(TheNewswire)
Vancouver, BC / TheNewswire / November 5, 2018 - Global Energy Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 (“Global Energy Metals”, the “Company” and/or "GEMC") is pleased to report that the stage one expenditure commitment of $1,000,000 has been reached by Marquee Resources Limited (“Marquee”) and as such, they have now met the requirements to earn their initial 30% interest in the Werner Lake Cobalt project (“Werner Lake” or “Project”), located in Ontario, Canada.
The multi-phase Werner Lake exploration program is part of a $2.5 million commitment to advance the project and is being solely funded by Marquee for their earn-in of up to 70% interest in the Project.
Pursuant to the agreement, Marquee has given notice to GEMC of its intention to earn the 70% interest in the project by incurring the next stage of expenditure of $1,500,000 on the project.
Phase one and phase two drill programs have now been completed with a total of 18 exploration holes (4800 metres) and 5 HQ metallurgical holes (452 metres) completed at the Project. The Company expects to report the remaining results of the assays from the rest of this phase 2 drilling campaign shortly. The camp is currently being “winterised” with a view to returning to the Project in early 2019 to recommence phase 3 of the exploration program.
In addition, Marquee previously announced that it has signed an agreement with SGS Canada Inc. to conduct flotation and hydrological test work on the Werner Lake Project. The Company expects to announce the assay results from the 452m HQ diamond drill hole program shortly, before the final flotation and hydrological test work results are released early next year.
Once all assays have been received from the phase 2 exploration campaign, it is expected that an update to the current resource model will be updated with a view to be released in late 2018 or early 2019.
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 | OTCQB:GBLEF | 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:
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.
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