GEMC:CC - Global Energy Metals Summarizes Activities at the Lovelock and Treasure Box Projects and Outlines Next Steps in Light of Positive Results
(TheNewswire)
Vancouver, BC - TheNewswire - January31, 2023 - Global EnergyMetals Corporation ( TSXV:GEMC ) | ( OTC:GBLEF ) | ( FSE:5GE1 ) (“Global Energy Metals”, the “Company” and/or“GEMC”) , a multi-jurisdictional,multi-commodity critical mineral exploration and development companyfocused on growth-oriented battery metal projects supporting theglobal transition to clean energy, is pleased to provide a recap ofits activities, including a summary of the positive results frommultiple exploration programs carried out in 2022 at its Lovelock and TreasureBox projects (“Lovelock”, “Treasure Box” and/or the “Projects”) locatedin the Stillwater Range in Nevada, USA along with the Company’splans in light of positive results.
Mitchell Smith, CEO& Director comments:
"We continue tobe impressed by the results and progress at both the Lovelock andTreasure Box projects. From the series of exploration programs andinterpretive studies conducted in 2022 we are confident in thefoundation that has been set and with recommendations made, lookforward to realizing the potential of these exciting copper, nickelcobalt projects in mining friendly Nevada."
Image 1. Compilation of images takenfrom project reconnaissance trips to the Lovelock and Treasure Boxprojects.
The Lovelock project is a past-producinghigh-grade cobalt, copper, nickel project that had not undergoneexploration using modern technique until GEMC initiated activities in2019. Since that time GEMC has been active on the project conductingvarious types of exploration including the use of artificialintelligence (“AI”) to identify new target areas. In the firstever drill program at Lovelock, elevated values of cobalt, nickel andcopper were intercepted inthree of the holes which targeted possible mineralization beneathhistorical mine workings.
The Treasure Box project hosts mineworkings from limited copper production. A historical diamond drillhole drilled at the Treasure Box by the Boyer-Nevada Copper Company(circa 1910) reportedly intersected 1.52% copper over 85 feet (25.9metres) with mineralization beginning at surface. Global Energy holdsan 85% interest in the Projects through its wholly owned subsidiary, Click onheadings below for more details.
Sampling Program atTreasure Box Including Copper Assays up to 36.4% Copper
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Prospecting and sampling program for the Project nowcomplete
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Assay results from the program highlight the prevalenceof copper mineralization, with localized high-grade silver.
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Assays included 36.4% Copper, 176g/t Silver and1.325g/t Gold
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•• Confirmed mineralization inareas identified by Earthlabs as priority targets
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•• Results of this initialfield work at the Property are encouraging and additional work iswarranted.
Image 2. Historical Prospect Pit -Collection site of TB22-004 with visible Cu oxide development alongfractures and veins, including malachite and azurite within alteredmafic basalt unit. Sample assayed 13% Cu, 167g/t Ag and 1.325g/tAu.
Sampling Program atLovelock with Strong Copper, Nickel and Cobalt Assay Values
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Initial AI assessment resulted in discovery of severalnew areas.
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Successfully identified strong nickel, cobalt, copperand silver showings within the property boundaries.
Successfully identified strong nickel, cobalt, copperand silver showings within the property boundaries. -
Sampled target areas produced promising results withnew areas identified.
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Results of this initial field work at the Project areencouraging and additional work is warranted.
Image 3: Historical workingincluding adit and small pit located along the contact between thewhite HMC diorite and the brown, iron-oxidized HMC gabbro. Samplesassayed included LL22-025 with 4.82% Cu, 0.546% Co, 0.309% Ni and32.3g/t Ag.
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Earthlabs was engaged to apply their proprietarymachine learning applications and geoscience expertise to assist theCompany in expanding discoveries and identifying new high-prioritytarget areas.
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Earthlab's AI and geological interpretation highlightscobalt, nickel, copper potential at GEMC's Nevada basedprojects;
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A total of 30 exploration targets have been identified,15 on the Lovelock Project and 15 targets identified on the TreasureBox Project;
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In preparation for field work, Earthlabs provided a mapof probable target zones, resulting from the analysis allowing fortime-and cost-efficient field exploration; and
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The Company engaged Dahrouge Geological to conduct afield program to field check the exploration target areas presented tohelp confirm lithologies and validate and prioritize thetargets.
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The Dahrouge led programs focused on developing newtargets on the Lovelock project and further define high potentialhistorical prospects from the target pipeline compilation on theTreasure Box project.
Images 4 & 5. AI & MachineLearning targeting map showing the 30 exploration targets identifiedat the Lovelock and Treasure Box projects.
First-Ever DrillProgram at Lovelock
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The Company intersected nickel, copper and cobaltmineralization during its Phase One drilling at the at the Lovelock Cobalt-Nickel-Copperproject
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Continued to improve understanding of the copper,cobalt and nickel mineralization in the extensive IOCG system as aresult of the drilling program.
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Target areas tested on this limited initial drillcampaign intersected mineralization of the key battery metals targetedwhich will require follow-up testing, including excellent results fromthe areas adjacent to and under the historical mine.
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In addition, there are still multiple areas yet to betested, and through the newly entered partnership with Earthlabs, GEMCprioritized new targets for a second phase drill program.
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Importantly, elevated values of cobalt, nickel andcopper were intercepted in three of the holes which targeted possiblemineralization beneath the historical mine workings.
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Surface sampling, mapping and geophysical surveyingidentified a number of potential mineralized areas on the property.
Drill Permit Approvaland Proposed Treasure Box Drill Program
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GEMC received approval from the US Bureau of LandManagement (the “BLM”) for its proposed exploration and drill planunder a Notice of Intent (“NOI”) at Treasure Box.
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The proposed initial drilling program at Treasure Boxincludes up to fourteen (14) vertical drill holes from thirteen (14)different locations.
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Planned drill hole lengths range from 350 feet (107metres) to 500 feet (152 metres) for total drilling anticipated to be 6,550 feet (2,000meters).
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The Company is currently seeking a qualified andexperienced drilling company to provide diamond core drilling servicesfor an initial drilling campaign on a part of the claim block.
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A valid USBLM NOI covers the project area and allowsfor the described drilling activities.
Images 6 & 7. Drillingfirst-ever holes at the prospective cobalt, nickel, copper Lovelockproject in Nevada.
SJ Geophysics DataInterpretation of the Projects
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SJ Geophysics reinterpreted historical drilling andmining data related to the Company’s copper-cobalt Treasure Boxproject and reviewed and incorporated historical geological datacollected from previous operators spanning over a century in orderto support exploration programs at the Project.
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In addition, SJ evaluated the drilling at the LovelockProject from a geophysical data perspective.
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SJ performed the initial IP survey and integrated theresults of the airborne magnetic survey and then made recommendationsrelative to drill hole location and orientation.
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The drill program at Lovelock was directed at severaltarget areas within the property: the Lovelock Mine Zone and targetsgenerated through surface sampling, mapping and a high-power inducedpolarisation (“IP”) ground geophysical survey, which weresubsequently prioritized by a follow-up surface geochemical programand airborne magnetic survey.
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Several of these anomalies were targeted for theinitial drilling program in 2021 at Lovelock.
Lovelock Recommendations
The results of this initial field work at the LovelockProperty are encouraging and additional exploration is recommended.Roughly half of the sampled Goldspot target areas produced promisingresults. The next phase of work should include detailed geologic andstructural mapping over the Property’s extent, and a systematic rockand soil sampling program across more focused target areas delineatedduring this program and results derived during geologic and structuralmapping.
The 2022 sampling of the GEMC Lovelock Property wassuccessful in identifying existing nickel, cobalt, copper and silvershowings within the property boundaries, as well as identifyingpotential mineralized trends along proposed faults and lithologiccontacts. The fieldwork focused on identifying mineralized host rocksand delineating potential mineralized structures. Although fieldworkproduced some strong results, a large part of the property remains tobe prospected. It is recommended that future field work includedetailed geologic mapping and accurate structural measurements of thisproposed structure, with further sampling focused along the strikelength of the faulting in that area.
It is recommended that future work continue todelineate the extent of mineralization along structures within the HMCintrusives. Areas with notable oxidation and strong alteration shouldbe carefully mapped, and the ore-fluid containing structuresidentified. Sampling along the strike length of these structuresthroughout the Property would be the next phase of field explorationand sampling.
The northeastern extent of the property, especiallyalong the strike length of the mineralized fault zone, will need to bevisited and sampled.
Most of the work conducted in the 2022 field programwas focused on historical workings and on the delineatedstructure-contact targets identified by Earthabs. It is recommendedadditional mapping and prospecting is conducted within and beyond thelimits of the current claim boundary along strike of the mainstructure, in order to better understand the controls onmineralization. Once surface extents and detailed mapping arecompleted and assessed, the next phase would be to develop a drillprogram to test the depth of mineralization at the unconformitycontact, explore for mineralization not exposed at surface, anddevelop a structural framework of the mineralized fault systems.
Treasure Box Recommendations
The results of this initial field work at the Propertyare encouraging and additional work is warranted. The next phase ofexploration work should include detailedgeologic and structural mapping over the Property’s extent, andsystematic rock and soil sampling program across more focused targetareas delineated during this program and results derived duringgeologic and structural mapping.
Structures in the area appear to have generalnorthwest-southeast to north-south trends, which have locallyinfluenced several historical Cu-Ag-Au mineralized showings. It isrecommended that future work continue to delineate the extent ofmineralization along the unconformity between the Jurassic mafics andTertiary rhyolite units. Zones with notable oxidation and strongalteration should be carefully mapped, and the ore-fluid containingstructures identified. Sampling along the strike length of thesestructures throughout the Property would be the final phase of fieldexploration.
The southern extent of the Property will need to besampled and mapped, in order to correlate the relationship betweenmineralization and the intruding HMC gabbros and diorites.
There is evidence for other mineralized zones outsidethe claim property boundary, particularly concentrated along thepaleosurface between the Jmv and Tv. Most of the work conducted in the2022 field program was focused on the historic workings and on thedelineated structure-contact targets identified by Goldspot. It isrecommended that additional mapping and prospecting is conductedwithin and beyond the limits of the current claim boundary alongstrike of the main structure, to better understand the controls onmineralization. Once surface extents and detailed mapping arecompleted and assessed, the next phase would be to develop a drillprogram to test the depth of mineralization at the unconformitycontact, explore for mineralization not exposed at surface, anddevelop a structural framework of the mineralized fault systems.
AboutLovelock
The Property currently consists of 81unpatented lode claims in the Cottonwood Canyon area of the StillwaterRange totaling approximately 1,586 acres (642 hectares). It wasdiscovered by George Lovelock and Charles Bell about 1880. Accordingto U.S. Government annual reports, the Lovelock Mine saw limitedproduction of nickel, copper and cobalt beginning in 1883. The primarycobalt mineral was identified as “cobaltite”. The general averageof the 200 tons shipped in 1886 averaged 14 percent cobalt and 12percent nickel. The mine operated from 1883 to 1890 to the 100 footlevel, reporting 500 tons of cobalt and nickel mineralized materialshipped to England for processing. After intermittent production, anEnglish company attempted smelting on site in 1898 but little or noproduction was made (Source: “Mineral Resources of the United Statesfor 1885”, 1886). No further production from the Lovelock Mine isknown for well over a century providing GEMC an excellentop portunity to unlock the potential value of thedeposit through exploration work. In a recent drill program at Lovelock byGEMC , elevated values of cobalt, nickel andcopper were intercepted in three of the holes which targeted possiblemineralization beneath the historical mine workings.
About TreasureBox
Treasure Box hosts mine workings fromlimited copper production, which occurred until early into the 20thcentury. A historical diamond drill hole (circa 1910) drilled at theTreasure Box by the Boyer-Nevada Copper Company reportedly intersected1.52% copper over 85 feet (25.9 metres) with mineralization beginningat surface. A reverse circulation hole drilled on the Treasure Box byUtah International in 1976 returned 1.55% copper over 40 feet (12.2metres) from a depth of 85 to 125 feet (25.9 to 38.1 metres), and thehole was stopped in chalcopyrite mineralization. The core Treasure Boxclaims were held continuously for over 20 years by a private companybut were relinquished in September 2017, leading to their acquisitionby Nevada Sunrise. GEMC received approval from the US Bureau of LandManagement (the “BLM”) for a proposed exploration and drill planat the Treasure Box project that includes up to thirteen (13) verticaldrill holes from thirteen (13) different locations. Planned drill holelengths range from 350 feet (107 metres) to 500 feet (152 metres).Total drilling is anticipated to be 5,850 feet (1,784 meters), with aminimum drilling length of three (3) drill holes totaling 1,350 feet(412 metres). Depending on findings, individual drill hole lengthscould be extended by 30 to 50 feet (10 to 15 metres) as determined bythe company’s on-site representative. The targeted prospects havebeen identified by Global Energy Metals through a systematicexploration program over the past several months that has included anairborne magnetic survey, reinterpretation of historical InducedPolarization (IP) data, detailed mapping and desktop review ofhistorical data including past drilling.
QualifiedPerson
Mr. Paul Sarjeant, P. Geo., is thequalified person for this release as defined by National Instrument43-101 - Standards of Disclosure for Mineral Projects. He is ashareholder and Director of the Company.
Global Energy Metals Corporation
(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.
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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