GEMC.V · 2022-07-07 12:00:00

Powered BY Cobalt … Driven BY Demand Global Energy Metals Provides Update ON Early Assay Results from Partner Funded Drilling at the Millennium Cobalt-Copper-GOLD Project IN Queensland, Australia

Drill Results

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GLOBAL ENERGY METALS PROVIDES UPDATE ON EARLY ASSAY

RESULTS FROM PARTNER FUNDED DRILLING AT THE MILLENNIUM

COBALT-COPPER-GOLD PROJECT IN QUEENSLAND, AUSTRALIA

Vancouver, BC / TheNewswire / July 7, 2022 / Global Energy Metals

CorporaHon TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 (“Global Energy

Metals” , the “Company” and/or “GEMC”), a company involved in investment

exposure to the ba5ery metals supply chain, is pleased to provide an

explora7on update from its Millennium Cobalt-Copper-Gold project in

Queensland, Australia (“Millennium” and/or the “Project”) following a ﬁrst

phase reverse circula7on drill program conducted and funded by joint venture

partner Metal Bank Limited (“MBK”). The phase one program consisted of

1,580 m drilled predominantly in the South and Central resource areas,

targe7ng both shallow and deep extensions to the exis 7ng mineralisa7on

along with inﬁll, and several precollars in prepara7on for diamond drilling.

Refer to news release dated June 2, 2022. MBK is earning up to an 80%

interest in the Project through staged explora7on expenditures and milestone

payments.

Highlights

•First assays returned from Phase 1 Millennium RC drilling with results in-

cluding:

•5 m @ 2.27% Cu, 0.09% Co and 0.94g/t Au (MI22RC02, 104-109 m)

•6 m @ 1.24% Cu, 0.5g/t Au (MI22RC07, 60-66 m)

•9 m @ 0.84% Cu, 0.19% Co and 0.23g/t Au (MI22RC07, 71-80 m)

•Phase 2 metallurgical sampling and deeper drilling is underway with visible

cobalt-copper minerals observed.

•Extension drilling to the north and proximal to the Pilgrim/Fountain Range

Fault Zone to follow throughout July.

CommenIng on the ﬁrst phase of MBK’s exploraIon program for 2022,

Metal Bank’s Chair, Inés Scotland said:

“We are very pleased with the copper and cobalt assay results which support

our resource extension goal at Millennium. Both cobalt and copper are key

minerals in Australia’s renewable energy future.”

Mitchell Smith, President and CEO of GEMC also commented:

“Drilling at Millennium conAnues to not only show strong grades for copper,

cobalt and gold but is also supporAng potenAal for extension to the exisAng

resource and opportunity for a more robust project than currently de ﬁned.

We’re encouraged by the progress made by our JV partners and look forward

to conAnued success as they con Anue to drill and grow this important

strategic metal project.”

Figure 1: MI22DD01 diamond drilling, Millennium Southern Area

Following drilling completed in late May, assay results have now been

received for MBK’s Phase 1 resource extension and in ﬁll program in the

Southern and Central Resource Areas at Millennium in NW QLD. These results

include:

• 5 m @ 2.27% Cu, 0.09% Co and 0.94g/t Au (MI22RC02, 104-109 m) – 30

metres North of our current resource model

• 6 m @ 1.24% Cu, 0.5g/t Au (MI22RC07, 60-66 m)

• 9 m @ 0.84% Cu, 0.19% Co and 0.23g/t Au (MI22RC07, 71-80 m)

Results from holes MI22RC02, 03, 05, and 06 provide support to the resource

model interpreta7on and indicate poten7al for deeper mineralisa7on. The

MI22RC02 intersec7on was some 30 m north outside the exis 7ng resource

model and remains open further north along strike indica 7ng poten7al for

resource extension. MI22RC07 displays mineralisa 7on shallower than

previously modelled (Figure 3).

In addi7on, encouraging observa7ons and assay results were also returned

from an RC pre-collar in the expected barren hangingwall to the west of

Millennium and towards the Pilgrim/Fountain Range Fault Zone including 12

m @ 0.26% Cu with minor cobalt and gold (MI22RD03, 136-148 m).

Millennium 2022 Work Program

Results from recent Phase 1 drilling have been received, including six RC drill

holes valida7ng and tes7ng the exis7ng resource (MI22RC02-07), one hole

tes7ng below the Federal workings (MI22RC01) and four of six RC precollars

to deeper diamond drill holes. Results are presented in Table 1 and Figure 2

with cross-sec7ons in Figures 3 and 4. Results from MI22RC04 are pending.

Table 1: Millennium Phase 1 notable intersecAons

NOTE: 0.2% Cu cut-oﬀ, 3 m maximum internal diluAon unless indicated by*.

Results >0.1% Co reported individually if Cu above cut-oﬀ is not present.

Figure 2: Millennium Project area plan showing current drilling and received

results

Figure 3: Millennium 7723300N cross-secAon (NB: MI22RD03 to be drilled)

Figure 4: Millennium 7722900N cross-secAon (NB: MI22RD06 to be drilled)

Results are in line with previous intersec7ons and add support to the resource

model interpreta7on. Importantly, the MI22RC02 intersec7on was some 30 m

north outside the previous resource model and remains open further north

along strike suppor7ng poten7al for extension to the exis7ng resource.

In addi7on, mineralisa7on noted in the hangingwall west of the main

Millennium mineralised trend returned broad encouraging results of 12 m @

0.26% Cu (MI22RD03, 136-148 m) with minor Co and Au. This supports

addi7onal mineralised structures within the granted MLs and/or a poten7al

link with the regionally signiﬁcant Pilgrim/Fountain Range Fault Zone along

the western margin of the project. Addi7onal RC drilling is planned to directly

test this regionally signiﬁcant fault system to establish its rela7onship with

Millennium mineralisa7on.

Diamond drilling is currently underway including shallow large diameter core

for metallurgical samples and in ﬁll drilling. Deeper diamond drilling for

resource inﬁll, Explora7on Target conﬁrma7on, structural, geochemical and

geometallurgical sampling will follow. Shallow drilling has iden 7ﬁed fresh

cobalt and copper sulphides in core (Figure 5) and the ﬁrst of several deeper

holes is about to commence.

Figure 5: MI22DD01, 56.4 m – cobalt (grey vein, mid led) and copper (yellow

speckles, top right) mineralisaAon as vein cobalAte and disseminated/inﬁll

chalcopyrite mineralisaAon in siliceous metasediment host, (PQ core)

The drilling program will then return to RC seeking to extend and in ﬁll the

Central Area Resource to the north and con ﬁrm economic scope for the

Northern Area. The current drilling program is expected to be completed by

mid-August. Assay results are currently experiencing signiﬁcant delays of up

to 7-8 weeks from submission.

The Millennium Project

The Millennium Copper and Cobalt Project (the “Millennium Project”) near

Cloncurry in NW QLD currently holds a JORC 2012-compliant Inferred Re -

source of 5.9 Mt @ 1.08% CuEq (Cu-Co-Au-Ag) across 5 granted Mining Leases

with signiﬁcant poten7al for expansion.

The Millennium Project is located 19 km from the Rocklands copper-cobalt

project with an established processing plant capable of trea7ng Millennium-

style mineralisa7on once recommissioned.

Recent drilling provided conﬁdence in growth upside to the exis7ng resource.

This included encouraging inﬁll/extension work in the Southern Area Resource

(MI21RC01-2) and signiﬁcantly expanding the system strike and scale into the

Northern Area (MI21RC03-07).

Following comple7on of its current drill program and receipt of analy7cal re-

sults, a review of the exis7ng resources in the Southern and Central Areas of

the Project and new zones of mineralisa7on will be undertaken. In conjunc-

7on with signiﬁcant apprecia7on in copper and cobalt prices since maiden

resource repor7ng, results from this review should provide support for an ini-

7al Explora7on Target for the Project of 8 – 10 Mt @ 1.0 – 1.1% CuEq.

This Explora7on Target is based on extensions along strike and at depth in

both the Southern and Central Area copper-cobalt-gold Resources and in the

Northern Area, where shallow copper intervals at broad spacing have been

returned some 800-1,000 m north of the closest Resource.

It should be noted that the Explora7on Target is conceptual in nature. There

has been insuﬃcient drilling at depth of the exis7ng Resource and in the

Northern Area of the project and insuﬃcient informa7on rela7ng to the Rea-

sonable Prospects of Eventual Economic Extrac7on (RPEEE) of the Millennium

project to es7mate a Mineral Resource over the Explora7on Target area, and

it is uncertain if further study will result in the es 7ma7on of a Mineral Re-

source over this area. It is acknowledged that the currently available data is

insuﬃcient spa7ally in terms of the density of drill holes, and in quality, in

terms of MBK’s ﬁnal audit procedures for down hole data, data acquisi7on

and processing, for the results of this analysis to be classiﬁed as a Mineral Re-

source in accordance with the JORC Code.

Qualiﬁed Person

Mr . Paul Sarjeant, P . Geo., is the qualiﬁed person for this release as deﬁned by

Na7onal Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Global Energy Metals Corporation

(TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1)

Global Energy Metals Corp. o ﬀers investment exposure to the growing

rechargeable bahery and electric vehicle market by building a diversi ﬁed

global poriolio of exploraAon and growth-stage bahery mineral assets.

Global Energy Metals recognizes that the prolifera Aon and growth of the

electriﬁed economy in the coming decades is underpinned by the availability

of bahery metals, including cobalt, nickel, copper, lithium and other raw

materials. To be part of the solu Aon and respond to this electri ﬁcaAon

movement, Global Energy Metals has taken a ‘consolidate, partner and invest’

approach and in doing so have assembled and are advancing a por iolio of

strategically signiﬁcant investments in bahery metal resources.

As demonstrated with the Company’s current copper, nickel and cobalt

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