Powered BY Cobalt … Driven BY Demand Global Energy Metals Provides Project Details ON High-Grade Past Producing Cobalt Asset Acquisition IN the Superior Mining Jurisdiction of Nevada
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GLOBAL ENERGY METALS PROVIDES PROJECT DETAILS ON
HIGH-GRADE PAST PRODUCING COBALT ASSET
ACQUISITION IN THE SUPERIOR MINING JURISDICTION OF
NEVADA
Vancouver, BC / TheNewswire / September 12, 2018 / Global
Energy Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1
(“Global Energy Metals”, the “Company” and/or "GEMC") is pleased
to provide details on the Lovelock Cobalt Mine and Treasure Box
projects. GEMC announced yesterday that it has entered into a letter
of intent to acquire an 80% interest in the Lovelock Mine and Treasure
Box projects located in Churchill County, approximately 150
kilometres east of Sparks, Nevada. Sparks is home to the Tesla
Gigafactory that is scaling up to be the largest lithium-ion battery
factory in the world.
Figure 1. Lovelock and Treasure Box Location Map
About the Lovelock Cobalt Mine
The Property currently consists of 70 unpatented lode claims in the
Cottonwood Canyon area of the Stillwater Range totaling
approximately 1,400 acres (567 hectares). It was discovered by
George Lovelock and Charles Bell about 1880. According to U.S.
Government annual reports, the Lovelock Mine saw limited production
of nickel, copper and cobalt beginning in 1883. The primary cobalt
mineral was identified as “cobaltite”. The general average of the 200
tons shipped in 1886 averaged 14 percent cobalt and 1 2 p e r c e n t
nickel. The mine operated from 1883 to 1890 to the 100 foot level,
reporting 500 tons of cobalt and nickel mineralized material shipped
to England for processing. After intermittent production, an English
company attempted smelting on site in 1898 but little or no
production was made (Source: “Mineral Resources of the United
States for 1886). No further production from the Lovelock Mine is
known for well over a century providing GEMC an excellent
opportunity to unlock the potential value of the deposit through new
exploration work.
Figure 2. Regional Geologic Map with Location of the Lovelock and
Treasure Box Projects
Figure 3. Adit Entrances at Lovelock, a past producing Cobalt Mine in
Nevada
Geochemical Sampling
The vendor carried out two site visits to the Lovelock Mine in
November and December 2017 and collected representative grab rock
samples of historical mine waste, and various bedrock samples at the
Lovelock Mine and in the areas of other nearby historical adits. The
analytical results of several of the rock samples show strong
enrichment in cobalt, nickel and copper.
Geophysical Survey
In December 2017, an initial 4.2 kilometre (2.6 miles) reconnaissance
DC resistivity/induced polarization (“DC-IP”) survey by SJ Geophysics
of Delta, BC, consisting of stations spaced 25 to 50 metres (80-160
feet) apart on five lines was completed across the Lovelock Mine
area. This DC-IP survey is projected to have a depth of investigation
deeper than the mining to the 100-foot level reported in the 1880s.
The results of the survey not only detected the historic, near-surface
mine workings and interpreted alteration (red areas on figure), but
also show chargeability features (green areas on figure) related to
structure and possible mineralization to a depth from surface of
approximately 200 metres (656 feet).
Figure 4. 3-D Figure of the Survey Results with Proposed Drill Holes
About the Treasure Box Project
Treasure Box hosts mine workings from limited copper production,
which occurred until early into the 20th century. A historical diamond
drill hole (circa 1910) drilled at the Treasure Box by the Boyer-Nevada
Copper Company reportedly intersected 1.52% copper over 85 feet
(25.9 metres) with mineralization beginning at surface. A reverse
circulation hole drilled on the Treasure Box by Utah International in
1976 returned 1.55% copper over 40 feet (12.2 metres) from a depth
of 85 to 125 feet (25.9 to 38.1 metres), and the hole was stopped in
chalcopyrite mineralization. The core Treasure Box claims were held
continuously for over 20 years by a private company but were
relinquished in September 2017, leading to their acquisition by
Nevada Sunrise.
Geology and Mineralization of the Region
The rocks of the Lovelock Mine and Treasure Box area include highly
altered sedimentary and volcanic rocks cut by a larger mass of diorite
and by aplitic dikes, all of which are now highly altered. The altered
volcanic rocks lie in a syncline bordered on the west, north and east
by the altered sedimentary rocks. Probable faults, inferred from the
nature of the contacts, form the boundaries between the sedimentary
and volcanic rocks to the northwest.
The cobalt and nickel minerals of the Lovelock Mine and the nearby
Nickel Mine occur in stringers that cut the rock immediately
surrounding the diorite. In the case of the Lovelock Mine, the
stringers cut a highly-altered greenstone. The minerals recognized are
tetrahedrite, erythrite (cobalt bloom), azurite, and green crusts that
contain copper and nickel arsenates and sulphates. Other sources
reported the principal mineral present is cobaltite. It was postulated
by historical observers that there has been post-mineral faulting with
downthrow on the west, and that the extension of the productive
zone is west of the Lovelock Mine shaft and at greater depth than the
historical workings could reach (Source: “Nickel Deposits in
Cottonwood Canyon, Churchill County, Nevada”, H.G. Ferguson,
1939).
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.
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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.