Global Energy Metals Corporation (TSXV:GEMC) is pleased to report the Company’s plans for exploration and development activities at the Millennium Cobalt Project in Mt. Isa, Australia following today’s earlier announcement of a non-brokered private placement of up to $1 million (the “Offering”). The program is anticipated to commence during the first week of November.
The net proceeds of the Offering will allow GEMC to fund the initial stages of exploration including infill and extension drilling aimed at increasing tonnage and confidence in resource categories as well as updating the current JORC resource estimate to meet both JORC 2016 and NI 43-101 reporting standards. At the completion of this initial program, with a required $500,000 spend, GEMC will earn a 25% interest in the Millennium project. As announced on September 25, 2017, GEMC has the right to earn up to 75% in the Millennium project with a total $2.5M spend on project expenditures.
Highlights of the Proposed Program Include:
- Reverse circulation drill program to upgrade resource mineralisation and test depth and lateral extensions to mineralisation,
- Mobilization of drills to site in the final quarter of 2017,
- Mapping of the 1.5 kilometre geological extension in the northern mining lease areas in anticipation of future drilling,
- Advanced environmental studies for future mine permitting,
- Updated resource estimate to CIM standards for NI 43-101 reporting requirements and to meet JORC 2016 standards.
Mitchell Smith, President and CEO commented: “We are encouraged to work with the high-calibre Hammer Metals team and move the Millennium Cobalt project to the next level. This initial program will be part of a larger aggressive work initiative that will include a targeted drill campaign, further exploration of deeper mineralization and expansion throughout the entire project. We look forward to confirming the significant potential this cobalt asset holds and fast-tracking our earn-in to the project.”
Millennium is an advanced staged cobalt project with a large defined zone of cobalt-copper mineralisation which remains open at depth and along strike. Cobalt-copper mineralisation is associated with shear zones hosted within a sequence of volcanic and sedimentary units. The 2016 JORC resource estimate completed by Hammer Metals Ltd. outlined a mineralised zone over a strike length of approximately 1.5 km. Additional mapping, soil geochemistry and rock sampling has identified an additional 1.5 km of anomalous cobalt-copper mineralisation in geological analogues that occur along a potential strike extension in the northern half of the tenement package. This area has not been tested with any drilling to date. This additional strike extent provides excellent opportunity to increase the overall resource potential of the Millennium project.
To date the project area has been tested by only 62 drill holes (percussion, RC and diamond) for a total of 7,891 metres. Most holes have been drilled within 200 metres of surface, with few holes reaching to depths greater than 250 metres below surface. At present mineralisation remains open at depth along the strike extent of the JORC resource area.
For additional information on the Millennium project please refer to press release dated September 25, 2017 and/or refer to Global Energy Metals’ website www.globalenergymetals.com.
Mr. Paul Sarjeant, P. Geo., the Company’s VP Projects and Director, is the qualified person for this release as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed and verified the technical information contained herein.
Global Energy Metals Corporation (TSXV:GEMC | FSE:5GE1)
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 and has entered into an agreement to earn-in to the Millennium Cobalt Project in Mt. Isa, Australia.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
We seek safe harbour.