Powered BY Cobalt … Driven BY Demand Global Energy Metals Provides Partnership Update with Marquee Resources ON Past Producing North American Cobalt Project
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GLOBAL ENERGY METALS PROVIDES PARTNERSHIP UPDATE
WITH MARQUEE RESOURCES ON PAST PRODUCING NORTH
AMERICAN COBALT PROJECT
Vancouver, BC / TheNewswire / April 20, 2020 / Global Energy
Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1
(“Global Energy Metals”, the “Company” and/or "GEMC") provides
an update regarding the Company’s partnership with ASX listed peer
Marquee Resources Ltd. (“Marquee”) on the ownership of the Werner
Lake Cobalt Project ( “ W e r n e r ” a n d / o r t h e “ P r o p e r t y ” ) l o c a t e d i n
Northwestern Ontario, Canada.
On 21 February 2018, Marquee Resources and Global Energy Metals
finalised the strategic option agreement ( i n i t i a l l y a n n o u n c e d o n t h e
November 30, 2017) (the “Agreement”) which amongst other things
outlined the terms by which Marquee would earn into the Werner
Lake Project. The key terms from that agreement were that Marquee
would incur expenditures of AUD$1,000,000 to earn a 30% interest in
the Property within year one, and a further AUD$1,500,000 (for a
total of AUD$2,500,000) to earn a 70% interest in the Property on or
before year two.
Having incurred stage one expenditure commitments in excess of
AUD$1,000,000 Marquee met the requirements to earn their initial
30% interest in Werner; however , there was a shortfall in project
expenditures required for Marquee to earn its next threshold of 70% in
ownership within the designated timeframe.
The Agreement’s 24-month period for Marquee to earn a 70% in
ownership at Werner Lake has now expired. MQR and GEMC have
extensively discussed potential transactions that would allow for one
party to end up as the 100% owner of the project but at this stage
have been unable to settle on satisfactory terms for either party.
The companies have now made the mutual decision to let the
Agreement lapse as a result of current market conditions. Both
companies will continue to negotiate different ownership structures
amongst themselves as well as explore opportunities with other
parties that may wish to acquire the project in whole or part.
The current ownership of the Werner Lake Cobalt Project is Marquee
holding 30% and GEMC holding 70%. The companies will now move
towards final Joint Venture agreement terms.
Global Energy Metals’ CEO, Mitchell Smith, said:
“We value the partnership with Marquee and recognize the extensive
project expenditures they made in advancing the Werner Lake
project over the past two years. The work they completed further
confirmed the potential for significant exploration upside at the
cobalt and copper rich project having identified new targets open for
exploration. We leave the door open for further cooperation with
Marquee or other groups that see the opportunity for the
advancement of the past producing primary cobalt project.”
Marquee extensively tested the exploration potential at the Werner
Lake project over the last two years and made significant expenditure
in advancing the project to where it stands today. The work complet-
ed further confirmed the potential for significant exploration and po-
tential future production at the past producing primary cobalt
project.
Marquee’s work program of roughly AUD $2 million in project expendi-
tures over the past two years successfully achieved its objectives out-
lined below, and additionally, identified new areas of mineralisation
that open the deposit along strike and at depth. Amongst other items
the program completed the following:
• Confirmed high grade cobalt mineralisation intersected in numer-
ous drill holes during previous diamond drilling programs.
• Provided additional structural and geotechnical data for ongoing
project development studies.
• Increased pierce points within the current block model to enhance
the current mineral resource.
• Regained an understanding of the geological controls on mineralisa-
tion and advance interpretive theories from the detailed work in the
mid 1990’s.
The Phase 1 exploration campaign at Werner Lake was primarily fo-
cused on narrow spaced drilling, which has been designed to increase
the existing resource, which remains open in all directions.
Phase 2 drilling was intended to extend mineralisation beneath the
current resource area and test potential down dip and down plunge
extensions to the mineralisation at Werner Lake. In addition to this
exploration drilling, five drill holes for metallurgical purposes (452 m)
were completed to create a composite bulk sample of approximately
150 kilograms that were sent for metallurgical testing at SGS Labora-
tories Canada.
The results from the programs are significant because they have in-
tersected high-grade mineralisation within and beyond the constraints
of the current Mineral Resource model. This continues to confirm the
potential for significant exploration upside to Werner Lake’s existing
resource.
Global Energy’s focus remains to be on the advancement of its flag-
ship Millennium Cobalt-Copper-Gold project i n Q ueensland, Australia
and Nevada-based Lovelock and Treasure Box ba@ery mineral projects.
Global Energy continues to review and conduct due diligence on nu-
merous resource projects. The company has particular focus on ac-
quiring advanced battery minerall projects located in safe, top-tier
jurisdictions with an emphasis on North America and Australia. The
company will update the market should any of these opportunities
that are being review proceed to a more formal stage.
As such it is open to discuss new collaborations to see the potential
for Werner to be realized.
For more information on the Werner Lake project please click here.
Qualified Person
Mr. Paul Sarjeant, P . Geo. 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 provides investors and partners with exposure to
the immediate need for metals critical to the new energy economy by
building a diversified global portfolio of cobalt and battery metals
rich projects in top-tier mining jurisdictions with exploration &
development upside to become a supply chain solution to safe and
reliable cobalt for downstream partners. Global Energy Metals 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 and has entered into an agreement to acquire an 85% interest
in two cobalt-nickel-copper 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.