Powered BY Cobalt … Driven BY Demand Global Energy Metals Commences Drill Program at the Millennium Cobalt Project to Expand Existing JORC Resource Area
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GLOBAL ENERGY METALS COMMENCES DRILL PROGRAM AT
THE MILLENNIUM COBALT PROJECT TO EXPAND EXISTING
JORC RESOURCE AREA
Vancouver, BC / TheNewswire / December 13, 2017 / Global Energy
Metals Corp. TSXV:GEMC | FSE:5GE1 (“Global Energy Metals”, the
“Company” and/or "GEMC") is pleased to announce that Australian
partner and operator , Hammer Metals, has mobilized and assembled a
reverse circulation (“RC”) drill rig at the Millennium Cobalt Project in
Mt. Isa Queensland and has commenced drilling.
The Company anticipates completing three drill holes before the end
of 2017, with the balance of the Phase 1 exploration program being
conducted in the New Year. The overall drill program will continue
the excellent work by Hammer with an aim to increase the envelope
of mineralisation within the resource area by testing depth and strike
extensions.
Figure 1. Drill Rig Working the Millennium Cobalt Project in Mt. Isa,
Australia.
Infill drilling will also be conducted to upgrade mineralisation to
higher confidence levels within the core of the resource area as the
company works towards a greater understanding of the project.
Initial drill holes will test gaps in the current drill database and look
to provide a better understanding of significant zones of
mineralisation.
Global Energy’s President and CEO, Mitchell Smith, stated:
“The Millennium Project has great potential to build off the JORC
resource delineated in 2016 by Hammer Metals and previous work has
very encouraging results on the potential scope and tonnage on the
existing land package. This drilling is a great step to advance this
cobalt project forward. Scale is critical to build economic projects
to legitimately supply the battery chain.”
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.
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.
For additional information on the Millennium project please refer to
press release dated September 25, 2017 and/or refer to Global Energy
Metals’ website www.globalenergymetals.com.
*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 categories,
it should be noted that the confidence in the estimate of JORC
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 de- fined 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 re- serves 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 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.
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: [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.
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