(TheNewswire)
Vancouver, BC / TheNewswire / June 28, 2018 - Global Energy Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 (“Global Energy Metals”, the “Company” and/or "GEMC") is pleased to announce that partner Marquee Resources (ASX:MQR) (“Marquee”) has commenced a diamond drilling campaign at the Werner Lake Cobalt project (“Werner Lake”), located in Ontario, Canada.
Marquee Managing Director Mr Charles Thomas commented:
“This is an extremely exciting time for shareholders of both Marquee and Global Energy Metals as we now embark on the aggressive exploration program and rapidly unlock the significant potential of the Werner Lake Cobalt project and regional surrounds.”
Commenting on the start of the program, GEMC President & CEO Mitchell Smith said, "We are thrilled to have drills turning again at the past producing Werner Lake Cobalt project and look forward to a successful work campaign by our partner Marquee Resources.”
Marquee’s exploration campaign at Werner Lake is primarily focused on narrow spaced drilling, which has been designed to increase the existing Indicated Mineral Resource of 79,400 Tonnes at 0.43% Co which remains open in all directions.
Phase 1 of the drilling program will consist of approximately 2,000m of diamond drilling. Subject to expected positive results Marquee will immediately move to Phase 2 of the program which will consist of approximately 3,500m of diamond drilling. Initially, drilling will focus on the Werner Lake West area where the bulk of the NI 43-101 resource estimate has been delineated. Planned drill holes will test depth extension of the mineralised zone(s), confirm historic drill intercepts and will attempt to convert areas of Inferred mineralisation to Indicated category. Phase 2 drilling would continue to test the down dip/down plunge potential of the mineralised zone at both the Werner Lake West and the Old Mine Site areas.
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.
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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