(TheNewswire)
Vancouver, BC / TheNewswire / February 5, 2018 / Global Energy Metals Corp. TSXV:GEMC | FSE:5GE1 (“Global Energy Metals”, the “Company” and/or "GEMC") is pleased to announce that President & CEO Mitchell Smith and VP Projects & Director Paul Sarjeant travel to Sydney and Perth, Australia meeting with joint venture partners and strengthening its presence with retail and institutional investors seeking exposure to a pure-play cobalt opportunity.
The Company intends to spread its message about rapidly advancing the Millennium Cobalt Project in Mt. Isa, Australia (“Millennium”) alongside partners Hammer Metals, reinforce the importance of its strategic alliance with Marquee Resources in advancing the Werner Lake Cobalt project in Canada, as well as inform existing and new potential investors about the structure of the company, the expertise of our team and the plans we have to diversify and expand in the near and medium-term.
Mitchell Smith, President & CEO of Global Energy Metals stated, "With the growing demand for cobalt and battery metals and our partnerships with Marquee and Hammer based in Australia, it is a natural fit for GEMC to reach out to investors in Australia who understand this growth trend and are looking to capitalize on the booming cobalt market. GEMC provides investors much needed exposure to a pure-play cobalt investment opportunity. We look forward to further developing our existing relationship with our JV partners and hope to strengthen our cobalt portfolio through new partnerships built from meetings during our time here.”
The roadshow will be an excellent opportunity to introduce Global Energy Metals to the broader Australian investment community as well as meet new potential partners and opening discussions with those who have been following the company and its progress in recent months.
The schedule has the GEMC executives in Sydney for meetings on the 8th & 9th of February and then in Perth from the 12th - 16th. Should a meeting be of interest, please contact the Company at info@globalenergymetals.com.
Following the investor roadshow, Paul Sarjeant will be joining the Hammer Metals team on site at the Millennium Project to oversee the drill program announced on February 1st, 2018 where previous drilling indicates that the resource remains open and is a prospective target for potential resource expansion.
The Company had excellent results from the first three holes drilled at Millennium and has since remobilized crews and equipment to resume the first phase drill and exploration program at Millennium.
Paul Sarjeant, VP Projects commented on his site visit, “I’m certainly looking forward to being back on site at Millennium while drills are turning. We believe that with the excellent previous results and with the targeted exploration program being carried out by Hammer’s geology team that the scale of this project can be grown significantly.”
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.
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.
Werner Lake Cobalt Project
The Werner Lake Cobalt Mine operated in the 1940s as a high-grade source of cobalt. Since that time, the project was taken back to mine decision by Canmine Resources. Canmine Resources completed a significant amount of work on the project including; helicopter-borne geophysics, approximately 22,860 m of diamond drilling over numerous campaigns, several resource calculation and approximately 258 m of underground ramping, drifting and raising into the West Cobalt Deposit. They also completed a 10,000 tonne bulk sample and metallurgical bench test milling and chemical analysis on the mineralised material. Canmine Resources also completed several preliminary feasibility studies and economic modeling and were in the process of completing a definitive feasibility study when they filed for bankruptcy. Additional work was completed in 2009-2010 by Puget Ventures and all this work formed the basis for the recent NI 43-101 resource report issued by GEMC (see press release September 6, 2017). A work program including diamond drilling (+3,500 m), to further upgrade resource categories and extend the mineralised envelope, as well as additional metallurgical work and underground chip sampling has been recommended. The mineralised zones remain open in all directions.
For additional information on the Millennium and Werner Lake projects please refer to to Global Energy Metals’ website www.globalenergymetals.com.
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:
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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