GEMC.V · 2021-09-23 12:00:00

Powered BY Cobalt … Driven BY Demand Global Energy Metals Announces Drilling Results at Millennium North Identifies Significant Shallow Oxide Copper Intercepts and Sulphides to 1.5%; Review Underway at Millennium Central and South

Drill Results

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GLOBAL ENERGY METALS ANNOUNCES DRILLING RESULTS AT

MILLENNIUM NORTH IDENTIFIES SIGNIFICANT SHALLOW OXIDE

COPPER INTERCEPTS AND SULPHIDES TO 1.5%; REVIEW

UNDERWAY AT MILLENNIUM CENTRAL AND SOUTH

Vancouver, BC / TheNewswire / September 23, 2021 / Global Energy Metals

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

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

exposure to the baGery metals supply chain, is pleased to advise that its

partner, Metal Bank Limited (“MBK”) has completed full assay results from the

iniVal RC drilling program at the Millennium copper, cobalt and gold (Cu-Co-

Au) project near Mt Isa, Queensland (‘Millennium Project’) have now been

received. This follows previous high grade Cu-Co-Au results returned from the

iniVal two holes into the Central Area (refer to news release dated September

8, 2021).

Highlights

•Drilling results received from Northern Area target at the Millennium Cu-Co-

Au Project in northwest QLD as part of MBK’s exclusive opDon to earn-in up

to 80% of the project;

•Broad copper intersecDons returned including:

•8m @ 0.76% Cu from 62m (MI21RC05)

•24m @ 0.29% Cu from 0m (MI21RC06)

•Preliminary review underway regarding current Inferred Resource of of

5.9Mt @ 1.08% CuEq1 and recent results; and

•Further work on metal zonaDon and structural relaDonships to adjacent

Pilgrim/Fountain Range Fault in Northern Extension Area in progress.

Results reported are from 5 drill holes targe Vng northern extensions

800-1000m along strike of the main Millennium Inferred Resource of 5.9Mt @

1.08% CuEq1 as deﬁned by Hammer Metals in 2016. Results include:

• 7m @ 0.30% Cu from 18m (MI21RC03)

• 8m @ 0.76% Cu from 62m (MI21RC05)

• 5m @ 0.29% Cu from 1m and 13m @ 0.32% Cu from 11m within a broader

interval of 24m @ 0.29% Cu from 0m (MI21RC06)

Results support Metal Bank’s exploraVon approach at Millennium to expand

the known mineralisaVon and jusVfy the surface soil copper anomalism within

basement rock on the eastern contact of the regional Pilgrim/Fountain Range

Fault system. Importantly, substanVal hydrothermal alteraVon is developed in

this area and may indicate proximal siVng for metal transport and/or deposi-

Von. This may open up potenVal for addiVonal resources along strike and/or

peripheral to the known resource.

CommenUng on the ﬁndings at Millennium, Mitchell Smith, GEMC President

and CEO said:

“The expansion of the Millenmium footprint to the north compliments the re-

cent ﬁndings presented to the market in early September with the results vali-

daDng our belief that there is a high potenDal to substanDally increase the Re-

source at Millennium. They also highlight the high-grade nature of the project

and the near-surface potenDal of the mineralizaDon. We believe the trends

seen from current and past exploraDon to be very promising and further sup-

port our strategy of advancing scalable high-grade ba dery metal projects

through a partnership model.”

Also commenUng on the exploraUon work, Inés Scotland, BMK Chair said:

“Our northern extension drilling has opened up scope for addiDonal resources

at Millennium North providing us with further conﬁdence in the expansion po-

tenDal of this Project over and above the expansion of the exisDng Resource.

We are now evaluaDng potenDal to update that Resource and planning fur-

ther extension test work for the exis Dng Resource area and the Northern

Area.”

The Millennium Project is an advanced exploraVon and development project

located in the Mount Isa region on northwest Queensland, 19km from the

Rocklands copper-cobalt processing facility. The Millennium Project holds a

2012 JORC-compliant Inferred Resource of 5.9MT @ 1.08% CuEq 1 across 5

granted Mining Leases with signiﬁcant potenVal for expansion, all proximal to

processing soluVons and excellent infrastructure in the Mount Isa region.

MBK has an exclusive 6 month opVon over the Millennium Project under its

agreement with Global Energy Metals and its wholly owned subsidiary, Ele -

ment Minerals Australia Pty Ltd. At the end of the op Von period, MBK will

have the right to commence a formal earn-in to earn up to an 80% interest in

the Project.

Millennium Drilling Program

The Millennium drilling program commenced 11 August 2021 in the Southern

Area (as shown in Figure 1 below), with two reverse circulaVon (RC) holes for

195m (MI21RC01-02) aimed at tesVng resource gaps and low con ﬁdence

zones as part of Resource validaVon work.

A further 5 RC holes for 478m (MI21RC03-07) were completed in the North-

ern Area (also shown in Figure 1) tesVng potenVal for mineralisaVon exten-

sions in the northern part of the Project area as indicated by previous map-

ping, geochemistry and structural interpretaVon. Refer to Table 1 and Table 2

for full drilling details.

Figure 1: Millennium Project plan view showing interpreted basement geology,

exisDng Millennium resource outline, previous and MBK drilling plus explo-

raDon targets with Northern Area RC drilling results.

Northern Area Drilling

First-pass drilling in the Northern Area for (MI21RC03-07) has been complet-

ed, tesVng anomalous surface Co-Cu geochemistry, previously mapped geo-

logical units and structures similar to mineralisaVon features in the Southern

and Central Areas. This area is approximately 800-1000m north along strike,

has had no previous drilling and does not form part of the exisVng Millennium

resource. Drilling was conducted in two fences on two lines 250m apart.

Copper oxides were observed near surface and sulphides were observed

deeper downhole, including 8m @ 0.76% Cu from 62m (MI21RC05), associat-

ed with contact zones between metasedimentary units and graphi Vc silt-

stones. Individual Cu assays peak at 1.50% from 67m depth.

While appearing restricted to the south and east, Cu mineralisa Von in the

Northern Area remains open to the west, north and at depth. The relaVonship

between this mineralisaVon and the Fountain Range / Quamby Fault warrants

further invesVgaVon. In addiVon, the eastern areas are not completely drill

tested.

Figure 2: Millennium 7724700N secDon showing previous resource drill holes,

2016 resource model, MI21RC05-7 drill holes and working preliminary inter-

pretaDon.

Review

A review of the exisVng JORC 2012 Resource is underway to assess current

scope for tonnage and grade updates, addi Vonal target areas and further

work requirements in both the Southern and Central Areas of the resource.

The Resource review will include the two holes completed by MBK in the Cen-

tral Area of the Resource and previous drilling completed by GEMC.

The two holes completed by MBK tested gaps in the exisVng resource and the

potenVal for extensions in the northern margin of the southern area of the

resource with excellent results. Several broad zones of Cu-Co mineralisaVon

were intersected2, with results including:

MI21RC01

• 17m @ 0.33% Cu, 0.08% Co and 0.12g/t Au from 56m

• 16m @ 1.07% Cu, 0.26% Co and 0.40g/t Au from 80m including a high-grade

zone of 5m @ 2.92% Cu, 0.50% Co and 1.19g/t Au from 82m (MI21RC01)

MI21RC02

• 2m @ 0.07% Cu and 0.29% Co from 41m

• 16m @ 0.34% Cu and 0.06% Co from 64m

• 3m @ 0.59% Cu and 0.14% Co from 84m

These results support the up-dip conVnuity of the Resource and potenVal

northern extension of the southern resource model, in parVcular, within the

current gap area between the southern and central resources.

In addiVon, the results have idenVﬁed that some higher-grade zones may re-

main untested within the Resource area, providing conﬁdence in the signiﬁ-

cant growth upside of the exisVng Inferred Resource located in the southern

and central areas of the Project.

Southern Area Previous Drilling

GEMC conducted a 10-hole, 1,141 metre drilling campaign on the Millennium

Project during 2017 and 2018 to test the up-dip conVnuity at the Millennium

North deposit and conﬁrm historical esVmates of cobalt mineralisaVon re-

ported in 2016 by Hammer Metals.3 GEMC were successful in both duplicat-

ing historical results, demonstraVng the conVnuity of mineralisaVon within the

mineralised zone and in determining mineralisaVon conVnues to depth4, in-

cluding 28m @0.35% Cu and 0.2% Co (MIRC026). Signi ﬁcantly, cobalt and

copper mineralisaVon was encountered along the enVre targeted 1500 metre

strike length with the zones remaining open in all direcVons.5

Prior the GEMC’s involvement, the project area had been tested by only 73

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 mineralisaVon

remains open at depth and along the strike extent of the JORC resource area.6

Further Work

Pending outcomes from the Resource review and scoping work, in light of the

encouraging copper results in the Northern Area further work is underway to

extend the basement mineralisaVon, deﬁne high grade target zones and un-

derstand mineralisaVon relaVonships with the adjacent Quamby/Pilgrim Fault

system. Work will also seek to determine the metal zonaVon aspects noted

between the Northern and Central/Southern Areas.

In addiVon, the Federal and Corella Trends require assessment for potenVal to

add addiVonal targets and resources to the project.

Table 1: Completed drill hole details

Table 2: MI21RC01-02 notable intersecDons

Hole IDEastingNorthingRL DIP MAG

AZI

AMG

AZI

Depth

(m)

MI21RC014159467722858237 -82 90 96 100

MI21RC024159397722807241 -78 82 88 95

MI21RC034163167724444248 -55 81 87 100

MI21RC044163877724453245 -55 83 89 95

MI21RC054163377724695250 -55 83 89 94

MI21RC064163887724697248 -55 83 89 100

MI21RC074164507724700250 -55 83 89 89

Hole ID From Interval (m) Cu% Co% Au g/t

MI21RC01 46 3 0.48 0.03 0.29

MI21RC01 56 17 0.33 0.08 0.12

MI21RC01 80 16 1.07 0.26 0.40

including 82 5 2.92 0.50 1.19

and 91 1 0.12 0.50 0.02

MI21RC02 41 2 0.07 0.29 0.07

MI21RC02 45 1 0.33 0.02 0.18

MI21RC02 64 16 0.34 0.06 0.06

MI21RC02 81 82 0.08 0.20 0.02

MI21RC02 84 3 0.59 0.14 0.02

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

within 24m @0.29% Cu from 0m (with 5m <0.2% Cu). Co values > 0.2% listed

outside Cu% cut-oﬀ ranges. All results reported are downhole intervals and

interpreted 70-75% true width. MI21RC01-02 results previously reported on

September 8, 2021.2

The Millennium Project

The Millennium Project is a signiﬁcant advanced copper-cobalt-gold (Cu-Co-

Au) project with a large deﬁned zone of copper-cobalt mineralisaVon that

remains open for expansion at depth and along strike. Copper-cobalt

mineralisaVon is associated with shear zones hosted within a sequence of

volcanic and sedimentary units.

The Millennium Project is strategically located on granted mining leases, less

than 20 km from the Rocklands mine site and processing facility and within

the economic and infrastructure hub of Mount Isa, Queensland.

The Mt. Isa Mineral Province is recognized as a world-class mining region,

with more than a quarter of the world’s lead and zinc reserves, 5% of the

world’s silver resources and 1.5% of the world’s copper resources.

The Project presents as an excellent opportunity to acquire a copper-cobalt

MI21RC03 18 7 0.30 <0.01 <0.01

MI21RC03 24 1 0.35 <0.01 <0.01

MI21RC03 30 1 0.21 <0.01 <0.01

MI21RC03 67 1 0.01 0.10 <0.01

MI21RC04 - - - - -

MI21RC05 20 1 0.28 <0.01 <0.01

MI21RC05 54 1 0.29 <0.01 <0.01

MI21RC05 62 8 0.76 <0.01 <0.01

including 67 1 1.50 <0.01 <0.01

MI21RC05 75 4 0.29 <0.01 <0.01

MI21RC06* 1 5 0.29 <0.01 <0.01

MI21RC06* 11 13 0.32 0.01 <0.01

MI21RC07 59 1 0.21 0.01 <0.01

Hole ID From Interval (m) Cu% Co% Au g/t

asset of signiﬁcant size with potenVal to expand mineralisaVon. Processing

soluVons and excellent infrastructure exist within the Mount Isa region of

Queensland.

Hammer Metals Ltd (ASX: HMX) (‘Hammer Metals’) announced a maiden

JORC (2012) resource in 2016 on the Millennium Project completed by Haren 1

ConsulVng, comprised of an Inferred Resource of 5.89 million tonnes @ 1.08

CuEq (using CuEq cutoﬀ of 0.7%), summarised in Table 2 below. The copper

equivalent (CuEq) calculaVon for the Resource was based solely on

commodity prices using the following prices: Cu: US$4,600/t; Co: US$27,000/

t; Au: US$1,330/oz; and Ag: US$20/oz.

Table 3: Millennium JORC (2012) Resource

1HMX ASX Announcement dated 6 December 2016 “Millennium Mineral Resource EsVmate” .

Copper equivalent (CuEq) calculaVon was based solely on commodity prices using prices as

follows: Cu: US$4,600/t; Co: US$27,000/t; Au: US$1,330/oz; and Ag: US$20/oz

2GEMC News Release dated 8 September 2021

3GEMC News Release dated 19 June 2018

4GEMC News Releases dated 17 January 2018, 30 April 2018 , 31 May 2018 and 19 June 2018

5GEMC News Release dated 19 June 2018

6GEMC News Release dated 6 September 2018

Qualiﬁed Person

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

NaVonal 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 badery and electric vehicle market by building a diversi ﬁed

global pornolio of exploraDon and growth-stage badery mineral assets.

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

electriﬁed economy in the coming decades is underpinned by the availability

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

materials. To be part of the solu Don and respond to this electri ﬁcaDon

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

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

strategically signiﬁcant investments in badery metal resources.

Cu Eq Cut-off Tonnes CuEq (%) Cu (%) Co (%) Au (ppm)

1.00% 3,070,000 1.29 0.35 0.14 0.12

0.70% 5,890,000 1.08 0.32 0.11 0.11

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