(TheNewswire)
Vancouver, BC / TheNewswire / July 7, 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 provide an exploration update fromits Millennium Cobalt-Copper-Gold project in Queensland, Australia(“Millennium” and/or the “Project”) following a first phasereverse circulation drill program conducted and funded by jointventure partner Metal Bank Limited (“MBK”). The phase oneprogram consisted of 1,580 m drilled predominantly in the South andCentral resource areas, targeting both shallow and deep extensions tothe existing mineralisation along with infill, and several precollarsin preparation for diamond drilling. Refer to news release dated June2, 2022 . MBK isearning up to an 80% interest in the Project through stagedexploration expenditures and milestone payments.
Highlights
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First assays returned from Phase 1 Millennium RCdrilling with results including:
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5 m @ 2.27% Cu, 0.09% Co and 0.94g/tAu (MI22RC02, 104-109 m)
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6 m @ 1.24% Cu, 0.5g/t Au (MI22RC07,60-66 m)
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9 m @ 0.84% Cu, 0.19% Co and 0.23g/tAu (MI22RC07, 71-80 m)
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Phase 2 metallurgical sampling and deeper drilling isunderway with visible cobalt-copper minerals observed.
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Extension drilling to the north and proximal to thePilgrim/Fountain Range Fault Zone to follow throughout July.
Commenting on the first phase ofMBK’s exploration program for 2022, Metal Bank’s Chair, InésScotland said:
“ We are very pleased with the copper andcobalt assay results which support our resource extension goal atMillennium. Both cobalt and copper are key minerals in Australia’srenewable energy future. ”
Mitchell Smith, President and CEO ofGEMC also commented:
“Drilling at Millennium continuesto not only show strong grades for copper, cobalt and gold but is alsosupporting potential for extension to the existing resource andopportunity for a more robust project than currently defined. We’re encouraged by the progress made by our JV partners and lookforward to continued success as they continue to drill and grow thisimportant strategic metal project.”
Figure 1: MI22DD01 diamond drilling,Millennium Southern Area
Following drilling completed in late May, assay resultshave now been received for MBK’s Phase 1 resource extension andinfill program in the Southern and Central Resource Areas atMillennium in NW QLD. These results include:
• 5 m @ 2.27% Cu, 0.09% Co and 0.94g/t Au (MI22RC02,104-109 m) – 30 metres North of our current resource model
• 6 m @ 1.24% Cu, 0.5g/t Au (MI22RC07, 60-66m)
• 9 m @ 0.84% Cu, 0.19% Co and 0.23g/t Au (MI22RC07,71-80 m)
Results from holes MI22RC02, 03, 05, and 06 providesupport to the resource model interpretation and indicate potentialfor deeper mineralisation. The MI22RC02 intersection was some 30 mnorth outside the existing resource model and remains open furthernorth along strike indicating potential for resource extension.MI22RC07 displays mineralisation shallower than previously modelled(Figure 3).
In addition, encouraging observations and assay resultswere also returned from an RC pre-collar in the expected barrenhangingwall to the west of Millennium and towards the Pilgrim/FountainRange Fault Zone including 12 m @ 0.26% Cu with minor cobalt and gold(MI22RD03, 136-148 m).
Millennium 2022 Work Program
Results from recent Phase 1 drilling have beenreceived, including six RC drill holes validating and testing theexisting resource (MI22RC02-07), one hole testing below the Federalworkings (MI22RC01) and four of six RC precollars to deeper diamonddrill holes. Results are presented in Table 1 and Figure 2 withcross-sections in Figures 3 and 4. Results from MI22RC04 arepending.
Table 1: Millennium Phase 1 notableintersections
NOTE: 0.2% Cu cut-off, 3 m maximuminternal dilution unless indicated by*. Results >0.1% Co reportedindividually if Cu above cut-off is not present.
Figure 2: Millennium Project areaplan showing current drilling and received results
Figure 3: Millennium 7723300N cross-section (NB:MI22RD03 to be drilled)
Figure 4: Millennium 7722900Ncross-section (NB: MI22RD06 to be drilled)
Results are in line with previous intersections and addsupport to the resource model interpretation. Importantly, theMI22RC02 intersection was some 30 m north outside the previousresource model and remains open further north along strike supportingpotential for extension to the existing resource.
In addition, mineralisation noted in the hangingwallwest of the main Millennium mineralised trend returned broadencouraging results of 12 m @ 0.26% Cu (MI22RD03, 136-148 m) withminor Co and Au. This supports additional mineralised structureswithin the granted MLs and/or a potential linkwith the regionally significant Pilgrim/Fountain Range Fault Zonealong the western margin of the project. Additional RC drilling isplanned to directly test this regionally significant fault system toestablish its relationship with Millennium mineralisation.
Diamond drilling is currently underway includingshallow large diameter core for metallurgical samples and infilldrilling. Deeper diamond drilling for resource infill, ExplorationTarget confirmation, structural, geochemical and geometallurgicalsampling will follow. Shallow drilling has identified fresh cobalt andcopper sulphides in core (Figure 5) and the first of several deeperholes is about to commence.
Figure 5: MI22DD01, 56.4 m –cobalt (grey vein, mid left) and copper (yellow speckles, top right)mineralisation as vein cobaltite and disseminated/infill chalcopyritemineralisation in siliceous metasediment host, (PQ core)
The drilling program will then return to RC seeking toextend and infill the Central Area Resource to the north and confirmeconomic scope for the Northern Area. The current drilling program isexpected to be completed by mid-August. Assay results are currentlyexperiencing significant delays of up to 7-8 weeks fromsubmission.
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 termsof the density of drill holes, and in quality, in terms of MBK’sfinal audit procedures for down hole data, data acquisition andprocessing, for the results of this analysis to be classified as aMineral Resource in accordance 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.
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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