GEMC:CC - Global Energy Metals Announces Update on the Millennium Project Following Drilling Assays Confirmed High Cobalt Grades

February, 16 2023 09:20 AM Global Energy Metals Corporation

(TheNewswire)

Vancouver, BC - TheNewswire -February 16, 2023 - Global Energy Metals Corporation ( TSXV:GEMC ) ( OTC:GBLEF ) ( FSE:5GE1 ) (“Global Energy Metals”, the“Company” and/or “GEMC”) , amulti-jurisdictional, multi-commodity critical mineral exploration anddevelopment company focused on growth-oriented battery metal projectssupporting the global transition to clean energy, announces that afterthe completion of multiple drill campaigns at the Millennium Cobalt-Copperproject (“Millennium” and/or the “Project”) and review of keymineralized intercepts confirming high cobalt grades, that the Projectis ready for a significant update to the historical resource estimate.

Due to the potential increase topreviously reported tonnes and the suggested significant economicvalue of cobalt as well as copper and gold in the project, the updatedresource estimate warrants GEMC’s joint venture partner, Metal BankLimited (“Metal Bank” and/or “MBK”), to secure an experiencedconsulting group to complete a new study.

Metal Bank is speaking with qualifiedparties and is expecting to finalise their engagement shortly whichwill allow for the completion of the updated cobalt-copper resourceand its release to the market. GEMC will provide further updates tothe project and updated resource when made available.

Having recently incurred in excess of $1 million inexploration spend onthe project, MBK now holds a 51% interest in the Millennium projectwith MBK having the sole and exclusive right to earn an additional 29%joint venture interest (taking its total interest to 80%) by fundingexploration expenditure to the amount of $2 million. GEMC holds acarried 49% interest in the Project.

The Millennium Project represents anexcellent opportunity for the advancement and development of acobalt-copper asset of significant size, close to processing solutionsand excellent infrastructure in the Mount Isa region with GlobalEnergy Metal benefiting from exploration spend and advancement of theProject while being carried on the next $2 million ofexpenditures.

The cobalt grades confirm Millennium asone of Australia’s highest grade undeveloped battery metalsprojects, 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% CuEq1 (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 and 2022 drill results and other previousdrilling, in conjunction with significant appreciation in cobalt andcopper prices since Maiden Resource reporting in 2016, providedsupport for an initial 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 cobalt-copper-gold resources and in theNorthern Area, where shallow copper intervals at broad spacing havebeen returned some 800-1000m north of the closest Resource.

MBK’s Phase 2 drilling program at Millennium wascompleted in September 2022. Assay results returned high cobaltgrades, extending the depth of the Resource and the scope of thecentral area resource some 120m north of the existing JORC 2012Inferred Resource.

All results from the 2022 drilling program are beingreviewed in detail with Resource upgrade work and planning to thencommence for the next phase of work at Millennium.

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 projectswith substantial growth upside, including:

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;
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 – 2.0g/t Au for 16,800 – 25,700oz Au at Kingsley; and
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:

short term resource growth - advancing existingprojects to substantially increase JORC Resources;
identifying additional mineralisation at each of itsprojects; and
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 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 diseases in the human population could result in a widespread healthcrisis that could adversely affect the economies and financial marketsof many countries, resulting in an economic downturn that couldfurther affect 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.

We seek safeharbour.

Company Name:	Global Energy Metals Corporation
Stock Symbol:	GEMC:CC
Market:	TSXVC
Website:	globalenergymetals.com