Powered by Cobalt … Driven by Demand GLOBAL ENERGY METALS COMPLETES FIVE DRILL HOLES AT THE MILLENNIUM COBALT PROJECT IN AUSTRALIA; ASSAYS PENDING
TSX.V GEMC
www.globalenergymetals.com
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GLOBAL ENERGY METALS COMPLETES FIVE DRILL HOLES
AT THE MILLENNIUM COBALT PROJECT IN AUSTRALIA;
ASSAYS PENDING
Vancouver, BC / TheNewswire / April 18, 2018 / Global Energy
Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1
(“Global Energy Metals”, the “Company” and/or "GEMC") is pleased
to announce the completion of the first five of the planned ten
diamond drill holes at the Millennium Cobalt Project (“Millennium”).
Assay results from the first three holes of the program are anticipated
to be received from the lab shortly.
Mitchell Smith, President & CEO commented, “This program
represents a game changing opportunity for the expansion of the
Millennium project as GEMC positions itself as a leading cobalt
explorer and developer in the famed Mt. Isa mining district in
Australia. We look forward to receiving and reporting the first batch
of assays and progressing the exploration campaign to test and
deliver more insight on the potential of the new zone identified to
the north of the existing deposit.”
To date five diamond holes for 500 metres have been completed as
well as 77 metres of RC drilling in a water bore that intersected the
mineralised zone. The five holes drilled are part of the exploration
program that follows previous drill intercepts in the northern portion
of the mineralised zone completed by Hammer Metals and previous
operators. For additional details on the program, please refer to the
Company’s news release dated February 1, 2018.
The current drilling is focusing on the central area of the northern
half of the mineralised zone where gaps within the JORC (2012)
resource estimate were outlined due to limited drilling. The northern
half of the mineralised zone is hosted within a 200 metre wide
sequence of quartzites and calc-silicate units within graphitic/
micaceous schists. Numerous lithological contacts and faults create
widespread brittle and ductile deformation within the zone
permitting pervasive alteration. Cobalt and copper mineralisation
occurs within moderately to steeply dipping NNE-striking tabular
shear zones within the alteration halo. Please refer to the Company’s
news release dated January 17, 2018 f o r a p a r t i a l s u m m a r y o f t h e
historic drilling from this area. The current diamond drilling is
intended to overcut historic drill holes to fill data gaps for a future
resource estimate.
Very wide and significant cobalt and copper grades intersected at
depths from drilling completed in December suggest continuity to a
potential cobalt-enriched zone that could expand the existing JORC
(2012) resource area.
As part of the first phase exploration program on Millennium, the
Company funded the execution of ten diamond drill holes for an
estimated 1,300 meters of drilling within the existing JORC (2012)
resource area. The Company has earned its initial 25% interest in
Millennium and intends to continue with the exploration program that
will earn the Company a 65% interest in the project. The company
anticipates that the results from ongoing and planned drilling will
further define and upgrade known mineralisation in support of a new
resource estimate that will be reported as a cobalt equivalent.
The exploration program is being managed by Australian based
partner Hammer Metals Limited (ASX:HMX) who are also partnered
with and operate projects for Glencore and Newmont in the Mt. Isa
region of Queensland, Australia.
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.
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.