Powered BY Cobalt … Driven BY Demand Drilling Program at Millennium Cobalt Project Exceeds Expectations with Three New Drill Holes Released Providing Greater Confidence and Enhanced Understanding of Mineralisation Through Series of Long Intercept Cobalt Hits
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DRILLING PROGRAM AT MILLENNIUM COBALT PROJECT
EXCEEDS EXPECTATIONS WITH THREE NEW DRILL HOLES
RELEASED PROVIDING GREATER CONFIDENCE AND
ENHANCED UNDERSTANDING OF MINERALISATION
THROUGH SERIES OF LONG INTERCEPT COBALT HITS
Vancouver, BC / TheNewswire / May 31, 2018 / Global Energy
Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1
(“Global Energy Metals”, the “Company” and/or "GEMC") is pleased
to announce that assays for three additional diamond drill holes from
the Millennium Cobalt Project (“Millennium”) located in Mt. Isa,
Queensland Australia have intersected wide and high grade co-
product cobalt. The Company’s current campaign of drilling
comprises a total of 10 diamond holes and a total of six holes have
now been reported to date, all demonstrating wide and high grade co-
product cobalt.
Drilling Highlights Millennium North
•MIDD006:
o1.1 metres at 0.73% CoEq consisting of 0.619% Co,
1.100% Cu and 0.05 g/t Au from 4.5 m depth
o11.0 metres at 0.24% CoEq consisting of 0.223% Co,
0.134%Cu and 0.07 g/t Au including
▪2.0 metres at 0.68% CoEq consisting of 0.642% Co,
0.286% Cu and 0.286 g/t Au from 62.0 m depth
owithin a thick low-grade envelop of 80 metres at 0.07%
CoEq consisting of 0.058% Co and 0.072% Cu.
•MIDD005:
o3.4 metres at 0.22% CoEq consisting of 0.186% Co,
0.329% Cu and 0.05 gpt Au at 7.0 m depth
o3.0 metres at 0.20% CoEq consisting of 0.148% Co,
0.476% Cu and 0.13 p/t Au
•MIDD004:
o2.0 metres at 0.17% CoEq consisting of 0.127% Co,
0.379% Cu and 0.8 g/t Au from 89.0 meters depth.
A full list of drill results can be found in Table 1 below and a map
showing drill hole collar locations can be seen in Figure 3.
Mitchell Smith, President & CEO of Global Energy Metals,
commented on the results, “Exceeding our expectations, these
latest drill holes were designed to provide greater confidence in the
cobalt mineralisation at Millennium. In this case, grades in the new
drill holes indicate higher cobalt grades, potentially supporting the
concept of higher grades zones of both cobalt and copper
mineralisation within wide zones of mineralisation. Our next focus
will be to carry out exploration drilling on several highly prospective
and underexplored areas of the Millennium property. I am very
excited to see how these future drill results will support our
confidence in the continued cobalt mineralisation along strike at
Millennium.”
The drilling program was designed to test the up-dip continuity at the
Millennium North deposit. Drilling results correlate well with the
previous deeper drilling with the further delineation of wide zones of
cobalt and copper mineralisation. Diamond drilling has recently been
completed and the drill crews have demobilized from the project.
Geological crews are continuing work to log and sample the final four
drill holes and assays are expected in June
Detailed logging of the drill core has permitted an enhanced
understanding of the nature of the mineralisation and the geology of
the deposit. All mineralisation intercepted in the program to date is
un-oxidised primary sulphides, indicating a thin zone of oxidation to
10-15 metres depth.
Results of diamond drill holes MIDD004 and MIDD005 on section
7723535mN show good correlation with the underlying mineralised
zones historical drill holes MIRC013 and MIRC014. The drop in grades
may be a result of high grade mineralisation plunging across this
section (Figure 1).
Results in diamond drill hole MIDD006 on section 7723590mN again
show good correlation to the overall mineralised zones in historic drill
hole Q-10 and Q-11. In this case grades in the new drill holes indicate
higher cobalt grades, potentially supporting the concept of higher
grades zones of both cobalt and copper mineralisation within wide
zones of mineralisation (Figure 2). The Company eagerly awaits the
results from drill hole MIDD007, and overcut of MIDD006.
Metallurgical studies in the form of sighter flotation test work of the
sulphide mineralisation is also planned to begin in the near future.
Table 1. Recent Drill Results from the Millennium Cobalt Project, Mt
Isa, Queensland, Australia.
Millennium JV - 2018 Progressive Drilling Intersections
Hole IDDipAz
(1)TD From
(m)
To
(m)
Int
(m)
(2)
CoEq
(%)
(4)
Co
(%)
Cu
(%)
Au
(g/t)
Ag
(g/
t)
CuEq
(%)
(4)
MIDD004-4090132
12.023.011.00.050.0340.0840.043.30.49
incl16.618.01.40.070.0360.1850.248.70.77
& 20.622.01.40.150.1220.1690.0617.91.63
31.032.01.00.070.0560.1260.010.30.73
47.075.028.00.050.0330.1100.061.20.50
incl63.069.06.00.110.0650.3180.173.61.13
incl63.063.60.60.140.0800.1030.6029.21.51
incl65.066.01.00.160.1260.3030.120.81.71
72.075.03.00.040.0280.0850.060.40.42
89.0112.023.00.050.0280.1540.060.40.49
incl89.091.02.00.170.1270.3790.170.81.82
MIDD005-2090110
7.010.43.40.220.1860.3290.050.52.32
incl 7.0 8.01.00.460.4240.3940.060.34.91
34.067.033.00.070.0450.2050.120.20.75
incl35.037.02.00.110.0820.1980.200.31.18
& 42.043.01.00.090.0360.2750.480.30.93
& 52.059.47.40.130.0790.4450.160.21.38
& 57.060.03.00.200.1480.4760.130.22.12
& 64.067.03.00.090.0380.3990.270.30.96
81.094.013.00.110.0750.2660.080.51.11
incl81.082.01.00.310.2700.3520.150.33.29
& 93.094.01.00.330.2970.2990.040.33.46
MIDD006-4590155
4.5 5.61.10.730.6191.1000.050.77.67
14.015.01.00.050.0180.3270.010.30.52
42.0122.080.00.070.0580.0720.020.30.70
incl56.057.01.00.120.1150.0080.010.31.23
& 62.073.011.00.240.2230.1340.070.32.53
incl62.064.02.00.680.6420.2860.140.37.14
& 69.073.04.00.250.2310.1760.080.32.66
incl82.086.04.00.160.1510.0930.030.31.71
& 108.0115.07.00.040.0180.2040.050.90.43
MIDD007-2590
119.
6 Assays Pending
MIDD008-209093.5
*CoEq%= Co% +(Cu%*0.095) + (Au ppm*0.054). Price assumptions
utilised for drill hole intercepts are (in USD); Co - $75,000/t, Cu -
$7,100/t and Au - $1,250/oz. Diamond drill holes have been
positioned as close to perpendicular as possible to the mineralised
zones. All intercepts represent core barrel length not true width.
Samples were submitted for 4 acid digest followed by AAS assay for
gold and ICP (MS and OES) analysis for a multi-element suite
including copper, silver, cobalt and molybdenum. Industry standard
QAQC procedures were in place for the sampling program.
MIDD009-258596.7 Assays Pending
MIDD010-2090100
Notes:
(1) - Relative to UTM Grid GDA94, Zone 54
(2) - Intercepts primary derived utilising a 0.2% Cu cut-off to illustrate mineralised envelope
(2) - Intercepts are reported as downhole intercepts and are not not necessarily true width
(3) - Notes on equivalence - Equivalence calculations utilised prices as follows: Au/oz - US$1250, Ag/
oz - US$17, Co/T - US$75,000, Cu/T - US$7,100. Metallurgical studies conducted to date indicate that
there is a reasonable expectation that these metals can be recovered.
Figure 1: Cross Section 7723535mN Drill Hole MIDD004 & MIDD005
Figure 2: Cross Section 7723590mN, Drill Holes MIDD006
Figure 3: Drill Hole Location Map with Generalized Geology.
!
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.