Vancouver, BC / TheNewswire / February 1, 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 (“Hammer”), has remobilized crews and equipment to resume the first phase drill and exploration program at the Millennium Cobalt Project in Mt. Isa Queensland (“Millennium”). The current definition drill program on Millennium is part of an option agreement between GEMC and Hammer that provides Hammer with a series of work commitments for GEMC to earn a 75% interest in Millennium.
GEMC’s VP Projects, Paul Sarjeant states, "We are very pleased with Hammer’s work and the continued high-grade results achieved from the current infill drill program on Millennium. Assays continue to support the grades and widths encountered in previous drilling, further demonstrating the consistency and continuity of the high-grade cobalt mineralization contained within the resource. We are excited and look forward to Hammer completing the remaining 1300 meters of the program."
The Company plans on completing ten diamond drill holes for an estimated 1,300 meters of drilling within the existing JORC resource area. The company anticipates that this will further define and upgrade known mineralisation in support of a new resource estimate that will be reported as a cobalt equivalent (“CoEq”). The program will follow previous drill intercepts* in the northern portion of the mineralised zone completed by Hammer Metals and previous operators.
Table 1. Significant results from Millennium with peak cobalt results including 8 metres at 0.35% Co in MIRC023 and 4 metres at 0.51% Co in MIRC013
|
Hole # |
From (m) |
To (m) |
Length (m) |
Co% |
Cu% |
|
Q-090 |
124 |
130 |
6 |
0.25 |
0.62 |
|
Q-010 |
123 |
144 |
21 |
0.19 |
0.51 |
|
MIRC013 |
73 |
97 |
24 |
0.15 |
0.23 |
|
incl. |
73 |
77 |
4 |
0.51 |
0.46 |
|
MIRC014 |
149 |
161 |
12 |
0.19 |
0.57 |
|
incl. |
157 |
161 |
4 |
0.30 |
0.44 |
|
MIRC023 |
115 |
148 |
33 |
0.16 |
0.22 |
|
incl. |
128 |
136 |
8 |
0.35 |
0.08 |
*See Hammer Metals Ltd. press release dated September 14, 2016. All intercepts are down hole lengths and are not true widths. Drill holes were positioned as close to perpendicular as possible to mineralised zones. Significant results from the news release reported at a nominal 0.3% CuEq cutoff.
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.
Cobalt-copper mineralisation is associated with shear zones hosted within a sequence of volcanic and sedimentary units. 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 not- ed 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 rel- evant 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 min- eral 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.
Qualified Person
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
Email: info@globalenergymetals.com
t. + 1 (604) 688-4219 extensions 236/237
Cautionary Statement on Forward-Looking Information:
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We seek safe harbour.