GEMC.V · 2022-10-17 12:00:00

Powered BY Cobalt … Driven BY Demand Global Energy Metals Announces Results of Partner Funded Exploration Program at the Millennium Project Including Confirmation of High Cobalt and Copper Grades

Exploration Programs

TSX.V GEMC

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GLOBAL ENERGY METALS ANNOUNCES RESULTS OF PARTNER

FUNDED EXPLORATION PROGRAM AT THE MILLENNIUM PROJECT

INCLUDING CONFIRMATION OF HIGH COBALT AND COPPER

GRADES

Vancouver, BC / TheNewswire / October 17, 2022 / Global Energy Metals

CorporaQon TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 (“Global Energy

Metals” , the “Company” and/or “GEMC”), a company involved in investment

exposure to the baGery metals supply chain, is pleased to provide an

exploraNon update from its Millennium copper-cobalt-gold (Cu-Co-Au) project

(“Millennium” and/or the “Project”) located in Queensland, Australia. The

exploraNon program is being fully funded by Metal Bank Ltd. (“MBK”) as it

earns up to an 80% interest in the project through staged explora Non and

milestone share equity payments. Global Energy Metals currently holds 100%

of the Project through its wholly-owned subsidiary Element Minerals Australia

Pty Ltd and has a 31,250,000 share equity posiNon in MBK.

Highlights

•Assay results con/nue to return high cobalt grades

•First diamond drilling assays received including:

•12m @ 0.62% Cu, 0.14% Co and 0.34g/t Au from 51m (MI22DD01)

•Addi/onal RC results received including:

•3m @ 0.22% Co from 61m (MI22RC04)

•12m @ 0.53% Cu and 0.14% Co from 39m (MI22RC08 – outside

current resource)

•Scope of the Central Resource area extended approximately 120m north of

exis/ng Resource

•Electrical (IP/resis/vity) geophysics survey completed

•Resource upgrade work to commence upon receipt of ﬁnal outstanding

assay results

Mitchell Smith, CEO & Director of GEMC commented:

“The Metal Bank funded drill campaign has not only been successful in

achieving the main objec/ve of conﬁrming the extent and con/nuity of high-

grade cobalt and copper mineralisa/on at Millennium but has also extended

the limits of mineralisa/on deﬁned by the current JORC Mineral Resource

model. We look forward to con/nued drilling success by our partner and the

advancement of this important cobalt-copper project in Australia at a /me

when jurisdic/onally safe supply of cri /cal ba‘ery minerals is so highly

regarded.”

CommenQng on the results, Metal Bank’s Chair, Inés Scotland said:

“Great results. Cobalt is recognised as a cri/cal mineral for the produc/on of

renewable energy technologies and just this past week there was signiﬁcant

media coverage regarding the Quad Fund and their charter to invest in Cobalt

and Copper companies. The addi/onal near surface extensions in the Central

Area are par/cularly encouraging, and we s/ll wai/ng on the assay results of

the deeper drilling.”

Figure 1: Millennium RC drilling, Northern Area

Following resource extension and inﬁll drilling program compleNon in mid-

September, assay results have now been received for the ﬁrst of MBK’s

diamond drill (DD) holes (MI22DD01) and addiNonal reverse circulaNon (RC)

drilling (MI22RC04, MI22RC08-11) at the Southern and Central Resource

Areas of the Millennium project.

Results include:

•12m @ 0.62% Cu, 0.14% Co and 0.34g/t Au from 51m (MI22DD01)

•3m @ 0.22% Co from 61m (MI22RC04)

•12m @ 0.53% Cu and 0.14% Co from 39m (MI22RC08, outside current

resource)

•1m @ 2.19% Cu from 40m (MI22RC10, outside current resource)

These results form part of the Millennium resource update, in ﬁlling gaps,

extending mineralisaNon and resource conﬁdence, along with metallurgical

sampling acquisiNon. Of parNcular note are the strong cobalt (Co) grades

hosted in hydrothermal veins and crackle breccias. The cobalt grades reiterate

Millennium as one of Australia’s highest grade undeveloped baGery metals

projects, contained within granted mining licenses. (Figure 2).

Furthermore, results from holes MI22RC08 and MI22RC09 have extended the

scope of the Central Area resource some 120m north of the exis Nng JORC

2012 Inferred Resource of 5.9Mt @ 1.08%1 CuEq (Figure 2).

Figure 2: Copper/Cobalt project resource grades, Australia

Results for a further four diamond drill (DD) holes and seven reverse

circulaNon (RC) holes including the deep resource drilling and exploraNon and

extension work in the Northern Area are awaited.

In addiNon, a small Induced Polarisa Non/resisNvity electrical geophysical

survey (as uNlised to excellent eﬀect at Carnaby Resources and Hammer

Metals Cloncurry region projects) was also conducted. This survey aimed to

beGer delineate key structural and geological features to aid drill targe Nng

over untested parts of the project.

Table 1: Millennium drilling notable intersec/ons

Figure 3: Millennium Project area plan showing current drilling, notable new

drilling results and IP/resis/vity lines

Millennium 2022 Work Program

Results from the recently completed drilling program have been received,

including one diamond (DD) and ﬁve Reverse CirculaNon (RC) drill holes

validaNng and extending the exisNng resource (MI22RC04, MI22RC08-11). An

addiNonal four DD holes and seven RC holes were also completed as part of

the recently completed drilling program, with full assay results expected in

the next few weeks. Results are presented in Table 1 and Figure 2, with cross-

secNons in Figures 3 and 4.

SOUTHERN AREA

Hole MI22DD01 (metallurgical hole) was targeted into a resource gap.

Encouraging results of up to 12m @ 0.62% Cu, 0.14% Co and 0.34g/t Au

(Figures 3 and 4) were returned from sheeted veinlet to vein and crackle

breccias, with strong Co grades consistent with previous results for the

deposit enhanced by low-grade Cu and minor oxide Au mineralisaNon.

Figure 4: Millennium 7722700N cross-sec/on (NB: MI22RD01 DD tail to be

drilled in future)

CENTRAL AREA

Central Area drilling successfully extended mineralisaNon 120 m north of the

current resource (refer to Figures 3 and 5). Drill hole MI22RC08 collared north

of the current resource, intersected 12m @ 0.53% Cu and 0.14% Co from 39m

and drill hole MI22RC09, collared 120m north of MI22RC08 intersected 1m @

2.19% Cu from 40m. Further inﬁll and step out drilling is required in this

northern extension to enable for its inclusion in future resource esNmates.

Importantly, broad intervals of prospec Nve alteraNon and Cu-Co+/-Au

mineralisaNon (including high grade Co zones) were intersected in deeper

drilling (Figure 6) within the Central Area. Results from these holes are

awaited.

Figure 5: Millennium 7723750N cross-sec/on

Figure 6: MI22RD05, ~179.7m – high grade cobal/te-rich zone (silver speckles)

in strongly altered and deformed calcareous metasediment (HQ core)

NORTHERN AREA

Results from the copper-dominant Northern Area are awaited. The two

northernmost holes aimed at extending the Northern Area mineralisaNon a

further 200m+ north were unable to be completed due to track access issues.

Pilgrim/Fountain Range/Quamby Fault Zone

The Pilgrim/Fountain Range/Quamby Fault zone remains an important target

for addiNonal new zones of mineralisaNon, however, the relaNonship between

these structures and Cu-Co-Au mineralisaNon at Millennium remains unclear .

One scout hole drilled in this program (MI22RC18) was terminated

prematurely due to poor ground condiNons without intersecNng the target

fault zone. MBK anNcipates iniNal drill tesNng of this fault zone in 2023.

IP/RESISTIVITY GEOPHYSICAL SURVEY

Results from a ﬁve-line pole-dipole Induced PolarisaNon/resisNvity electrical

geophysical survey (as used to recent success in the area by Carnaby

Resources and Hammer Metals) have been received. The survey has been

successful in idenNfying the fault zone hosNng Cu-Co-Au mineralisaNon which

is reﬂected in the geophysical data as the contrast between areas of high

resisNvity/low chargeability (hard rocks), and low resisNvity/high chargeability

(sooer rocks). This greatly enhances MBK’s ability to directly target strike

extensions of mineralisaNon at Millennium.

Figure 7: Millennium 7722800N IP/resis/vity 2D inversion model sec/ons

showing Millennium structure, 2016 resource model and assay results.

Millennium Project

The Millennium Copper and Cobalt Project near Cloncurry in NW QLD

currently holds a JORC 2012- compliant Inferred Resource of 5.9Mt @ 1.08%

CuEq (Cu-Co-Au-Ag) across 5 granted Mining Leases with signiﬁcant potenNal

for expansion. It is located 19km from the Rocklands copper-cobalt project

with an established processing plant capable of treaNng Millennium-style ores

once recommissioned.

MBK’s 2021 drill results and other previous drilling, in conjunc Non with

signiﬁcant appreciaNon in copper and cobalt prices since maiden Resource

reporNng, provided support for an iniNal ExploraNon Target for the Project of

8 – 10Mt @ 1.0 – 1.1% CuEq.

MBK developed a three-phase work program for Millennium in 2022 seeking

to conﬁrm the ExploraNon Target for the Project, and future Resource

expansion and development potenNal. The ExploraNon Target is based on

extensions both along strike and at depth in both the Southern and Central

Area copper-cobalt-gold Resources and in the Northern Area, where shallow

copper intervals at broad spacing have been returned some 800-1000m north

of the closest Resource.

Upon receipt and assessment of all results from the current 2022 drilling

program, MBK will embark on a JORC 2012-compliant Resource update and

Scoping Study u Nlising appropriate economic parameters aimed for

compleNon late 2022.

It should be noted that the ExploraNon Target is conceptual in nature. There

has been insuﬃcient drilling at depth of the exisNng Resource and in the

Northern Area of the project and insu ﬃcient informaNon relaNng to the

Reasonable Prospects of Eventual Economic Extrac Non (RPEEE) of the

Millennium project to esNmate a Mineral Resource over the Explora Non

Target area, and it is uncertain if further study will result in the esNmaNon of a

Mineral Resource over this area. It is acknowledged that the currently

available data is insuﬃcient spaNally in terms of the density of drill holes, and

in quality, in terms of MBK’s ﬁnal audit procedures for down hole data, data

acquisiNon and processing, for the results of this analysis to be classiﬁed as a

Mineral Resource in accordance with the JORC Code.

About Metal Bank

Metal Bank Limited is an ASX-listed minerals exploraNon company (ASX: MBK)

holding a signiﬁcant portolio of advanced gold and copper explora Non

projects with substanNal growth upside, including:

•the right to earn up to 80% of the Millennium Copper & Cobalt project

which holds an inferred 2012 JORC resource of 5.9Mt @ 1.08% CuEq, across

5 granted Mining Leases with signiﬁcant potenNal for expansion;

•a 75% interest in the advanced Livingstone Gold Project in WA which holds a

JORC 2004 Inferred Resource of 49,900oz Au at the Homestead prospect, a

JORC 2012 Inferred Resource of 30,500oz6 Au at Kingsley, and an

ExploraNon Target6 of 290 – 400Kt at 1.8 – 2.0 g/t Au for 16,800 – 25,700oz

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