(TheNewswire)
Vancouver, BC / TheNewswire / April 18, 2018 / Global Energy Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 (“Global Energy Metals”, the “Company” and/or "GEMC") is pleased to announce the completion of the first five of the planned ten diamond drill holes at the Millennium Cobalt Project (“Millennium”). Assay results from the first three holes of the program are anticipated to be received from the lab shortly.
Mitchell Smith, President & CEO commented, “This program represents a game changing opportunity for the expansion of the Millennium project as GEMC positions itself as a leading cobalt explorer and developer in the famed Mt. Isa mining district in Australia. We look forward to receiving and reporting the first batch of assays and progressing the exploration campaign to test and deliver more insight on the potential of the new zone identified to the north of the existing deposit.”
To date five diamond holes for 500 metres have been completed as well as 77 metres of RC drilling in a water bore that intersected the mineralised zone. The five holes drilled are part of the exploration program that follows previous drill intercepts in the northern portion of the mineralised zone completed by Hammer Metals and previous operators. For additional details on the program, please refer to the Company’s news release dated February 1, 2018.
The current drilling is focusing on the central area of the northern half of the mineralised zone where gaps within the JORC (2012) resource estimate were outlined due to limited drilling. The northern half of the mineralised zone is hosted within a 200 metre wide sequence of quartzites and calc-silicate units within graphitic/micaceous schists. Numerous lithological contacts and faults create widespread brittle and ductile deformation within the zone permitting pervasive alteration. Cobalt and copper mineralisation occurs within moderately to steeply dipping NNE-striking tabular shear zones within the alteration halo. Please refer to the Company’s news release dated January 17, 2018 for a partial summary of the historic drilling from this area. The current diamond drilling is intended to overcut historic drill holes to fill data gaps for a future resource estimate.
Very wide and significant cobalt and copper grades intersected at depths from drilling completed in December suggest continuity to a potential cobalt-enriched zone that could expand the existing JORC (2012) resource area.
As part of the first phase exploration program on Millennium, the Company funded the execution of ten diamond drill holes for an estimated 1,300 meters of drilling within the existing JORC (2012) resource area. The Company has earned its initial 25% interest in Millennium and intends to continue with the exploration program that will earn the Company a 65% interest in the project. The company anticipates that the results from ongoing and planned drilling will further define and upgrade known mineralisation in support of a new resource estimate that will be reported as a cobalt equivalent.
The exploration program is being managed by Australian based partner Hammer Metals Limited (ASX:HMX) who are also partnered with and operate projects for Glencore and Newmont in the Mt. Isa region of Queensland, Australia.
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 (2012) 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.
Prior to GEMC’s involvement, the area had been tested by 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 (2012) resource area.
*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 (2012) categories, it should be noted that the confidence in the estimate of JORC (2012) 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 defined 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 reserves 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 (2102) 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 | 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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