Vancouver, BC / TheNewswire / November 15, 2017 / Global Energy Metals Corp. TSXV:GEMC | FSE:5GE1 (“Global Energy Metals”, the “Company” and/or "GEMC") is pleased to announce that Australian operating partner, Hammer Metals, has mobilized crews and earthmoving equipment to the Millennium Cobalt Project located in Mt. Isa, Queensland to prepare for the initial work program.
Over the past several weeks, the joint technical team lead by Hammer has planned a focused initial drill program at Millennium. A recent visit by the technical team to the Millennium property resulted in a detailed survey and the targeting of several drill locations in order to provide further definition of the advanced cobalt-copper project.
Paul Sarjeant, GEMC VP Projects noted: “We believe a successful drill campaign on the Millennium Cobalt project will confirm that the Mt. Isa area has the potential to evolve into a new cobalt camp, and build significant shareholder value for GEMC as one of the only groups focused on the region. We look forward to the results of this drilling with great anticipation.”
Earlier this week, crews returned to the property, and began clearing drill pads for the commencement of the drill program which is planned to begin following the mobilization of a drill rig to site.
Figure 1. Drill rig operated by Hammer Metals that will be mobilized to site upon completion of the clearing of the drill pads.
The Company anticipates completing a series of holes that will complement a larger program including definition 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 previously announced, GEMC has the right to earn up to 75% in the Millennium project with a total $2.5M spend on project expenditures.
The Millennium Cobalt Project:
Millennium is an advanced staged cobalt project with a large defined zone of cobalt-copper mineralisation that 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 and geochemical work has identified promising mineral occurrences suggesting a possible strike extension of mineralization over a 1.5km zone in the northern half of the Millennium tenement package. This area has not been tested with any drilling to date. This additional zone provides excellent opportunity to increase the overall resource potential of the Millennium project.
To date the project area has been tested by only 63 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.
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.
For Further Information:
Global Energy Metals Corporation
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We seek safe harbour.