Global Energy Metals Corporation (TSXV:GEMC) is pleased to announce that further to its news release dated May 1, 2017 announcing an agreement with Hammer Metals Ltd. (“Hammer”) for the exclusive right to earn a 75% interest in the Millennium Cobalt Project (the “Project” and/or “Millennium”) that as part of its due diligence and technical assessment of the Project, GEMC will be conducting a site visit to the prolific Mount Isa mining district.
The GEMC team led by VP Projects, Paul Sarjeant, P.Geo., accompanied by Australasia Acquisitions Lead, Ian Spence, along with members of Hammer’s technical team expect to be on site mid-May to initiate a comprehensive review of the technical aspects of the project, including geology, resource estimation, historic exploration programs, and metallurgy.
In addition to this technical review, the team will also undertake activities to understand the potential for further cobalt mineralization in the area surrounding the Millennium project. Upon conclusion of a favourable site visit, the technical team will make recommendations to GEMC’s Board to complete a definitive agreement.
During Mr. Sarjeant’s time in Australia, he will also conduct further due diligence on several additional advanced and near production projects with significant cobalt content to conclude analysis on certain project’s potential as future sources of supply to GEMC’s partner, battery manufacturer Beijing Easpring Material Technology Company (“Easpring”), and other downstream users. This technical trip comes on the heels of an early April project vendor negotiations trip by senior management including President and CEO Mitchell Smith and Executive Chair Erin Chutter. More recently, GEMC’s strategic partner Easpring was also in Australia reviewing battery metal projects with an emphasis on securing supply of raw material critical to the growing demand for lithium-ion batteries.
GEMC announced on March 22, 2017 a long-term strategic cooperation agreement with one of the world’s key battery manufacturing companies to jointly develop cobalt and other battery metals projects in order to build an efficient and reliable cobalt material supply chain.
Global Energy Metals’ acquisition of the Millennium Cobalt Project is the first of several expected acquisitions of robust cobalt projects or sources of cobalt material that is required by GEMC’s battery and offtake partners in Asia. All projects under consideration are expected to meet GEMC’s investment requirements of an existing resource, completed suitable metallurgical test work and located outside of the DRC.
The Millennium Cobalt project provides GEMC with an excellent opportunity to acquire a cobalt asset of significant size with potential to expand mineralisation in close proximity to a processing solution and excellent infrastructure within the Mount Isa region of Queensland, Australia.
Global Energy Metals Corporation (TSXV:GEMC)
Global Energy Metals is focused on offering security of supply of cobalt, a critical material to the growing rechargeable battery market, by building a diversified global portfolio of cobalt assets including project stakes, projects and other supply sources. GEMC anticipates growing its business by acquiring project stakes in battery metals related projects with key strategic partners. Global Energy Metals currently owns and is advancing the Werner Lake Cobalt Mine in Ontario, Canada.
Cautionary Statement on Forward-Looking Information:
Certain information in this release may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with regulatory approvals and timelines. Although Global Energy Metals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change. For more information on Global Energy and the risks and challenges of their businesses, investors should review the filings that are available at www.sedar.com.
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