated from 1883 to1890 to the 100 foot level, reporting 500 tons of cobalt and nickelmineralized material shipped to England for processing. Afterintermittent production, an English company attempted smelting on sitein 1898 but little or no production was made (Source: “MineralResources of the United States for 1885”, 1886). No furtherproduction from the Lovelock Mine is known for well over a centuryproviding GEMC an excellent opportunity to unlock the potential valueof the deposit through exploration work. In a recent drill program at Lovelock byGEMC , elevated values of cobalt, nickel andcopper were intercepted in three of the holes which targeted possiblemineralization beneath the historical mine workings.
About TreasureBox
Treasure Box hosts mine workings fromlimited copper production, which occurred until early into the 20thcentury. A historical diamond drill hole (circa 1910) drilled at theTreasure Box by the Boyer-Nevada Copper Company reportedly intersected1.52% copper over 85 feet (25.9 metres) with mineralization beginningat surface. A reverse circulation hole drilled on the Treasure Box byUtah International in 1976 returned 1.55% copper over 40 feet (12.2metres) from a depth of 85 to 125 feet (25.9 to 38.1 metres), and thehole was stopped in chalcopyrite mineralization. The core Treasure Boxclaims were held continuously for over 20 years by a private companybut were relinquished in September 2017, leading to their acquisitionby Nevada Sunrise. GEMC received approval from the US Bureau of LandManagement (the “BLM”) for a proposed exploration and drill planat the Treasure Box project that includes up to thirteen (13) verticaldrill holes from thirteen (13) different locations. Planned drill holelengths range from 350 feet (107 metres) to 500 feet (152 metres).Total drilling is anticipated to be 5,850 feet (1,784 meters), with aminimum drilling length of three (3) drill holes totaling 1,350 feet(412 metres). Depending on findings, individual drill hole lengthscould be extended by 30 to 50 feet (10 to 15 metres) as determined bythe company’s on-site representative. The targeted prospects havebeen identified by Global Energy Metals through a systematicexploration program over the past several months that has included anairborne magnetic survey, reinterpretation of historical InducedPolarization (IP) data, detailed mapping and desktop review ofhistorical data including past drilling.
About DahrougeGeological Consulting Ltd.
Dahrouge Geological is a North Americanmineral exploration, consulting, and projectmanagement group with offices in Canada and the United States. Theyprovide professional geological, logistical, and project managementservices to the world’s mining and mineral resource industryincluding project generation, program design, geophysics, projectevaluation and mine site operations.
QualifiedPerson
Mr. Paul Sarjeant, P. Geo., a Director andshareholder is the qualified person for this release as defined byNational Instrument 43-101 - Standards of Disclosure for MineralProjects.
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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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.
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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