Powered BY Cobalt … Driven BY Demand Global Energy Metals and Marquee Resources Team up to Accelerate Aggressive Exploration and Resource Delineation at the Werner Lake Cobalt Project IN Ontario Canada
TSX.V GEMC
www.globalenergymetals.com
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Sun Tower
128 West Pender St. Vancou-
ver , BC
V6B 1R8
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Powered by Cobalt … Driven by Demand
GLOBAL ENERGY METALS AND MARQUEE RESOURCES TEAM
UP TO ACCELERATE AGGRESSIVE EXPLORATION AND
RESOURCE DELINEATION AT THE WERNER LAKE COBALT
PROJECT IN ONTARIO CANADA
Vancouver, BC / TheNewswire / February 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 all conditions precedent have been met in the
previously announced Werner Lake transaction with Marquee
Resources Ltd. (“Marquee”).
As consideration for Marquee’s option to earn either a 30% or a 70%
interest in the Werner Lake Cobalt Project located in Kenora Mining
District, Ontario (the “Property”), Global Energy Metals has received
a cash payment totalling A$200,000 and has been granted publicly
traded shares of Marquee having an aggregate value of A$100,000.
Commenting on the transaction, GEMC President & CEO Mitchell
Smith said, "We are pleased to have Marquee’s support as a
significant partner that will aggressively advance the past producing
Werner Lake Cobalt project in Ontario. We view this transaction as a
significant milestone that provides additional investment exposure
and accelerates our ability to create value moving forward as we
continue to advance our cobalt project portfolio.”
Charles Thomas, Managing Director of Marquee commented,
“Marquee’s focus will now shift to an aggressive exploration and
further resource delineation program at the Werner Lake project.
We believe there is every opportunity to significantly increase the
resource to historically reported values and will initiate a work
campaign to do just that in the very near future.”
In order to maintain and enforce the option granted to it, and to
exercise this option, Marquee must incur expenditures of A$1,000,000
to earn a 30% interest in the Property within year one and a further
A$1,500,000 (for a total of A$2,500,000) to earn a 70% interest in the
Property on or before year two. The parties will enter into a
customary joint venture agreement once the Marquee exercises its
option to acquire either a 30% or 70% interest in the Property. In
addition, upon obtaining an encouraging Pre-feasibility study
according to a commercially reasonable standard, Marquee will p a y
GEMC A$150,000.
For full details of the Werner Lake transaction, please refer to the
Company’s news release dated November 30, 2017.
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: [email protected]
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.