GEMC:CC - Global Energy Metals Invests In Uranium Sector; Enters Agreement To Acquire Royalty And Option On Saskatchewan-Based Uranium Portfolio

January, 30 2024 08:45 AM Global Energy Metals Corporation

(TheNewswire)

Vancouver, BC /TheNewswire / January 30, 2023 / Global Energy Metals CorporationTSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 (“Global Energy Metals”, the“Company” and/or “GEMC”) , a multi-jurisdictional, multi-commoditycritical mineral exploration and development company focused ongrowth-oriented metal projects supporting the global transition toclean energy, is pleased to announce, subject to TSX Venture Exchangeapproval, that it has entered into a non-binding Letter of Intent (the“Agreement”) with the wholly owned subsidiary of Fulcrum Metals Plc,(“Fulcrum”) a company with shares that are quoted on the AIMmarket of the London Stock Exchange . Pursuant to the Agreement, Global Energy Metalswill acquire an immediate 0.5% royalty on net smelter returns (the“NSR”) in Fulcrum’s Charlot-Neely, Fontaine Lake, Snowbird and SouthPendleton uranium projects (collectively the“Projects”) located in Saskatchewan, Canada. GEMC will also begranted an option to acquire a 19.9% interest in the Projects asmore particularly described below. Some of the Projects are owned 100%by Fulcrum (the “Owned Projects”), and others are optioned byFulcrum (the “Optioned Projects”), which has obtained the consentof the optionor to the assignment of the option to GEMC.

Highlights:

Located in proximity to the rim of theAthabasca Basin (“Basin”), Saskatchewan, a premium miningdistrict and leading global source of high-gradeuranium.
High grade uranium samples of up to6.22% at Charlot-Neely and up to 1.44% at Fontaine-Lake along withanomalous rare earth samples.
Historical work at the projects hasdemonstrated evidence of uranium mineralization along favourablestructural trends.
Future exploration requires theundertaking of a modern systematic geologic evaluation to determinethe resource potential.

The Projects include mineralclaims totaling over 59,000 hectares located along the margin of theAthabasca Basin. The Projects have potential for high-gradebasement-hosted uranium deposits in a geological setting similar toother major discoveries on the Basin margin. This potential has beenconfirmed through initial exploration and evaluation by Fulcrum in2023. A significant number of high-grade uranium showings occurwithin the Projects in addition to historical small-scale uraniummining.

Mitchell Smith, CEO& Director comments:

“ In a world transitioning towards cleanerand greener energy solutions, one element takes centerstage: uranium. This is a right time, right jurisdiction, rightcommodity scenario that aligns Global Energy Metals with uranium’spivotal role in the global energy landscape.

Taking anon-operating interest option and royalty on a highly prospectiveportfolio of Canadian uranium assets fits well with Global EnergyMetals’ ongoing strategy of providing our investors investmentexposure to new energy metals critical to an electrified future.

Working with Fulcrum,Global Energy will further evaluate options for the projects includingthe securing of a strategic operational partner to apply theirtechnical and jurisdictional expertise to advance these North Americanuranium projects at a such a critical time in the nuclear powersector.

We look forward tothis collaboration with Fulcrum and are encouraged by the addition ofa new commodity to Global Energy’s existing project, equity androyalty portfolio.”

Ryan Mee, CEO andDirector of Fulcrum Metals also commented:

“ The option of Fulcrum’s uraniumportfolio by Global Energy provides positive leverage to allshareholders. Through the monetization of these uranium assets itprovides immediate exposure to GEMC’s very active and excitingbattery mineral, equity and royalty portfolio.

We are keen to workwith GEMC to further delineate value for these projects at a time whendemand for the commodity has been picking up globally as countriesfocus on transitioning to cleaner sources of energy.”

KEY TERMS OFACQUISITION

On closing of the transaction, Global will acquire the NSR and a twoyear option (the “Option”) to acquire 19.9% of the Owned Projectsand a 19.9% interest in the option agreement pertaining to theOptioned Projects (the “Option Agreement”). In consideration forthe NSR and the two year option, GEMC will issue, subject to Exchangeapproval, five million shares at a deemed price of CAD $0.06 per shareto Fulcrum. In order to exercise the option, GEMC will pay toFulcrum $1M as a combination of cash and shares, as agreed to by bothparties at that time, at a minimum deemed issue price (the “FloorPrice”) equal to not less than the Discounted Market Price (asdefined in policies of the Exchange) at the time a definitiveagreement is announced by way of news release. If the Option remainsunexercised on the one-year anniversary of entering into a definitiveagreement, Fulcrum is entitled to $50,000 in cash and $125,000 inshares in GEMC at a deemed price per share equal to the Floor Price.Fulcrum will remain as operator of the Projects and will maintain andkeep the Projects in good standing. Should GEMC elect to exercise itsoption it will be provided a carried individual interest on eachproject on expenditures until a NI 43-101 compliant Resource estimate(or other equivalent report (a “Report”) is established. Uponcompletion of a Report, GEMC will be responsible pro-rata to keep theprojects in good standing upon exercising the Option. Once GEMCexercises the Option, for each resource delineated in accordance withNI 43-101 on a Property, GEMC will issue to Fulcrum $100,000 in GEMCShares at a price per share equal to the greater of: (a) the FloorPrice; and (b) a 20% premium to Volume Weighted Average Price ofGEMC’s shares on the Exchange for a period of 5 days. PostResource, on each project, GEMC can participate or be diluted down to2% at which time its position will convert to another 0.5% NSRroyalty.

The transaction contemplated above is a “Non-Arms’ Length”transaction in accordance with applicable securities legislation, asMitchell Smith is a director of both GEMC and Fulcrum. Mr. Smith hasdeclared his conflict to the boards of both companies, and abstained from voting on thetransaction.

The TSXV has in no way passed upon themerits of the proposed transaction and has neither approved nordisapproved the contents of this news release.

PROJECTSOVERVIEWS

The project portfolio totals over 59khectares targeting major structures along strike from historic Uraniummines and projects that have attracted significant investment.Discoveries such as the Arrow discovery (4.3m tonnes at 0.83% U308https://www.nexgenenergy.ca/exploration/overview/) and Triple Rdiscovery (2.7m tonnes at 1.94% U308https://fissionuranium.com/projects/triple-r-deposit/project-overview/)have proved the concept of exploring along structure outside of theAthabasca basin.

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Charlot-Neely

Totalling 16,372 hectares located in Northern region of theAthabasca Basin along the Black Bay Fault.
Covers 20km of the major Black Bay fault structure which isassociated within 10km of 14 historic Uranium mines of the establishedBeaverlodge District includes over 16km of historical EMconductors.
Several historical uranium showings with grab samples up to 6.22%and trenching samples up to 0.15%.
The Property contains vein-hosted uranium mineralisationcharacteristics of the Beaverlodge area with potential forunconformity-style mineralisation at depth - unconformity deposits areknown to be larger and contain higher uranium grades.
Extensive radioactivity throughout the property including newradioactive hotspots identified in 2023 located along and nearstructural lineaments is attributed to shear-hosted and vein-typeuranium mineralisation.
The presence of off-scale radiation (>65,535 counts per second“cps”), yellow, U-oxide-stained fractures with sub-one percenturanium, and strong hematite alteration is considered typical ofstructurally-controlled uranium mineralisation.
Sampling in 2023 returned numerous anomalous uranium samplesincluding over 5,510ppm U and scintillometer measurements of>65,535 cps at the historical Peacock showing.
Sampling exhibits strong hematite alteration along fracture planesand contain alteration overprinting the original rock enriching thesample in finely disseminated uranium - visible yellow uranium oxidesare present.
The radioactive zone is spatially associated with a large quartzvein and paragneiss/altered pegmatite veining.
Evidence of strong deformation, proximity to a major fault (LongLake Fault), and strong alteration signatures make this a targetlocation for hydrothermal, vein-type uraniummineralisation.
Additional recommended work includes prospecting, EM and Magneticgeophysical surveys, geochemical surveys and geological mapping of keyshowings to advance the project to drill ready stage.

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Fontaine Lake

Covers 5,987 hectares located in the Grease River area, northeast ofLake Athabasca.
Several historical uranium sowings of up to 1.44% uranium along withrare earth samples of up to 4,732ppm TREE, 6,940ppm Nb and 1,170ppmTa
2023 sampling returned scintillometer readings up to 53,000 cps and7,130ppm U by laboratory assay.
The Property contains known vein-hosted uranium mineralization inaddition to anomalously radioactive granites (Alaskite-type) generallycharacteristic of low-grade high-tonnage deposits, comparable to thegeological setting of the Rossing deposit in Namibia.
Given the large volume of the radioactive granites on and near theproperty, these rocks are candidates to explain the strongly elevateduranium values observed in the regional lake sediment sampledata.
Further work recommendations include prospecting to follow up onunexplored radiometric highs to confirm sources of radioactivity whichmay be masked by radioactive granites; gridded outcrop sampling overstrongly radioactive zones in the granite todetermine the potential for Alaskite-type mineralization on theProperty; and soil or radon geochemical surveys to help delineateprospective structures related to high grade, vein typemineralisation.

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Snowbird

The project covers 32,836 hectares of the largely underexplored CoraLake and Legs Lake Shear zones between major NE and SW Snowbird faultsand the Black Lake Fault, Northern Saskatchewan.
The Black Lake structure can be traced for at least 200km across theentire Athabasca Basin and is associated with the Centennialdeposit.
The project is on trend with the Historic Nisto Uranium Mine andnotable projects Fir Island held by Forum Energy, Cree Bay held by F3Uranium, projects held by Kobald Metals, the Black Lake project heldby UEC and recent staking by Dennison Mines.
Mining first occurred at the Nisto Uranium Mine in 1950-51. In 1959,Haymac Mines restarted mining and shipped 500 tons of high-graded oreto the Lorado Mill at Uranium City, SK. One shipment of 106 tons ofore graded 1.6% U3O8 (Source: Saskatchewan Mineral Deposits Index,Mineral Property #1621).
Limited historic airborne surveys include Uranium airborne anomaliesthat have not been followed up on.
Limited Lake sediment surveys identified a number of highlyprospective REE targets and limited rock sampling identified theBompas lake uranium occurrence suggesting a significantly wide zone ofanomalous mineralisation for which the source of the anomalies had notbeen identified.

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South Pendleton

The project covers 4,115 hectares of the Needles Fall shear Zone,south of the Athabasca basin
Under-explored area that is sparsely mapped.
Covers 20km of major faulting.
Several airborne Uranium squared anomalies are within the propertythat are yet to be followed up on.
Radioactive boulders of up to 7.17% U308 to theNorth.
In an area that is seeing substantial investment anddevelopment.

FULCRUM METALSPLC

Fulcrum MetalsPLC (LON: FMET) is an AIM quoted exploration company which financesand manages exploration projects focused on Canada, widely recognisedas a top mining jurisdiction.

Fulcrumcurrently holds a beneficial 100% interest in highly prospective goldand base metals projects in Ontario and uranium projects inSaskatchewan.

Fulcrum’sstrategy is to focus on discovery and commercialisation of itsProjects through targeted exploration programmes. The primary focus isto make an economic discovery on the flagship Schreiber-HemloProperties and to establish the prospectivity of its wider Ontario andSaskatchewan portfolio with a view to securing potential joint ventureand/or acquisition interest.

The Schreiber– Hemlo properties have a history of prospecting and localisedextraction since the late 19th century. However, coherentproperty-level exploration programmes have been limited or absent,particularly in recent times. Fulcrum has an opportunity to carry outsuch a programme and this approach provides the best opportunity tofully explore the significant prospectivity of the properties. Arecent structural study identified 42 priority exploration targets, ofwhich 24 targets within the Big Bear property and 18 in the Jackfishproperty, with 14 in total (9 on Big Bear and 5 on Jackfish) beingranked as high priority for follow-up. The properties have thepotential to host a large, structurally controlled, stratabound-stylebanded iron formation (BIF) gold prospect similar to the Musselwhitedeposit (McNicoll et al., 2016), in addition to an Archean greenstone,orogenic-style lode gold prospect, extending past the bounds of knownhistorical mineral occurrences.

The Tullyproperty, 458 hectares in area, is located 30 kilometres northeast ofTimmins, Ontario and includes the Tully (Timmins North) deposit, whichhas been the focus of several drilling campaigns since its discoveryin 1969. The Tully deposit is located 2 kilometres southwest of theBradshaw Gold Project of Gowest Gold Ltd., currently in development.The property is accessed by an all-weather gravel road that extends 15kilometres to the east off of highway 655.

While highlyprospective, Fulcrum’s mining assets are in the exploration phase,so Fulcrum stands to be able to add significantly to the inherentvalue through exploration success. Fulcrum will continually reviewopportunities with potential and with a view to increasing shareholdervalue. It is the Board’s intention to deliver medium and long-termgrowth and to establish the Group as a significant explorationcompany.

QualifiedPerson

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Mr. Paul Sarjeant, P. Geo., is the qualified person for this releaseas defined by National Instrument 43-101 - Standards of Disclosure forMineral Projects. He is a shareholder andDirector of the Company.

ForFurther Information:

Global Energy Metals Corporation

#1501-128 West Pender Street

Vancouver, BC, V6B 1R8

Email: info@globalenergymetals.com

t. + 1 (604) 688-4219

www.globalenergymetals.com

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Global Energy MetalsCorporation

(TSXV:GEMC |OTCQB:GBLEF | FSE:5GE1)

Global Energy MetalsCorp. offers investment exposure to the growing rechargeable batteryand electric vehicle market by building a diversified global portfolioof exploration and growth-stage battery mineral assets.

Global Energy Metals recognizes that the proliferation and growth ofthe electrified economy in the coming decades is underpinned by theavailability of battery metals, including cobalt, nickel, copper,lithium and other raw materials. To be part of the solution andrespond to this electrification movement, Global Energy Metals hastaken a ‘consolidate, partner and invest’ approach and in doing sohave assembled and are advancing a portfolio of strategicallysignificant investments in battery metal resources.

As demonstrated with the Company’s current copper, nickel andcobalt projects in Canada, Australia, Norway and the United States,GEMC is investing-in, exploring and developing prospective, scaleableassets in established mining and processing jurisdictions in closeproximity to end-use markets. Global Energy Metals is targetingprojects with low logistics and processing risks, so that they can befast tracked to enter the supply chain in this cycle. The Companyis also collaborating with industry peers to strengthen its exposureto these critical commodities and the associated technologies requiredfor a cleaner future.

Securing exposure to these critical minerals powering the eMobilityrevolution is a generational investment opportunity. Global EnergyMetals believes Now is the Time to be part of this electrificationmovement.

Cautionary Statement on Forward-LookingInformation:

Certain information in this release may constitute forward-lookingstatements under applicable securities laws and necessarily involverisks associated with regulatory approvals and timelines. AlthoughGlobal Energy Metals believes the expectations expressed in suchforward-looking statements are based on reasonable assumptions, suchstatements are not guarantees of future performance and actual resultsor developments may differ materially from those in theforward-looking statements. Except as required by law, the Companyundertakes no obligation to update these forward-looking statements in the event that management’s beliefs,estimates or opinions, or other factors, should change.

GEMC’s operations could be significantly adversely affected by theeffects of a widespread global outbreak of a contagious disease,including the recent outbreak of illness caused by COVID-19. It is notpossible to accurately predict the impact COVID-19 will have onoperations and the ability of others to meet their obligations,including uncertainties relating to the ultimate geographic spread ofthe virus, the severity of the disease, the duration of the outbreak,and the length of travel and quarantine restrictions imposed bygovernments of affected countries. In addition, a significant outbreakof contagious diseases in the human population could result in awidespread health crisis that could adversely affect the economies andfinancial markets of many countries, resulting in an economic downturnthat could further affect operations and the ability to finance itsoperations.

For more information on Global Energy and the risks and challengesof their businesses, investors should review the filings that areavailable at www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider(as that term is defined in the policies of the TSX Venture Exchange)accepts responsibility for the adequacy or accuracy of thisrelease.

We seek safe harbour.

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