GBLEF - Global Energy Metals Completes Strategic Acquisition of the Rana Nickel-Copper-Cobalt Project in Battery Manufacturing Hub Norway
(TheNewswire)
Vancouver, BC - TheNewswire - July 8, 2021 - GlobalEnergy Metals Corporation ( TSXV:GEMC ) | ( OTC:GBLEF ) | ( FSE:5GE1 ) (“Global Energy Metals”, the “Company” and/or“GEMC ”), a company involvedin investment exposure to the battery metals supply chain, is pleasedto report that conditional acceptance was received by the Company, andthe Company has completed, its strategic acquisition of a 10%strategic interest in the R å na Nickel-Copper-Cobaltproject including the past-producing Bruvann NickelMine in theR å na mafic-ultramafic intrusion in NorthernNorway ( “ TheR å na Project ”), as announced in the Company's news release of April 6,2021 . As part of thetransaction, GEMC will also acquire a 1% royalty on the Net SmelterReturns from the Property (the “ NSR”) fromChincherinchee Nominee Pty Ltd. (the “ Royalty Holder”).
As consideration for the acquisition,GEMC issued an aggregate of 3,300,000 common shares of GEMC toScandinavian Resource Holdings Pty Ltd., (the “Vendor”), all ofwhich are subject to a statutory hold period of 4 months and one dayfrom the date of the issuance. In addition, 850,000 shares aresubject to an additional voluntary hold period expiring on March 3,2022 and a further 850,000 shares are subject to a voluntary holdperiod expiring on July 3, 2022.
Mitchell Smith,President & CEO commented on the strategicinvestment:
“ Sourcing and developing materials forbattery production made with renewable energy under strong ethical andgovernance frameworks is key to GEMC ’ s strategy. As an emerging Europeanbattery manufacturing hub in the Scandinavian Peninsula, Norway is notonly one of the world's most prolific nickel districts but also hasthe added benefit of leading the charge in renewable energy. We seethe Rana project as a future source of clean, Class-1 nickel for thegrowing European based battery cathode market.”
With a limited number of quality nickelsulphide projects available worldwide, the R å na Project represents one of the few drill-ready, low capexClass-1 nickel opportunities globally that has strong mining potentialand exploration upside and presents as an opportunity as a futuresource of material suitable for the rechargeable battery sector. Global Energy Metals intends to work alongside the Vendor, to attractstrategic partners to fund project development at theR å na Nickel Project while leveraging itsinterest to create shareholder value through explorationsuccess.
The project portfolio includes threeexploration licences including the past producing Bruvann Nickel Minein the R å na mafic-ultramaficintrusion (Arnes,Bruavatnet and R å nbogen) and afourth exploration licence (Krokelva), that lies outside theintrusion, west of the Bruvann Nickel mine (collectively “ The R å na NickelProject ”).
The R å na NickelProject licence area totals 25km 2 and is located on the south shore of Ofotfjord, which isice-free year-round, 2km away from a shipping dock, with work forceand infrastructure in place and in close proximity to a growingend-user market including FREYR AS , a Norwegian incorporated company that is developingenvironmentally friendly lithium-ion based battery cell facilities inMo i Rana, Northern Norway.
Figure 1. View overthe open pit part of the Bruvann Nickel mine, looking north-east, withthe shipping quay in the background.
ProjectHighlights:
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- The R å na intrusion hosts the Bruvann Nickel (copper and cobalt)mine with 9.15MT remaining resources (not including ore-grade pillars)in the underground mine;
- The mine is open-ended in threedirections that have been under-explored;
- Bruvann mine was operated from 1989 to2002 at an average nickel price below USD $4/lb;
- Resemblance to the World ClassVoisey ’ s Bay depositand other major nickel deposits;
- Excellent near-minepotential;
- Geochemistry points to a major nickelextraction from the magma;
- Re-interpretation of geophysicalsurvey data (including newly derived geological model) confirms sixnew drill targets;
- Strong correlation between modelledconductors and surface mineralisation, including surface samples withup to 2.34% Ni, 0.27% Cu and 0.20% Co (2.98% Ni eq);
- Drill hole intersection of 13.5m at0.62% Ni, 0.13% Cu and 0.06% Co (0.83% Ni eq) in the margins of largeconductor;
- Channel sample with 6.5 m at 0.63% Ni,0.19% Cu and 0.07% Co (0.90% Ni eq) in the margins of a second largeconductor;
- The prospect lies on an ice-free fjordand Norway ’ s main N-Shighway; and
- Much of the mine infrastructure isstill in place and maintained (roads, power lines, conveyor belt tothe shipping dock just 2 km away).
RecentExploration:
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- Airborne TEM investigations in 2005and 2006 – Penetration down to 300m;
- 16 drill holes totalling 3,982m during2006 and 2007, intersecting both disseminated, vein type and massivesulphide mineralization;
- Sulphide isotopic study in2008;
- Airborne EM and aeromagnetic surveyconducted by the Geological Survey of Norway in 2015;
- >4,000 soil samples, >400 rocksamples creating a geochemical map of R å nbogen;
- Modelling of gravitydata;
- 3D computer modelling of the ore bodyin the mine; and
- A new derived geological model in 2019has identified 6 new targets in addition to multiple high-prioritytargets previously identified proximal to anomalous nickel bearingrock samples grading up to 2.34% Ni.
For further details on the terms of theacquisition of the R å na Project andpast-producing Bruvann Nickel Mine, please refer to theCompany ’ s news releasedated February 17,2021 .
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 | OTC: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 thethe 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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