Powered BY Cobalt … Driven BY Demand Global Energy Metals Successfully Completes Technical Due Diligence ON the Millennium Cobalt Project; Moves Forward with Definitive Agreement
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GLOBAL ENERGY METALS SUCCESSFULLY COMPLETES
TECHNICAL DUE DILIGENCE ON THE MILLENNIUM COBALT
PROJECT; MOVES FORWARD WITH DEFINITIVE AGREEMENT
VANCOUVER, BC / TNW-ACCESSWIRE / JUNE 8, 2017 / GLOBAL
ENERGY METALS CORP. TSXV:GEMC (“Global Energy Metals”, the
“Company” and/or "GEMC") is pleased to announce that it has
successfully completed its technical due diligence and site visit on the
Millennium Cobalt project ("Millennium" and/or the "Project") located
in Mount Isa, Queensland. As outlined in the May 1, 2017 news
release, Global Energy Metals has the exclusive right to earn from
Hammer Metals Ltd. ("Hammer") up to a 75% interest in Millennium, a
significant Australian based cobalt-copper deposit with significant
near term and resource upside potential.
Both parties are now moving to complete a definitive agreement that
will outline the final terms for the transaction and partnership to
advance the Project.
Based on the findings from the visit and meetings with Hammer's
senior management and technical team, Millennium could become a
very significant regional opportunity for Global Energy Metals.
Hammer Metals Limited (Hammer) (ASX: HMX) completed a Mineral
Resource Estimate for Millennium in accordance with the guidelines of
the JORC Code (2012 Edition) as disclosed in their press release dated
December 6, 2016.
The Mineral Resource, completed by Haren Consulting Pty Ltd., was
based on a series of 23 RC holes drilled by Hammer Metals following
its acquisition of the tenements in May 2016 and 17 RC holes drilled
by the previous operator in 2013-2014. GEMC will work with Haren
Consulting to re-calculate the resource on a cobalt equivalent basis
for future reporting.
Table 1. Historical* (JORC 2012) Millennium November 2016 Mineral
Resource - Inferred
Cu-Eq
Cut Off Tonnes Cu Eq
(%)
Co
(%)
Cu
(%)
Au
(ppm)
1.0% 3,070,000 1.29 0.14 0.35 0.12
*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 noted that the
confidence in the estimate of JORC inferred 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 defined under NI 43-101.
However, the Company deems this resource still relevant because economic
parameters have not changed significantly since publication date and the Company
has confidence in the estimate based on review of technical data. A qualified
person has not done sufficient work to classify the historical estimate as current
mineral resources or mineral reserves and the issuer is not treating the historical
estimate as current mineral 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.
Hammer's technical team accompanied the GEMC team, consisting of
Paul Sarjeant, VP Projects and Ian Spence, Australian Acquisitions
Lead, to the site and inspected historic drill hole collars and historic
mining shafts. Additionally, the team reviewed extensive resource
drilling data and historic work to understand future work
requirements for the project.
Paul Sarjeant, VP Projects said the following regarding the
successful site visit:
"This trip confirmed that quality exploration work has recently been
undertaken at Millennium by Hammer's highly qualified technical
personnel. This visit strengthened our view that Millennium is an
advanced cobalt project with significant potential and further upside
in extending the known mineralized structure through exploration
work. All these opportunities will need to be investigated once we
hit the ground. The Hammer team is second to none when it comes
to their technical abilities, we look forward to working with them
closely on the development of Millennium."
In 2015, Newmont Mining Corporation, one of the world’s largest gold
producers signed a joint venture agreement through its subsidiary
Newmont Exploration Pty Ltd. ("Newmont") with Hammer to unlock
the considerable under-explored mineral potential in this region. In
agreeing to this joint venture Newmont recognized Hammer’s
demonstrated on-ground experience and skills and supports the
strategy and approach of Hammer’s exploration, with Hammer’s team
continuing to operate and manage the activities of the joint venture.
To further emphasize the credibility and strong exploration expertise
of Hammer's team, the company was named the Queensland Explorer
of the Year, at the 2015 Mining Resources Convention, specifically for
its exploration activities in Mount Isa.
In addition to the site visit, Mitchell Smith, GEMC President & CEO,
joined Mr. Sarjeant in Australia for meetings with other cobalt project
owners to discuss further acquisition and partnership opportunities.
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)
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.
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.