Powered by Cobalt … Driven by Demand GLOBAL ENERGY METALS EXPANDS DRILL PROGRAM AT THE MILLENNIUM COBALT PROJECT TO SUPPORT NEW RESOURCE ESTIMATE
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GLOBAL ENERGY METALS EXPANDS DRILL PROGRAM AT
THE MILLENNIUM COBALT PROJECT TO SUPPORT NEW
RESOURCE ESTIMATE
Vancouver, BC / TheNewswire / February 1, 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 (“Hammer”), has remobilized
crews and equipment to resume the first phase drill and exploration
program at the Millennium Cobalt Project in Mt. Isa Queensland
(“Millennium”). The current definition drill program on Millennium is
part of an option agreement between GEMC and Hammer that
provides Hammer with a series of work commitments for GEMC to
earn a 75% interest in Millennium.
GEMC’s VP Projects, Paul Sarjeant states, "We are very pleased with
Hammer’s work and the continued high-grade results achieved from
the current infill drill program on Millennium. Assays continue to
support the grades and widths encountered in previous drilling, fur-
ther demonstrating the consistency and continuity of the high-grade
cobalt mineralization contained within the resource. We are excited
and look forward to Hammer completing the remaining 1300 meters
of the program."
The Company plans on completing ten diamond drill holes for an
estimated 1,300 meters of drilling within the existing JORC resource
area. The company anticipates that this will further define and
upgrade known mineralisation in support of a new resource estimate
that will be reported as a cobalt equivalent (“CoEq”). The program
will follow previous drill intercepts* in the northern portion of the
mineralised zone c o m p l e t e d b y H a m m e r M e t a l s a n d p r e v i o u s
operators.
Table 1. Significant results from Millennium with peak cobalt
results including 8 metres at 0.35% Co in MIRC023 and 4 metres at
0.51% Co in MIRC013
Hole # From
(m)
To
(m)
Length
(m)
Co% Cu%
Q-090 124 130 6 0.25 0.62
Q-010 123 144 21 0.19 0.51
MIRC013 73 97 24 0.15 0.23
* See Hammer Metals Ltd. press release dated September 14, 2016.
All intercepts are down hole lengths and are not true widths. Drill
holes were positioned as close to perpendicular as possible to
mineralised zones. Significant results from the news release
reported at a nominal 0.3% CuEq cutoff.
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.
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.
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.
incl. 73 77 4 0.51 0.46
MIRC014 149 161 12 0.19 0.57
incl. 157 161 4 0.30 0.44
MIRC023 115 148 33 0.16 0.22
incl. 128 136 8 0.35 0.08
*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 not- ed that the confidence in the estimate of JORC in-
ferred 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 rel- evant because
economic parameters have not changed significantly since publication
date and the Company has confidence in the estimate based on re-
view 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 es-
timate as current min- eral 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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that term is defined in the policies of the TSX Venture Exchange)
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