(TheNewswire)
Vancouver, BC - TheNewswire - October31, 2022 - Global Energy Metals Corporation ( TSXV:GEMC ) | ( OTC:GBLEF ) | ( FSE:5GE1 ) (“Global Energy Metals”, the “Company” and/or“GEMC”) , a company involved in investmentexposure to the battery metals supply chain, is pleased to provide anexploration update from its Millenniumcopper-cobalt-gold (Cu-Co-Au) project (“Millennium” and/or the “Project”) located inQueensland, Australia. The exploration program is being fully fundedby Metal Bank Ltd. (“MBK”) as it earns up to an 80% interest inthe project through staged exploration and milestone share equitypayments. Global Energy Metals currently holds 100% of the Projectthrough its wholly-owned subsidiary Element Minerals Australia Pty Ltdand currently has a 31,250,000 shareequity position in MBK .
Highlights
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Remaining assays received fromrecently completed drilling at Millennium Cu-Co-Au
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Diamond drill extension resultsinclude:
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17m @ 0.43% Cu, 0.11% Co and 0.08g/t Au from 234m(MI22RD02)
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1m @ 2.08% Co and 0.15g/t Au from 179m(MI22RD05)
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2m @ 0.52% Co from 237m (MI22RD05)
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6m @ 0.52% Cu, 0.08% Co and 0.18g/t Au from 265m(MI22RD05)
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Remaining RC results from theNorthern Area including:
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16m @ 0.42% Cu from 9m (MI22RC016)
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6m @ 0.27% Cu from 35m (MI22RC018) towards theQuamby/Fountain Range Fault Zone
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Resource review and upgrade work inprogress
Mitchell Smith, CEO & Director ofGEMC commented:
“The Metal Bank funded drillingresults at Millennium continue to impress. The exploration to datehas shown the true potential for the Millennium project with copperand cobalt mineralization exceeding expectations on multiple fronts.We look forward to working with Metal Bank in continuing to advancefuture exploration campaigns for further resource growth and new project-wide discoveries.”
Commenting on the results, MetalBank’s Chair, Inés Scotland said:
“Our work demonstrates thecritical minerals opportunity at the Millennium Project extends todepth below the existing bulk near surface copper-cobalt-goldResource. The high-grade cobalt intersections at depth show strongsupport for potential underground extraction and the results in theNorthern Area provide potential for adding further to themineralisation at Millennium. We are now in the process of reviewingall results and planning the next phase of work.”
All assay results have now been received for MBK’sdiamond drill ( DD ) hole depth extensions in theSouthern and Central Resource areas, along with results for reverse circulation ( RC )exploration drilling in the Northern Area, as part of the resourceinfill and extension drilling completed in September.
Notable results include:
Diamond drill extensions:
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17m @ 0.43% Cu, 0.11% Co and 0.08g/t Au from 234m(MI22RD02)
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1m @ 2.08% Co and 0.15g/t Au from 179m(MI22RD05)
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2m @ 0.52% Co from 237m (MI22RD05)
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6m @ 0.52% Cu, 0.08% Co and 0.18g/t Au from 265m(MI22RD05)
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RC results from the NorthernArea:
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16m @ 0.42% Cu from 9m (MI22RC016)
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6m @ 0.27% Cu from 35m (MI22RC018) towards the FountainRange/Quamby Fault Zone
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*Assay intervals reported are corelengths, but drill holes are positioned to intersect mineralised zonesas close to perpendicular where possible.
The cobalt grades reiterate Millennium as one ofAustralia’s highest grade undeveloped battery metals projects,contained within granted mining licenses and will form part of theMillennium resource update along with metallurgical sampling. Ofparticular note are strong cobalt (Co) grades hosted in hydrothermalveins and crackle breccias including discrete high-grade zones atdepth potentially amenable to underground extraction below the bulk ofthe near surface Cu-Co-Au resource.
Importantly, diamond drilling results confirm the sizeand continuity of copper-cobalt-gold mineralisation at depthconsistent with previous results. This continuity of grades at depthin several areas will allow for an increase to the existing 2012Inferred Resource of 5.9Mt @ 1.08% CuEq (Figure 1).
In addition, the encouraging copper values returned inthe Northern Area towards the regional Fountain Range/Quamby FaultZone represent newly identified mineralisation west of the existingMillennium Resource.
These results follow on from the first diamond drillhole assays and RC drilling results reported earlier this month, whichalso returned high cobalt grades and validated and extended theexisting Resource, including holes MI22RC08 and MI22RC09 whichextended the scope of the Central Area resource some 120m north of theexisting JORC 2012 Inferred Resource.
Millennium 2022 Work Program
All results from the recently completed drillingprogram have now been received, including one shallow infill DD hole(MI22DD02) in the Southern Area, three DD tail extensions to existingRC holes toward the base of the existing resource (MI22RD02, MI22RD04and MI22RD05) in the Southern and Northern Areas, and seven RC drillholes in the Northern Area testing for extensions to coppermineralisation as reported in initial preliminary drilling in2021.
These results are presented in Table 1 and Figure 1with cross-sections in Figures 2, 3 and 4.
Figure 1: Millennium Projectoverview showing new drilling results
Table 1: Millennium drilling notableintersections
NOTE: 0.2% Cu cut-off, 3m maximuminternal dilution unless indicated by*. Results >0.1% Co reportedindividually if Cu above cut-off is not present.
Assay intervals reported are corelengths, but drill holes are positioned to intersect mineralised zonesas close to perpendicular where possible.
SOUTHERN AREA
Hole MI22RD02 (Figures 1 and 2) intersected 17m @ 0.43%Cu and 0.11% Co (with minor Au) some 80m below previous drilling inthe centre of the Southern Area resource. This result supports thecontinuation of the modelled Resource at depth which remains open.
CENTRAL AREA
Central Area drilling successfully extendedmineralisation >100m down dip of the Millennium structure in theCentral Area (Figures 1 and 3), with MI22RD05 returning multiple highgrade Co intersections including 1m @ 2.08% Co and 0.15g/t Au from179m, and 2m @ 0.52% Co from 237m. A broad Cu-Co-Au intersection moretypical of the Millennium system returned 6m @ 0.52% Cu and 0.08% Coapproximately 110m below previous drilling on section. Results fromthe Central Area confirm mineralisation remains open at depth andprovides strong support for narrow high grade underground potentialbelow the bulk near surface Cu-Co-Au resource.
NORTHERN AREA
Results from the copper-dominant Northern Area includedbroad near surface Cu intersections of 16m @ 0.42% Cu from 9m(MI22RC016) and 6m @ 0.27% Cu from 35m(MI22RC018) (Figures 1 and 4).
These broad shallow results confirm and additional>300m strike extend north of the main Millennium Cu-Co-Aumineralisation. In addition, the Fountain Range/Quamby Fault Zoneremains an important area of interest with initial scout drillingsuccessful in defining anomalous Cu mineralisation. MBK plans furtherwork programs for 2023 to identify additional mineralised structuresin the area of interest along with the potential for genetic links tothe Millennium Cu-Co-Au mineralisation.
Figure 2: Millennium 7722800Ncross-section showing MI22RD02 results, previous drillingintersections and 2016 resource model
Figure 3: Millennium 7723500Ncross-section showing MI22RD05 results, previous drillingintersections and 2016 resource model
Figure 4: Millennium 7724700Ncross-section showing MI22RC18 results west of the interpretedMillennium mineralisation northern extension identified in 2021drilling
Millennium Project
The Millennium Copper andCobalt Project near Cloncurry in NWQLD currently holds a JORC 2012- compliant Inferred Resource of 5.9Mt@ 1.08% CuEq (Cu-Co-Au-Ag) across 5 granted Mining Leases withsignificant potential for expansion. It is located 19km from theRocklands copper-cobalt project with an established processing plantcapable of treating Millennium-style ores once recommissioned.
MBK’s 2021 drill results and other previous drilling,in conjunction with significant appreciation in copper and cobaltprices since maiden Resource reporting, provided support for aninitial Exploration Target for the Project of 8 – 10Mt @ 1.0 –1.1% CuEq.
MBK developed a three-phase work program for Millenniumin 2022 seeking to confirm the Exploration Target for the Project, andfuture Resource expansion and development potential. The ExplorationTarget is based on extensions both along strike and at depth in boththe Southern and Central Area copper-cobalt-gold Resources and in theNorthern Area, where shallow copper intervals at broad spacing havebeen returned some 800-1000m north of the closest Resource.
Upon receipt and assessment of all results from thecurrent 2022 drilling program, MBK will embark on a JORC2012-compliant Resource update and Scoping Study utilising appropriateeconomic parameters aimed for completion late 2022.
It should be noted that the Exploration Target isconceptual in nature. There has been insufficient drilling at depth ofthe existing Resource and in the Northern Area of the project andinsufficient information relating to the Reasonable Prospects ofEventual Economic Extraction (RPEEE) of the Millennium project toestimate a Mineral Resource over the Exploration Target area, and itis uncertain if further study will result in the estimation of aMineral Resource over this area. It is acknowledged that the currentlyavailable data is insufficient spatially in terms of the density ofdrill 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.
About Metal Bank
Metal Bank Limited is an ASX-listed mineralsexploration company (ASX: MBK) holding a significant portfolio ofadvanced gold and copper exploration projects with substantial growthupside, including:
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the right to earn up to 80% of the Millennium Copper Cobalt project which holds an inferred 2012 JORC resource of 5.9Mt @1.08% CuEq, across 5 granted Mining Leases with significant potentialfor expansion;
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a 75% interest in the advanced Livingstone Gold Projectin WA which holds a JORC 2004 Inferred Resource of 49,900oz Au at theHomestead prospect, a JORC 2012 Inferred Resource of 30,500oz Au atKingsley, and an Exploration Target of 290 – 400Kt at 1.8 – 2.0g/t Au for 16,800 – 25,700oz Au at Kingsley; and
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the 8 Mile, Wild Irishman and Eidsvold Gold projects inSouth East Queensland where considerable work by MBK to date hasdrill-proven both high grade vein-style and bulk tonnageintrusion-related Au mineralisation.
Metal Bank’s exploration programs at these projectsare focussed on:
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short term resource growth - advancing existingprojects to substantially increase JORC Resources;
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identifying additional mineralisation at each of itsprojects; and
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assessing development potential and including fasttracking projects through feasibility and development toproduction.
Metal Bank is also committed to a strategy ofdiversification and growth throughidentification of new exploration opportunities which complement itsexisting portfolio and pursuit of other opportunities to diversify theCompany’s assets through acquisition of advanced projects or cash-flow generating assets to assist with funding of the explorationportfolio.
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 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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