GEMC:CC - Global Energy Metals Provides Update on Completion of Partner Funded Phase 1 Drilling at the Millennium Cobalt-Copper-Gold Project in Queensland Australia
(TheNewswire)
Vancouver, BC - TheNewswire - June 2, 2022 - Global Energy MetalsCorporation ( TSXV:GEMC ) | ( OTC:GBLEF ) | ( FSE:5GE1 ) (“Global Energy Metals”, the“Company” and/or “GEMC ”), a company involved in investment exposure to the batterymetals supply chain, is pleased to announce that the initial reversecirculation drill program conducted and funded by joint venturepartner Metal Bank Limited (“MBK”) was recently completed at theMillennium Cobalt-Copper-Gold project in Queensland Australia with1,580 m drilled predominantly in the South and Central resource areas,targeting both shallow and deep extensions to the existingmineralisation along with infill, and several precollars inpreparation for diamond drilling.
Visual observations have beenencouraging with copper oxide and/or sulphides noted in all holes andmineralisation noted in all host rocks. Moreover, chalcopyrite andcobaltite have been observed within broad alteration halos notcurrently within the resource envelope.
Figure 1. Copper-richinterval in RC drill chips showing abundant chalcopyrite in siliceousmetasediment
Figure 2. Copper-richinterval in RC drill chips showing (MI22RC02) moderate to abundantchalcopyrite in highly altered silica-biotite metasediment (left)adjacent carbonaceous siltstone (right)
Mineralisation was noted in all hostrocks, however best developed on or adjacent to the contact betweencarbonaceous shale and metasomatised sediments ('quartzite',meta-sandstone and calc-silicates).
Furthermore, mineralisation was alsonoted in the hangingwall west of the main Millennium mineralisedtrend, potentially indicative of secondary structures or a link withthe Pilgrim/Fountain Range Fault along the western margin of theproject. Additional RC drilling is planned to directly test thisregionally significant fault system to establish its relationship withthe Millennium mineralisation.
Some delays were experienced due tounseasonable weather, COVID-19 and mechanical and external logisticalissues, however overall the program remains on track, pending results,for a Resource update in late 2022. Assays from the earliestdrilling samples are now expected in late July – early August due tolaboratory staff and supply chain disruption.
A next phase of RC drilling in the northalong with metallurgical and deeper diamond drilling in the South andCentral areas will commence in the second week of June for aapproximately an additional 1,600 m (1,000 m RC, 600 m DD). Metallurgical and deeper diamond drilling work is the first priorityof this drilling, which will then expand into the northern parts ofthe Central Area and some scoping of the Northern Area. All drillingassay results are expected by late September, with metallurgical testwork expected a minimum 12 weeks from submission.
MBK has developed a three-phase workprogram for Millennium in 2022 seeking to confirm the ExplorationTarget for the Project of 8 – 10 Mt @ 1.0 – 1.1% CuEq, and futureResource expansion and development potential. Upon receipt andassessment of results MBK will embark on a JORC 2012-compliant
Resource update and Scoping Studyutilising appropriate economic parameters aimed for completion late2022.
Figure 3. MillenniumCu-Co-Au Project long section showing existing drilling, currentresource blocks and priority targets. NB: Intervals are CuEq%-metre aspreviously reported
The MillenniumProject
The Millennium Copper andCobalt Project (the“Millennium Project”) near Cloncurry in NW QLD currently holds aJORC 2012-compliant Inferred Resource of 5.9 Mt @ 1.08% CuEq(Cu-Co-Au-Ag) across 5 granted Mining Leases with significantpotential for expansion.
The Millennium Project is located 19 kmfrom the Rocklands copper-cobalt project with an establishedprocessing plant capable of treating Millennium-style mineralisationonce recommissioned.
Recent drilling provided confidence ingrowth upside to the existing resource. This included encouraginginfill/extension work in the Southern Area Resource (MI21RC01-2) andsignificantly expanding the system strike and scale into the NorthernArea (MI21RC03-07).
Following completion of its currentdrill program and receipt of analytical results, a review of theexisting resources in the Southern and Central Areas of the Projectand new zones of mineralisation will be undertaken. In conjunctionwith significant appreciation in copper and cobalt prices since maidenresource reporting, results from this review should provide supportfor an initial Exploration Target for the Project of 8 – 10 Mt @ 1.0– 1.1% CuEq.
This Exploration Target is based onextensions along strike and at depth in both the Southern and CentralArea copper-cobalt-gold Resources and in the Northern Area, whereshallow copper intervals at broad spacing have been returned some800-1,000 m north of the closest Resource.
It should be noted that the ExplorationTarget is conceptual in nature. There has been insufficient drillingat depth of the existing Resource and in the Northern Area of theproject and insufficient information relating to the ReasonableProspects of Eventual Economic Extraction (RPEEE) of the Millenniumproject to estimate a Mineral Resource over the Exploration Targetarea, and it is uncertain if further study will result in theestimation of a Mineral Resource over this area. It is acknowledgedthat the currently available data is insufficient spatially in terms of the densityof drill 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.
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 MetalsCorporation
(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 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.
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