GBLEF - Global Energy Metals Permits First-Ever Drill Program at Lovelock Cobalt-Nickel-Copper Project in Nevada
(TheNewswire)
Vancouver, BC - TheNewswire - March 23, 2021 - GlobalEnergy Metals Corporation ( TSXV:GEMC ) | ( OTC:GBLEF ) | ( FSE:5GE1 ) (“Global Energy Metals”, the “Company” and/or“GEMC ”) is pleased toannounce that the Company will submit a permit amendment applicationto the Bureau of Land Management, Nevada State Office for thefirst-ever drill program to be conducted on the Lovelock Mine Projectin the Cottonwood Canyon area of the Stillwater Range in Nevada. The Lovelock MineProject is comprisedof 81 unpatented lode claims totaling approximately 642 hectares (1586acres) including the past producing high-grade cobalt-nickel LovelockMine.
Figure 1 – LovelockMine Project Phase 1 Drill Program map outlining the proposed 8 drillholes with corresponding high chargeability targets.
The first pass drilling program at theLovelock Mine Project is intended to confirm intersections ofcobalt-nickel-copper bearing vein that correlates with historicalunderground mining and mapped superficial cobalt-nickel-copperoccurrences. It is anticipated the drill program will demonstratebroader mineralization across the width and depth of the occurrencewhich remains open in all directions.
Highlights:
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- Application will amend an existingapproved permit in place for drilling the Lovelock MineProperty;
- First pass drilling program aims toconfirm intersections of cobalt-nickel-copper-bearing structureswithin historical workings;
- The Company’s exploration team is indiscussions with a number of drilling operators to begin theapproximate 1,400 metre short-hole drill program;
- Drill activities are anticipated tocommence in May 2021, subject to weather conditions.
Figure 2 – LovelockMine Project Phase 1 Drill Program map outlining the proposed 8 drillholes with corresponding high susceptibility surface pods andchargeability targets.
Timothy Strong,Project Development Manager comments:
“ This is a dynamic and exciting time forthe company. The announcement of the Company expanding its portfoliointo Idaho and Quebec comes at a time when there is highlighted needfor critical metals in North America. Whilst we look forward toworking with our partners on these new projects, we are delighted tobe actively progressing the Lovelock Mine Project in Nevada, and areexcited to be initiating this maiden drill program on the propertywhich we hope will provide us with important structural data andconfirmation of the high grade mineralisation historically recorded onthe property.”
As previously reported in late 2020, an independentinterpretation of the regional structure of the Lovelockproperty , specificallyin the vicinity of the historical mining of high-grade cobalt andnickel that occurred at the Lovelock Mine suggest that the LovelockMine is located within a corridor of strong structural control withseveral subparallel structures indicating the potential for multiplemineralized zones related to these structures. Importantly, thegeophysics study has identified high-priority drill targets thatcomplement the exploration fieldwork previously conducted.
The data interpretation has allowed fora better understanding of the area, extending from previously minedorebodies to key undeveloped prospects and exploration targets, andgreatly enhances the Company’s ability to successfully target andexplore for new, buried, high-grade cobalt-nickel- copper deposits across the large footprint ina highly prospective mining district.
The Company is in active discussionswith several drill operators with the intent to engage and commence aphase one drill program in the spring, weather permitting.
Definitive Agreement -Idaho and Quebec-based Battery Metals Portfolio
The Company is pleased to announce thatit has entered into a definitive agreement with DG Resource Managementfor the previously announced acquisition (the“Acquisition”) of a fifty percent (50%) interest in a portfolio ofbattery metal projects , which include:
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- Monument Peak, Idaho (Copper, Silver,Gold)
- Chance Lake, Quebec (Nickel, Copper,Cobalt)
- Amiral, Quebec (Nickel, Copper,PGE’s)
The Acquisition is part of an ongoingeffort by the Company to assemble battery metals-rich projects intop-tier mining jurisdictions with exploration & developmentupside.
For additional information on thebattery metal project portfolio and terms of the Acquistion, pleaserefer to the Company’s news release dated March 2,2021 .
PrivatePlacement:
In conjunction with the Acquistion theCompany has announced a private placement offering for a minimum2,000,000 units (the “Units”) of the Company at a price of $0.25per Unit (the “Offering”), with each Unit comprised of one shareand one transferrable share purchase warrant (a “Warrant”). Eachtransferrable warrant will be exercisable to purchase an additionalshare of the Company for a period of 24 months from the closing dateat a price of CAD$0.30.
The net proceeds of the Offering will beused to fund the Acquisition as well as for business development andworking capital purposes.
The Company has agreed to and may pay afinder’s fee of 8% cash and 8% broker warrants for Units sold tocertain investors (“Broker Warrants”). Each Broker Warrantentitles the holder to acquire one common share of the Company at astrike price of $0.30 for a period of one year from the date ofissuance. Warrants are subject to an acceleration clause whereby if onany 10 consecutive trading days occurring after four months and oneday has elapsed from the closing date, the daily volume weightedaverage trading price of the common shares of the Company is at least$0.50 per share, the Company may accelerate the expiry date of thewarrants to the 30th day after the date on which the Company givesnotice to the subscriber in accordance with the warrant of suchacceleration.
All securities to be issued pursuant tothe Offering will be subject to a four month hold period from theclosing date under applicable securities laws in Canada and amongother things, receipt by Global Energy Metals of all necessaryregulatory approvals, including the TSX VentureExchange.
The securities issued in connection withthe Offering have not been nor will they be registered under theUnited States Securities Act of 1933, as amended, or state securitieslaws, and may not be offered or sold in the United States or to anaccount for the benefit of US persons, absent such registration or anexemption from registration. This press release shall not constitutean offer to sell or the solicitation of an offer to buy the securitiesin the United States or in any jurisdiction in which such offer, sale,or solicitation would be unlawful.
QualifiedPerson
Mr. Paul Sarjeant, P. Geo., is thequalified person for this release as defined by National Instrument43-101 - Standards of Disclosure for Mineral Projects.
GlobalEnergy Metals Corporation
(TSXV:GEMC | OTC:GBLEF| FSE:5GE1)
Global Energy Metals is focused onoffering investment exposure to the raw materials deemed critical forthe growing rechargeable battery market, by building a diversifiedglobal portfolio of battery mineral assets including project stakesand sector specific equity positions. GEMC anticipates growing itsbusiness through the acquisition and development of battery mineralprojects alongside key strategic partners. The Company holds 100%of the Millennium Cobalt Project and two neighbouring discovery stageexploration-stage cobalt assets in Mount Isa, Australia positioningit as a leading cobalt-copper explorer and developer in thefamed mining district in Queensland, Australia. The Company holds an85% interest in two battery mineral projects, the Lovelock CobaltMine and Treasure Box Project, located on the doorstep of theworld’s largest lithium-ion battery production plant, GigaNevadathat Tesla Motors Ltd. and partner Panasonic Corp. have built inNevada, USA. Additionally, the Company holds a 70%interest in the past-producing Werner Lake Cobalt Mine project inOntario, Canada.
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
Twitter: @EnergyMetals | @USBatteryMetals | @ElementMinerals
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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