Vancouver, BC / TheNewswire / December 13, 2017 / Global Energy Metals Corp. TSXV:GEMC | FSE:5GE1 (“Global Energy Metals”, the “Company” and/or "GEMC") is pleased to announce that Australian partner and operator, Hammer Metals, has mobilized and assembled a reverse circulation (“RC”) drill rig at the Millennium Cobalt Project in Mt. Isa Queensland and has commenced drilling.
The Company anticipates completing three drill holes before the end of 2017, with the balance of the Phase 1 exploration program being conducted in the New Year. The overall drill program will continue the excellent work by Hammer with an aim to increase the envelope of mineralisation within the resource area by testing depth and strike extensions.
Figure 1. Drill Rig Working the Millennium Cobalt Project in Mt. Isa, Australia.
Infill drilling will also be conducted to upgrade mineralisation to higher confidence levels within the core of the resource area as the company works towards a greater understanding of the project. Initial drill holes will test gaps in the current drill database and look to provide a better understanding of significant zones of mineralisation.
Global Energy’s President and CEO, Mitchell Smith, stated:
“The Millennium Project has great potential to build off the JORC resource delineated in 2016 by Hammer Metals and previous work has very encouraging results on the potential scope and tonnage on the existing land package. This drilling is a great step to advance this cobalt project forward. Scale is critical to build economic projects to legitimately supply the battery chain.”
The Millennium Cobalt 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. Hammer Metals completed a JORC 2012 Resource estimate in late 2016 and reported 3.1 million tonnes of Inferred Resources* grading 0.14% Co, 0.34% Cu and 0.12 g/t Au (using a CuEq cut-off of 1.0%). Under Canadian reporting standards this resource is considered a “historic estimate”. 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 (“Northern Target”) of the tenement package. This area has not been tested with any drilling to date. The Northern Target 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.
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.
*This work was based on a technical report by Haren Consulting Pty Ltd., issued November 29, 2016 conforming to JORC (2012) reporting standards for resources estimates. As Hammer uses JORC categories, it should be noted that the confidence in the estimate of JORC inferred mineral resources is usually not sufficient to allow the results of the application of technical and economic parameters to be used for detailed planning. For this reason, there is no direct link from an inferred resource to inferred resource as de- fined under NI 43-101. However, the Company deems this resource still relevant because economic parameters have not changed significantly since publication date and the Company has confidence in the estimate based on review of technical data. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral re- serves and the issuer is not treating the historical estimate as current mineral resources or reserves. CuEq%= Cu% +(Co%*5.9) +(Au ppm*0.9) +(Ag ppm*0.01). Price assumptions utilised by Hammer for the JORC resource estimate and drill hole intercepts are (in USD); Au - $1,300/oz, Ag - $20/oz, Co - $27,000/t and Cu - $4,600/t.
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
#1501-128 West Pender Street
Vancouver, BC, V6B 1R8
t. + 1 (604) 688-4219 extensions 236/237
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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We seek safe harbour.