GEMC:CC - Global Energy Metals JV Partner Kingsrose Mining Intercepts New Zones of Nickel Sulphide Mineralisation at the Rana Project Norway
(TheNewswire)
Vancouver, BC -TheNewswire - February 5, 2024 - Global Energy Metals Corporation ( TSXV:GEMC ) | ( OTC:GBLEF ) | ( FSE:5GE1 ) (“Global Energy Metals”, the “Company” and/or“GEMC”) , a multi-jurisdictional, multi-commodity critical mineralexploration and development company focused on growth-oriented metalprojects supporting the global transition to clean energy, is pleasedto announce, joint venture partner Kingsrose Mining Limited(“Kingsrose”) has reported (see ASX:KRM news release datedFebruary 5, 2024) that analytical results have been received from the2023 core drilling program at the Råna Nickel-Copper-Cobaltproject (“Råna) in Norway,where a total of 4,318 metres was drilled in 12 holes (Figures 1 to 7,Tables 1 and 2). Several priority conductive geophysical anomaliesremain to be drilled in 2024 and continued electromagnetic geophysicalsurveys are planned to generate additional targets within the largeand underexplored Råna intrusion.
GEMC holds a 10% ownership of Narvik Nikel, which holds an 100%interest in Råna, and a 1% NSR royalty on Råna. Kingsrose hascommitted and is earning up to an 80% interest by spending $15 millionin project expenditures on the project.
Figure 1. Råna Project area andprospect location
Highlights
RÅNBOGEN PROSPECT
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Holes 23RAN004 and 23RAN005 intercepted mineralisation60 metres up-dip and 40 metres east of the massive sulphide zoneintercepted in 23RAN002 (26.2 metres at 0.7% Ni, 0.2% Cu and 0.06% Cofrom 169.0 metres, see ASX announcement dated 23 October2023).
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This zone of mineralisation has been drill proven over200 metres of strike and remains open in all directions, within a 1.6kilometre trend of mineralisation and conductive anomalies (Figure2).
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Hole 23RAN004 intercepted 1.4 metres at 1.8% Ni, 0.2%Cu, 0.19% Co from 233.9 metres (Figure 3)
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Hole 23RAN005 intercepted three zones ofmineralisation, including 13.3 metres at 0.4% Ni, 0.1% Cu, 0.02% Cofrom 151.1 metres; 0.3 metres at 1.3% Ni, 0.3% Cu, 0.12% Co from 215.3metres; and 0.6 metres at 0.8% Ni, 0.1% Cu, 0.09% Co from 228.2metres
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Several priority areas of outcropping massive sulphidenickel mineralisation associated with conductive geophysical anomaliesextending to depth remain to be to be drilled in 2024 (Figures 2, 4and 5).
MALMHAUGEN PROSPECT
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Hole 23RAN006 intercepted a new zone of massivesulphide mineralisation named ‘Malmhaugen’, located 1.1 kilometreseast-northeast of Rånbogen (Figure 2).
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23RAN006 was drilled to test a 750 metre long,east-west striking elongate Magnetotelluric (MT) conductor with acoincident Electromagnetic (EM) plate (Figure 2).
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Three zones of sulphide breccia were interceptedincluding 5.2 metres at 0.4% Ni, 0.2% Cu, 0.11% Co from 63.0 metres;and 11.5 metres at 0.3% Ni, 0.1% Cu, 0.07% Co from 126.8metres.
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Further EM surveys and drilling are planned to testthis large conductive and mineralised anomaly.
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BRUVANN PROSPECT
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Hole 23BRU005 extended mineralisation by 200 metres tothe west along strike from the Bruvann mine with a blind, narrowhigh-grade nickel sulphide intercept (Figures 6 and 7):
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2.6 metres at 1.0% Ni, 0.1% Cu, 0.03% Co from 414.9metres, including 0.6 metres at 3.2% Ni, 0.3% Cu, 0.07% Co from 416.9metres.
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The hole was collared in gneiss targeting an EM platein a zone previously considered closed and unprospective.
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Mitchell Smith, GEMC Director and CEOcommented:
“Råna is a very exciting nickel-copper-cobaltsulphide exploration project which complements Global Energy’sgrowing critical metals project, equity and royalty portfolio. Asdemonstrated by our recent royalty acquisition and option on highlyprospective uranium assets in Saskatchewan, Canada we are focused ondelivering investment exposure to those commodities critical to anet-zero carbon future.
We are highly encouraged by the favourable results given explorationoutside of the mine site has been minimal to date and that modernmodels of magmatic sulphide deposit formation and explorationtechniques have not been applied. We look forward to working with ourpartners at Råna especially as high-quality nickel sulphide projectsare difficult to come by and nickel is essential in theelectrification required to achieve a low carbonfuture.”
2024 Exploration Plans
Exploration during 2023 has demonstrated the discoverypotential of the Råna project. Through applying a new geologicalmodel, coupled with modern geophysical techniques, Kingsrose hasdiscovered new mineralised bodies at Rånbogen and Malmhaugen, andblind mineralisation within ultramafic intrusive rocks extendingbeneath the gneiss country rock at Bruvann, in an area previouslyconsidered unprospective.
Key geological features identified at Råna thatsupport continued exploration include:
Scale: The intrusive complex is approximately 10kilometres across (70km2) and hosts widespread outcropping mineralisedoccurrences where the lower, ultramafic lithologies are exposed aroundthe northern, eastern and southern contacts. Many of these areas haveseen no modern exploration, however Kingsrose has observed the samehost lithologies and mineralised settings seen at Rånbogen andBruvann as far as Eiterdalen in the southeast, where rock-chipsgrading up to 1.8 % Ni have been collected, indicating potential forsulphide nickel mineralisation across the entire intrusive complex(Figure 2)
High Nickel Tenor: Nickel ‘tenor’ is a termreferring to the concentration of nickel within 100 % sulphideminerals. Estimations of nickel tenor at Råna, derived from assaydata, yield averages of greater than 4 % Ni across all significantintercepts to date, indicating that the nickel content of sulphides isrelatively high and potential exists to discover high-grade orebodies.
Multi-Phase Intrusion: Re-logging of historical drillcore and mapping has allowed Kingsrose to reinterpret the geology atRåna. Whereas historical interpretations were of a singularfractionated and layered intrusion, Kingsrose has recognised thatRåna represents a composite chonolith intrusive complex, whichdeveloped and grew through multiple injections of mafic-ultramaficmagmas with entrained sulphides. This has expanded the explorationsearch space, as mineralisation is seen at multiple levels within, andcross-cutting the intrusive complex. This is well represented atRånbogen where repeated stacked lenses of ultramafic peridotite andassociated sulphide mineralisation are injected over at least 400metres of elevation and exposed over a 1.6 kilometre surfaceprofile.
Mineralisation Textures: multiple episodes of intrusionwith associated sulphide mineralisation display a variety of sulphidetextures including massive zones, veins, breccias and semi-massive nettextures which are all features observed in well-mineralised analogousdeposits globally.
Work to date has only tested a small area of theintrusion. The following high-priority targets remain to betested:
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Shallow, strongly conductive anomalies at Rånbogenlocated at the northern contact between peridotite and host gneisscoincident with nickel-copper mineralised massive sulphide outcrops(Figures 2, 4 and 5).
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Down dip and along strike from holes 23RAN001 to 23RAN005.
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Strongly conductive EM plates and MT anomaly located atthe contact between peridotite and graphitic gneiss at Arnesfjellet,which is a similar geological to setting to the sulphidemineralisation at Bruvann (Figure 6)
Kingsrose has also identified prospective andunderexplored parts of the intrusion to the east and southeast betweenthe Malmhaugen, Storvatnet and Eiterdalen prospects (Figure 1), whereprospective peridotite sills with mineralised historical rock chipsare mapped. These areas have not been subject to any detailed mapping,geochemistry or geophysics to date. Kingsrose will apply its provensystematic approach to these zones. Field observations indicate thatthese zones display the same geology and controls on mineralisation asobserved at Bruvann and Rånbogen.
Kingsrose intends to commence mapping and geophysicalsurveys in Q2 CY2024 (as the weather conditions allow) to generate apipeline of drill targets and plans to conduct additional coredrilling in Q3 CY2024.
Prior to mapping, geophysics and drilling to becompleted in 2024, Kingsrose will undertake consultation planning andexecution. This will consist of smaller informal meetings with nearbycabin holders, Frostiesen Reindeer Herding Siida, and NarvikMunicipality. In addition, a public meeting will be held in Q1 CY2024,where the proposed 2024 work plan and the proposed social investmentprogram will be presented.
Figure 2: Mapshowing reported drill holes, geology, MT conductive anomalies,modelled EM plates and rock chip
s at theRånbogen Prospect, Råna Project. Holes released in this announcementare labelled in bold.
Figure 3: Crosssection of holes 23RAN002, -003, -004 and -005, RånbogenProspect
Figure 4: Longsection showing highly conductive MT anomalies underlying near surfaceEM modelled plates and nickel mineralised massive sulphide at surface,Rånbogen and Malmhaugen prospects.
Figure 5: Crosssection (C-C’) at Ranbogen showing undrilled conductive target whichextends to depth
Figure 6: Mapshowing reported drill holes, geology, MT conductive anomalies, andmodelled EM plates at the Bruvann Mine, Råna Project. Note the EM andMT conductive anomalies north-northeast of Bruvann which areundrilled.
Figure 7: Longsection showing Kingsrose drill holes, MT conductive anomalies,modelled EM plates and mined out mineralisation for reference at theBruvann underground mine.
Table 1: Drillcollar details for reported drill holes, Råna Project, Norway
Table 2:Significant Intercepts, Råna Project, Norway
Kingsrose Mining Limited
Kingsrose is a leading sustainability-conscious and technicallyproficient mineral exploration company listed on the ASX. The Companyhas a discovery-focused strategy, targeting the acquisition andexploration of critical mineral deposits having Tier-1 potential, thathas resulted in the acquisition of, or joint venture into, the Rånanickel-copper-cobalt, Penikat PGE and Porsanger PGE-nickel-copperprojects in Finland and Norway. Additionally, Kingsrose has beenselected for the first cohort of the BHP Xplor exploration acceleratorprogram which commenced in January 2023.
Qualified Person
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 and Director of theCompany.
ForFurther Information:
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#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 Metals Corporation
(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 thiselectrification movement.
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 inthe event that management’s beliefs, estimates or opinions, or otherfactors, 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.
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