Powered BY Cobalt … Driven BY Demand Global Energy Metals Files Ni 43-101 Technical Report ON the Millennium Cobalt Project Reiterating Potential to Increase Current Inferred Mineral Resource
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GLOBAL ENERGY METALS FILES NI 43-101 TECHNICAL
REPORT ON THE MILLENNIUM COBALT PROJECT
REITERATING POTENTIAL TO INCREASE CURRENT
INFERRED MINERAL RESOURCE
Vancouver, BC / TheNewswire / July 28, 2019 / Global Energy
Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1
(“Global Energy Metals”, the “Company” and/or "GEMC") is pleased
to announce that as a requirement by the TSX Venture Exchange (the
“Exchange’) for final acceptance of the acquisition of the Millennium
Cobalt Project, the Company had a technical report prepared in
accordance to CIM Definition Standards for Mineral Resources and
Mineral Reserves and entitled “NI 43-101 Technical Report Millennium
Co-Cu-Au Deposit Mount Isa, Australia”, dated February 14, 2019
(effective date January 18, 2019) (the “Millennium Technical
Report”), which has been filed with the Exchange and regulators and
is available for viewing under Global Energy Metal’s profile on SEDAR.
The Millennium Technical Report is a restate of the inferred JORC
Mineral Resource estimate for the Millennium Project originally pub-
lished by Haren Consulting for Hammer Metals Limited (“Hammer”)
and does not include data from the 1,140 meter 2018 drill program
that confirmed continuity between the previously reported high-grade
cobalt zones indicating wide zones of cobalt mineralisation near sur-
face and at depth with assay results indicating metal grades exceed-
ing prior expectations.
The author of the Millennium Technical Report, Kangari Consulting
Limited, reiterates the potential for the Project stating that there is
“potential to increase the current inferred mineral resource at the
Millennium Project by further resource definition drilling.”
“The excellent work by Kangari Consulting in updating the resource
estimate has succeeded in not only summarizing the historical work
programs but more importantly highlighting the enormous
exploration potential and scale that the Millennium Cobalt project
hosts,” comments Mitchell Smith, CEO and Director. “There is a
shortage of high-quality, scaleable cobalt projects in top-tier, pro-
mining jurisdictions and this confirms the attractive investment
opportunity Millennium presents as we continue to advance this
growth-stage cobalt project, especially in light of the positive
longterm fundamentals for battery minerals driven by global
adoption of electric vehicles.”
As stated in the report, there is potential to increase resources within
the current inferred zone by closer spaced infill drill holes identifying
high grade shoots. There is also potential at depth below the current
defined Mineral Resource to 280 metres depth.
The results of historical soil geochemistry followed up by rock chip
sampling by GEMC across the Millennium Mining Leases have identified
several promising targets that have never been drilled by previous
operators. Kangari considers there is potential to delineate further
near surface resources particularly in northern parts of ML7506 where
the critical zone of quartzitic rocks hosting the main resource have
been mapped with coincident high grade copper concentrations in
rock chip samples.
The two mineralised zones in mica schist in eastern parts of ML2762
mapped by Hammer geologists with high grade copper in rock
concentrations are in the vicinity of the Federal Copper mine. There
is gossanous material outcropping at surface in this part of the ML
that has never been trenched or drilled. This area also has the
potential to increase the ore resources at the Millennium Project.
Further diamond drilling is required for resources to be classified as
indicated or measured categories under 43-101 reporting standards.
The results of preliminary metallurgical test work are encouraging for
the Millennium Project with high recovery rates for copper, cobalt and
gold in two composite samples from the recent 2018 diamond drilling
program.
The Millennium Technical Report was written by an independent
Qualified Person as defined by National Instrument 43-101 Standards
of Disclosure. The Report is available on SEDAR under the Company’s
profile and is also available on the Company’s website.
A historical mineral resource for the Millennium deposit reported
using the Australian JORC Code by Haren in 2016 estimated an
inferred resource estimate of 3.1 Mt at 0.14% Co, 0.34% Cu and 0.12
g/t Au (using CuEq cut off of 1.0%). Kangari has not done sufficient
work to classify the historical estimate as a current mineral resource
or mineral reserve and Kangari is not treating the historical estimate
as current mineral resources or mineral reserves. The Mineral
Resource was classified as inferred by Haren (2016) on the basis of the
sample spacing and degree of continuity to mineralisation. The
sampling preparation, security and analytical procedures and QA/QC
used at the Millennium Project are consistent with generally accepted
industry best practices and are adequate for use in historical and
future ore resource estimation for this style of deposit.
Qualified Person
Mr. Paul Sarjeant, P . Geo., 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 now holds 100% of the Millennium Cobalt Project and two
neighbouring discovery stage exploration-stage cobalt assets in Mt.
Isa, Australia. It also currently owns 70% of the Werner Lake Cobalt
Mine in Ontario, Canada, has an option to acquire an 85% interest in
two cobalt exploration projects in Nevada, 150km East of the Tesla
Gigafactory.
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
Twitter: @EnergyMetals
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.