Powered BY Cobalt … Driven BY Demand Drilling Program at Millennium Cobalt Project Successfully Hits Wide Cobalt Mineralisation IN Every Hole and Continues to Confirm the Size of the Known Mineralized Area
TSX.V GEMC
www.globalenergymetals.com
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ver , BC
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Powered by Cobalt … Driven by Demand
DRILLING PROGRAM AT MILLENNIUM COBALT PROJECT
SUCCESSFULLY HITS WIDE COBALT MINERALISATION IN
EVERY HOLE AND CONTINUES TO CONFIRM THE SIZE OF
THE KNOWN MINERALIZED AREA
Vancouver, BC / TheNewswire / April 30, 2018 / Global Energy
Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1
(“Global Energy Metals”, the “Company” and/or "GEMC") is pleased
to announce that it has received assays for three of the five holes
drilled in a highly successful phase 1 drill program at the Millennium
Cobalt Project (“Millennium”) located in Mt. Isa, Queensland
Australia. The Company’s current campaign of drilling comprises a
total of 10 diamond holes, of which the first three are reported in this
release. Drilling is ongoing, and the next assay results are expected to
be received and reported in May 2018.
These results are consistent with wide and significant cobalt and
copper grades intersected in previous drilling, including those holes
completed in December which expanded the mineralisation envelope,
aiding in increasing confidence levels of the mineralised zones within
the core of the northern zone as defined by the existing JORC (2012)
resource area.
To date all holes in the program have intersected wide and high grade
cobalt and copper material.
“The Millennium Project contains high levels of co-product cobalt-
copper and as we continue to confirm and expand the known resource
envelope, with these types of grades and widths, we are looking at a
very competitive project as a source of future supply of cobalt needs
to the battery market,” said Mitchell Smith, President and CEO.
Global Energy Metals, as announced on March 22, 2017, has a
strategic partnership with Beijing Easpring Technology Company. The
China-based cathode supplier Easpring said at a recent conference in
Shanghai that they believe demand for battery materials will be
driven by the rapid expansion of the new energy vehicles (NEVs)
sector worldwide and that they are moving further upstream to
secure supply of cobalt.
Smith continued, “Now that we have these results, which clearly
demonstrate the high potential of this project, we will assess the
data to plan the subsequent phases of drilling so that we can further
define, expand and upgrade the known cobalt mineralization in
support of a new resource estimate that we will report as cobalt
equivalent to aid investors in understanding the high quality and size
of the Millennium Deposit.”
“The results of this program both met and exceeded our initial
expectations," stated Paul Sarjeant, VP Projects & Director, adding
"We designed the program to follow previous drill intercepts in the
northern portion of the mineralised zone completed by Hammer
Metals and previous operators. We were successful in both
duplicating historical results and in determining mineralization
continues to depth. We are confident that Hammer Metals technical
crew are executing the program at the highest industry standards
and their technical knowledge and capabilities will assist in
advancing this important cobalt discovery.”
Table 1. Phase 1 Drilling Assay Results
Millennium 2018 Drilling Intersections
Hole_ID RL
(1)DipAz
(1)
TD
(m) From
(2) To IntCo (%)Cu (%) Ag
(g/t)
CoEq
(%) (4)
CuEq
(%) (4)
MIWB001237-90 0 77
2 47 450.017 0.055 0.30.023 0.246
58 77 190.076 0.276 1.10.109 1.154
incl. 60 75 15 0.086 0.334 1.20.126 1.330
incl. 63 64 1 0.127 0.216 0.30.152 1.611
& 66 72 6 0.0820.422 2.30.132 1.395
MIDD001 243-4590 121
31 115 84 0.040 0.154 0.3 0.06 0.62
incl. 39 47 80.122 0.189 0.3 0.14 1.52
Incl. 39 42 30.212 0.100 0.3 0.22 2.36
Incl. 54 58 4 0.0330.477 0.3 0.11 1.13
Incl. 55 56 1 0.0250.945 0.3 0.16 1.70
Incl. 70 76 60.1120.6530.25 0.18 1.94
Incl. 100 101 10.185 0.2910.25 0.22 2.33
23 27 40.096 0.132 4.3 0.11 1.18
Diamond drill holes MIDD001, MIDD002 and MIDD003 were drilled on
section 7,723,500N and designed to overcut historic RC holes Q008; 5
m @ 0.83% Cu, 0.20% Co and 0.3 gpt Au and Q009; 6 m @ 0.62% Cu,
0.25% Co and 0.01 gpt Au (see Hammer Metals news release dated May
4, 2016) to test continuity between Q008 and Q009 and surface and to
add more definition to the section in an attempt to upgrade
mineralisation from inferred to indicated category. Results indicate
continuity of mineralisation on this section. Please refer to Figure 1
that shows historical drill holes along with those included in this drill
program.
Hole MIWB8001 (a water bore hole) was a percussion drill hole
designed to locate water for the diamond drilling program. It was
collared just east of historic drill hole MIRC008 in the Southern Zone
and though not designed to target specific mineralisation still
returned significant cobalt and copper mineralisation over
considerable widths, including 15 metres at 0.086% Co, 0.334% Cu and
0.14 gpt Au (0.126% CoEq).
MIDD002 243-4590 34 incl. 25 26 10.317 0.206 1.2 0.34 3.57
3233.51.5 0.024 0.051 0.7 0.03 0.33
MIDD003 243-2590 102
9 47 380.051 0.159 0.3 0.07 0.73
incl. 14 21 70.1450.362 0.5 0.19 1.96
incl. 18 19 1 0.028 0.187 1.9 0.06 0.63
& 19 21 20.3310.575 0.3 0.39 4.14
34 35 10.102 0.0480.25 0.11 1.13
36 43 7 0.028 0.2030.25 0.05 0.56
Assays Pending
MIDD004 243-4090132.2
Assays PendingMIDD005 243-2090 110
MIDD006 241-4590 IP
Note:
(1) - RL Dervied from a laser scanner digitial terrain model
(2) - all measurements in metres
(3) - Intercepts primary dertived utilising a 0.2% Cu cut-off to illustrate mineralised envelope
(4) - Notes on equivalence - Equivalence calculations utilised prices as follows: Au/oz - US$1250, Ag/oz - US$17,
Co/T - US$75,000, Cu/T - US$7,100. Metallurgical studies conducted to date indicate that there is a reasonable
expectation that these metals can be recovered.
Figure 1. Millennium Drill Hole Location Map
Coordinates are quoted relative to DDA94, Zone 54.
The Millennium Cobalt Project:
Millennium is an advanced staged cobalt project with a large defined
zone of cobalt-copper mineralisation which remains open at depth
and along strike. Hammer Metals completed a JORC (2012) Resource
estimate in late 2016 and reported 3.1 million tonnes of Inferred
Resources* grading 0.14% Co, 0.34% Cu and 0.12 g/t Au (using a CuEq
cut-off of 1.0%). Under Canadian reporting standards this resource is
considered a “historic estimate”. The 2016 JORC (2012) resource
estimate completed by Hammer Metals Ltd. outlined a mineralised
zone over a strike length of approximately 1.5 km.
Cobalt-copper mineralisation is associated with shear zones hosted
within a sequence of volcanic and sedimentary units. Additional
mapping, soil geochemistry and rock sampling has identified an
additional 1.5 km of anomalous cobalt-copper mineralisation in
geological analogues that occur along a potential strike extension in
the northern half (“Northern Target”) of the tenement package. This
area has not been tested with any drilling to date. The Northern
Target provides excellent opportunity to increase the overall resource
potential of the Millennium project.
Prior to GEMC’s involvement, the area had been tested by 63 drill
holes (percussion, RC and diamond) for a total of 7,891 metres. Most
holes have been drilled within 200 metres of surface, with few holes
reaching to depths greater than 250 metres below surface. At present
mineralisation remains open at depth along the strike extent of the
JORC (2012) resource area.
*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 (2012)
categories, it should be noted that the confidence in the estimate of
JORC (2012) 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 (2102) 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.
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:
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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
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other factors, should change. For more information on Global Energy
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