GEMC:CC - Global Energy Metals Provides Update on Millennium Project Following Significant Graphite Discovery
(TheNewswire)
Vancouver, BC -TheNewswire - July 15, 2024 - Global Energy Metals Corporation ( TSXV:GEMC ) | ( OTCQB:GBLEF ) | ( FSE:5GE1 ) (“Global Energy Metals”, the “Company” and/or“GEMC”) , a multi-jurisdictional, multi-commodity critical mineralexploration, development and project generating company focused ongrowth-oriented projects supporting the global transition to cleanenergy, is pleased to provide initial observations from recentdrilling ( refer to news releasedated June 4, 2024 ) being conducted andsole-funded by joint venture partner Metal Bank Limited (“MetalBank” and/or “MBK”) at the Millennium Project (“Millennium”)in northwest QLD, including significant and extensive graphiteintervals adjacent to the existing Co-Cu-Au mineral resource of 8.4Mt@ 1.23% CuEq ( refer to news releasedated March 21, 2023 ).
Highlights
• Thick graphiteintersections observed in recent exploration drilling
• Graphitepresent over >2km strike length - with recent observationssupported by historic high-grade rock chip results and previousdrilling
• Drill assayspending – positive results will have the potential to addsignificant project value on granted mining leases
• All drillholes completed in most recent program intersected varying levels ofsulphide mineralisation - including chalcopyrite (copper) andcobaltite (cobalt) minerals
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Millennium hostsan existing Co-Cu-Au mineral resource of 8.4Mt @ 1.23% CuEq
Mitchell Smith, CEO & Presidentcommented:
“We are pleased by the resultsfrom ongoing exploration at Millennium by our joint venture partnerMetal Bank. Latest results demonstrates there is significantunder-explored potential and value to be unlocked, not only forcobalt, copper and gold mineralisation but valuable transitionproducts like graphite that have been identified adjacent to theexisting resource on granted mining leases. Taking into account theincreased activity in the region, Millennium may play an importantrole in the new anode materials supply within the NW QLD batterymineral projects region. As the industry targets diversified supply,the focus shifts to more ESG friendly, secure sources of graphiteproduction and processing. In line with this, we along with ourpartner will continue to assess the potential for further value to beunlocked from developing this graphite potential as part of theMillennium project over the coming months.”
Millennium Drilling Summary
Three diamond drill holes for 384m were completed atthe Millennium Project in June (Figure 1, Table 1). This drillingtargeted resource extensions in the central zone and conceptualtesting of the Fountain Range-Quamby Fault Zone after identifyinganomalous copper in previous drilling and siliceous breccia outcrop tothe northwest of the current Millennium resource.
Figure 1: Millennium plan overviewshowing recent drilling, interpreted strike of graphite mineralisationand previous highly anomalous rock chip graphite results on thewestern margins of the 2023 Co-Cu-Au resource outline.
Two holes (MI24DD01 and MI24DD02, Figure 1) weredrilled at low angles toward the Fountain Range-Quamby Fault Zone, alarge regional structure on the western margin of the MillenniumProject. The remaining hole (MI22RD03) was designed to extend aprevious RC drill program within the northern extension of theMillennium resource to provide further structural and metallurgicaldata. All drill holes intersected sulphide mineralisation, withchalcopyrite (copper) and cobaltite (cobalt) minerals of varyinglevels in samples submitted for laboratory analysis earlier this month(results awaited).
Importantly, strongly graphitic schist was observed inMI24DD01 from 166m to end of hole at 192.9m (Figure 2). Graphiteintersected correlates with both graphite-bearing exposures and blacksoils in the south and on the margin of a thick mafic unit which liessub-parallel to the regional Millennium Co-Cu-Au mineralisationtrend.
Table 1: Completed drill holedetails
All co-ordinates GDA94 Zone 54co-ordinate system.
Figure 2: MI24DD01, 182.9m: Highgrade graphite in broken drill core.
Given strong historic graphite values adjacent to the2023 Millennium mineral resource, drill core from 166m to end of holehas been submitted for graphitic carbon analysis. Likewise, previousvisual graphite intersections in MBK drilling from 2021-2022 have beencompiled together with the graphitic carbon rock chip results in thesouthern area from previous explorers. This review supports a greaterthan 2km trend of graphite in both drilling and rock chip sampling.Previous unreleased sampling results by ASX-listed explorer HammerMetals (ASX:HMX) returned an average of 17.0% total graphitic carbonfrom 37 samples in the south over an area greater than 1300m strikeand up to 100m wide (Table 2).
No assay results have been received for the recentdrill core sample to date, however, the prospective graphitic unit isevident in multiple previous drill holes, and recent drilling hasdemonstrated it continues beneath recent alluvial sediment to thenorth.
NW Queensland District GraphiteDevelopment
Millennium is strategically located between other NWQLD graphite development projects which are currently undergoingconsolidation (Figure 3). The Corella deposit is located 14km to thesouth (13.5Mt @ 9.5% TGC) and the Burke deposit 107km due north (9.1Mt @ 14.4% TGC) of Millennium, both held by Lithium Energy(ASX:LEL), and the Mt Dromedary deposit (14.3Mt @ 13.3% TGC) held byNovonix (ASX:NVX and NASDAQ:NVX) is immediately adjacent to the BurkeDeposit.
Figure 3: NW QLD graphite projectsmap (modified after Lithium Energy (ASX:LEL) website.
Millennium displays matching geology to the Corelladeposit, with metamorphosed graphitic shales, slates and schists ofthe Milo Beds within the Tommy Creek Domain hosting both deposits, andboth deposits are proximal to mafic units and structural corridorswhich are considered key factors for the development of high quality,high-grade graphite mineralisation.
Metallurgical test work to date on these nearbydeposits ( refer to LEL:ASX announcement of April 3 2024: Merger of LithiumEnergy and NONOIX Natural Graphite Assets and Proposed Axon GraphiteLimited Spin-Out and IPO ) has returnedhigh-grade concentrate with high graphite recoveries coincident withelectrochemical test work indicative of material highly suitable fordownstream graphite processing and integration into modern batterymanufacturing and other technologies.
Table 2: 2017 Hammer Metals rockchip sampling results (previously unreleased)
All co-ordinates GDA94 Zone 54co-ordinate system.
Forward Plan
Alongside its partner Metal Bank, Global Energy remainscommitted to extracting maximum value from its Australian assetportfolio.
Graphite demand continues to grow in line withexpansion in the electric vehicle (EV) lithium-ion battery sector,where graphite is the key raw material consumed in EV battery anodes.
Despite some recent price pressure, the long-termoutlook for natural, ex-China graphite remains strong. As theindustry targets diversified supply, the focus shifts to more ESGfriendly, secure sources of graphite production and processing.
In line with this, the companies are jointly assessingthe potential for further value to be unlocked from developing thisgraphite potential as part of the Millennium Project over the coming months. This includes additional surface mappingand sampling plus low-cost re-assaying of previous RC and diamond corelaboratory samples for total graphitic carbon content.
The company awaits assay results for Co-Cu-Aumineralisation and graphite from the recent drilling and continues tomonitor the NW QLD battery metals space as projects and infrastructuredevelops.
QualifiedPerson
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:
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. Although Global Energy Metals believes theexpectations expressed in such forward-looking statements are based onreasonable assumptions, such statements are not guarantees of futureperformance and actual results or developments may differ materiallyfrom those in the forward-looking statements. Except as required bylaw, the Company undertakes no obligation to update theseforward-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.
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