(TheNewswire)
Vancouver, BC - TheNewswire - July 5,2023 - Global EnergyMetals Corporation ( TSXV:GEMC ) ( OTC:GBLEF ) ( FSE:5GE1 ) (“Global Energy Metals”, the“Company” and/or “GEMC”) , amulti-jurisdictional, multi-commodity critical mineral exploration anddevelopment company focused on growth-oriented battery metal projectssupporting the global transition to clean energy, is pleased toannounce that through its 100% owned Australian subsidiary, ElementMinerals Australia Pty Limited (“Element”), it has entered into anagreement with Mulga Minerals Pty Ltd. (“Mulga”) and Mt DockerellMining Pty Ltd. (“MDM”), 100% owned subsidiaries of Hammer Metals Limited (“Hammer”), to divest an 80% interest inthe Mount Dorothy and Cobalt Ridge projects, two copper-cobalt-goldexplorations projects located in Mount Isa, Queensland Australia (the“Mount Isa Projects”).
GEMC originally acquired the Mount IsaProjects from Hammer in parcel with the Millenniumproject , acopper-cobalt-gold asset that is currently being advanced through acarried joint venture partnership with Metal Bank Limited. Throughproject funded exploration by Metal Bank, an updated JORC 2012 MineralResource Estimate (MRE) was established with Millennium hosting 8.4Mt@ 1.23% CuEq (0.09% Co, 0.29% Cu and 0.12g/t Au) including open cut(86%) and underground (14%) Resources, representing a 42% tonnageincrease and 14% grade increase from the 2016 MRE (See news release dated March21, 2023 fordetails).
The Mount Isa Projects are bothearly-stage exploration assets that present as an excellentopportunity for high-grade, under-explored assets that are in closeproximity to a processing solution as well as having stand-alonepotential. The Company is encouraged by the divestment of the MountIsa Projects to Mulga as it holds confidence in their ability toleverage Hammer’s technical experience and jurisdictional knowledgegained from local investments and projects they operate in the areamaximizing the future prospect of the properties.
In consideration of the 80% interest,Mulga and MDM will grant Element a 1% NSR on each of the Mount IsaProjects and incur all costs associated with project advancementincluding exploration, maintenance and holding costs up untilcompletion of a Pre-Feasibility Study. After completion of aPre-Feasibility Study, Element will have the option to fund itspro-rata annual spend, or an election to not fund will result indilution based on a standard JV dilution formula.
Mitchell Smith,President and CEO commented:
“ The partial divestiture of the Mount IsaProjects is consistent with the Company’s strategy of actively managingand streamlining our property portfolio through a partnership modelwhile benefitting from the collaboration with well funded, technicallyexperienced peer groups. In addition to maintaining a sizeableinvestment exposure in these two early-stage exploration propertieswith known showings of strategic elements, the Company also benefitsby having created two new royalties on the properties of which we arefree-carried on any cash expenditure until the time of completion of aPre-Feasibility Study.”
Daniel Thomas,Managing Director of Hammer commented:
“ We are pleased to be transacting withGlobal Energy Metals again and re-take majority ownership in theseprospective claims that we believe deserve future explorationattention and that will further complement an already impressiveproject inventory. We are confident in the opportunity the Mount Isaregion presents for minerals that are critical for Australia’sfuture and are determined to participate in securing the raw materialsneeded for batteries and new energy technologies through projects likeMt. Dorothy and Cobalt Ridge. ”
Mount IsaProject s
The Mount Isa Projects areboth early-stage exploration assets that present as an excellentopportunity for high-grade, under-explored assets that are in closeproximity to a processing solution as well as having stand-alonepotential.
Exploration to date has returnedoutstanding, high-grade intercepts and there is excellent potential tosignificantly improve the understanding of the projects with multiplehigh-grade targets awaiting further exploration and test-work.Significant cobalt intercepts include:
Mount Dorothy explorationdrilling:
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7m @ 0.14% Co, 2.55% Cu
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2m @ 0.12% Co, 0.13% Cu
Cobalt Ridge exploration roc chipsampling:
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0.31% Co, 3.63% Cu, 1.25g/tAu
The deposits and prospects are similarin size and style to other deposits in the region that have beensuccessfully mined by small-scale open pit techniques which impliesthat the project mineralisation may be economicallyextracted.
The Mt. Isa Inlier is a highlymineralised, established, world class mining jurisdiction withsignificant regional infrastructure several world-classcopper-gold-cobalt and lead-zinc-silver mines and deposits, includingthe operating Rocklands copper-gold-cobalt project.
Hammer Metals Limited
Hammer Metals Limited (ASX:HMX) holds astrategic tenement position covering approximately 2,200 squarekilometres within the Mount Isa mining district, with 100% interestsin the Kalman (Cu-Au-Mo-Re) deposit, the Overlander North andOverlander South (Cu-Co) deposits and the Elaine (Cu-Au) deposit.Hammer also has a 51% interest in the emerging Jubilee (Cu-Au)deposit. Hammer is an active mineral explorer, focused on discoveringlarge copper-gold deposits of Ernest Henry style and has a range ofprospective targets at various stages of testing.
Hammer also has a 100% interest in theBronzewing South Gold Project located adjacent to the 2.3million-ounce Bronzewing gold deposit in the highly endowed YandalBelt of Western Australia.
QualifiedPerson
Mr. Paul Sarjeant, P.Geo., a Director and shareholder is the qualified person for thisrelease as defined by National Instrument 43-101 - Standards ofDisclosure for Mineral Projects.
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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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.
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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