Powered BY Cobalt … Driven BY Demand Global Energy Metals Announces Partner Funded Exploration at Millennium Exceeds $1 Million; Metal Bank to Move to Stage 2 Earn-IN BY Spending Additional $2 Million and Issue Shares to the Value of $350,000
TSX.V GEMC
www.globalenergymetals.com
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Sun Tower
128 West Pender St. Vancouver,
BC
V6B 1R8
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GLOBAL ENERGY METALS ANNOUNCES PARTNER FUNDED
EXPLORATION AT MILLENNIUM EXCEEDS $1 MILLION; METAL
BANK TO MOVE TO STAGE 2 EARN-IN BY SPENDING ADDITIONAL
$2 MILLION AND ISSUE SHARES TO THE VALUE OF $350,000
Vancouver, BC / TheNewswire / December 5, 2022 / Global Energy Metals
CorporaVon 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 provide a key
update from its Millennium copper-cobalt-gold (Cu-Co-Au) project
(“Millennium” and/or the “Project”) located in Queensland, Australia.
GEMC is pleased to announce that Metal Bank Ltd. (“MBK”), through its
wholly owned subsidiary MBK Millennium Pty Ltd (MBKM), has provided the
Company with a Stage 1 earn-in no \ce, having completed all of the
obliga\ons under the under the Millennium earn-in and joint venture
agreement (JV Agreement) with Global Energy Metals and its wholly owned
subsidiary, Element Minerals Australia Pty Ltd (EMA), including the investment
of in excess of $1 million in explora\on spend on the project. The companies
will enter Stage 2 under the agreement, which the JV Agreement will govern.
Figure 1: Millennium RC drilling, Northern Area
Highlights
•The Millennium three phase 2022 work program has been completed
•MBK’s Millennium Stage 1 Earn-in expenditure of $1M has been met
•MBK has given noLce to elect to form the Millennium Joint Venture with
MBK holding a 51% joint venture interest and GEMC holding a 49% interest
in the Project
•MBK will now move to Stage 2 of the JV to increase its joint venture interest
to 80%
•Resource upgrade work has commenced
Mitchell Smith, CEO & Director of GEMC commented:
“We are delighted to have reached this key stage in the JV agreement and for
the vote of confidence in the potenLal for this strategic project. We welcome
Metal Bank’s commitment to further advance Millennium through accelerated
exploraLon acLviLes and realize its opportunity as an asset of signi ficant
importance in filling future demand for criLcal metals, such as cobalt and
copper, at a Lme when our economy transiLons to a sustainable low carbon
and electrified world.”
CommenVng on the results, Metal Bank’s Chair, Inés Scotland said:
“MBK now holds a 51% interest in the Millennium project and its exisLng JORC
resource of 5.9MT @ 1.08% CuEq, which has been confirmed and expanded by
our 2022 exploraLon program. Millennium provides MBK with exposure to
copper and cobalt – in demand, criLcal components for the renewable energy
transiLon. With the project’s granted Mining Leases and proximity to
processing soluLons, Millennium presents a real opportunity for near-term
development.”
Figure 2: Copper/Cobalt project resource grades, Australia
The JV Agreement was entered into in December 2021. Since that \me, as
part of its Stage 1 earn-in, MBK has completed a 3 Phase explora\on program
at the Millennium copper-cobalt-gold (Cu-Co-Au) project in Queensland,
which holds an inferred 2012 JORC resource of 5.9MT @ 1.08% CuEq across 5
granted Mining Leases with significant poten\al for expansion. MBKM has
sole funded explora\on expenditure of more than $1M sa\sfying its stage 1
earn-in obliga\ons under the JV Agreement and has given no \ce to EMA
elec\ng to acquire a 51% Joint Venture Interest in the Millennium project and
assets.
In accordance with the JV Agreement, MBK will issue 10,416,667 MBK shares
to the value of AUD $350,000 to GEMC at a price of $0.0336 (being the aver-
age 5 day VWAP at the last business day prior to the date of MBKM’s no\ce),
following the Company’s Annual General Mee\ng and consolida\on of the
Company’s share capital (subject to shareholder approval at the AGM).
Following issue of these Shares, MBKM will hold a 51% Joint Venture Interest
in the Millennium project and assets and will have the sole and exclusive right
to earn an addi\onal 29% Joint Venture Interest (taking its total interest to
80%) by sole funding explora\on expenditure to the amount of $2 million.
The Millennium Project represents an excellent opportunity for MBK to ad -
vance and develop a copper-cobalt asset of significant size, close to process-
ing solu\ons and excellent infrastructure in the Mount Isa region. The cobalt
grades reiterate Millennium as one of Australia’s highest grade undeveloped
baGery metals projects, contained within granted mining licenses.
Millennium Project
The Millennium Copper and Cobalt Project near Cloncurry in NW QLD
currently holds a JORC 2012- compliant Inferred Resource of 5.9Mt @ 1.08%
CuEq (Cu-Co-Au-Ag) across 5 granted Mining Leases with significant poten\al
for expansion. It is located 19km from the Rocklands copper-cobalt project
with an established processing plant capable of trea\ng Millennium-style ores
once recommissioned.
MBK’s 2021 drill results and other previous drilling, in conjunc \on with
significant apprecia\on in copper and cobalt prices since maiden Resource
repor\ng, provided support for an ini\al Explora\on Target for the Project of
8 – 10Mt @ 1.0 – 1.1% CuEq.
MBK developed a three-phase work program for Millennium in 2022 seeking
to confirm the Explora\on Target for the Project, and future Resource
expansion and development poten\al. The Explora\on Target is based on
extensions both 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 800-1000m north
of the closest Resource.
Upon receipt and assessment of all results from the current 2022 drilling
program, MBK will embark on a JORC 2012-compliant Resource update and
Scoping Study u \lising appropriate economic parameters aimed for
comple\on late 2022.
It should be noted that the Explora\on Target is conceptual in nature. There
has been insufficient drilling at depth of the exis\ng Resource and in the
Northern Area of the project and insu fficient informa\on rela\ng to the
Reasonable Prospects of Eventual Economic Extrac \on (RPEEE) of the
Millennium project to es\mate a Mineral Resource over the Explora \on
Target area, and it is uncertain if further study will result in the es\ma\on of a
Mineral Resource over this area. It is acknowledged that the currently
available data is insufficient spa\ally in terms of the density of drill holes, and
in quality, in terms of MBK’s final audit procedures for down hole data, data
acquisi\on and processing, for the results of this analysis to be classified as a
Mineral Resource in accordance with the JORC Code.
Figure 3: Millennium Project overview showing recent drilling results
About Metal Bank
Metal Bank Limited is an ASX-listed minerals explora\on company (ASX: MBK)
holding a significant porpolio of advanced gold and copper explora \on
projects with substan\al growth upside, including:
•the right to earn up to 80% of the Millennium Copper & Cobalt project
which holds an inferred 2012 JORC resource of 5.9Mt @ 1.08% CuEq, across
5 granted Mining Leases with significant poten\al for expansion;
•a 75% interest in the advanced Livingstone Gold Project in WA which holds a
JORC 2004 Inferred Resource of 49,900oz Au at the Homestead prospect, a
JORC 2012 Inferred Resource of 30,500oz Au at Kingsley, and an Explora\on
Target of 290 – 400Kt at 1.8 – 2.0 g/t Au for 16,800 – 25,700oz Au at
Kingsley; and
•the 8 Mile, Wild Irishman and Eidsvold Gold projects in South East
Queensland where considerable work by MBK to date has drill-proven both
high grade vein-style and bulk tonnage intrusion-related Au mineralisa\on.
Metal Bank’s explora\on programs at these projects are focussed on:
•short term resource growth - advancing exis\ng projects to substan\ally
increase JORC Resources;
•iden\fying addi\onal mineralisa\on at each of its projects; and
•assessing development poten\al and including fast tracking projects
through feasibility and development to produc\on.
Metal Bank is also commiGed to a strategy of diversifica\on and growth
through iden\fica\on of new explora\on opportuni\es which complement its
exis\ng porpolio and pursuit of other opportuni \es to diversify the
Company’s assets through acquisi\on of advanced projects or cash- flow
genera\ng assets to assist with funding of the explora\on porpolio.
Qualified Person
Mr . Paul Sarjeant, P . Geo., is the qualified person for this release as defined by
Na\onal Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Global Energy Metals CorporaVon
(TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1)
Global Energy Metals Corp. o ffers investment exposure to the growing
rechargeable baeery and electric vehicle market by building a diversi fied
global porfolio of exploraLon and growth-stage baeery mineral assets.
Global Energy Metals recognizes that the prolifera Lon and growth of the
electrified economy in the coming decades is underpinned by the availability
of baeery metals, including cobalt, nickel, copper, lithium and other raw
materials. To be part of the solu Lon and respond to this electri ficaLon
movement, Global Energy Metals has taken a ‘consolidate, partner and invest’
approach and in doing so have assembled and are advancing a por folio of
strategically significant investments in baeery metal resources.
As demonstrated with the Company’s current copper, nickel and cobalt
projects in Canada, Australia, Norway and the United States, GEMC is
invesLng-in, exploring and developing prospec Lve, scaleable assets in
established mining and processing jurisdicLons in close proximity to end-use
markets. Global Energy Metals is targeLng projects with low logisLcs and
processing risks, so that they can be fast tracked to enter the supply chain in
this cycle. The Company is also collabora Lng with industry peers to
strengthen its exposure to these cri Lcal commodiLes and the associated
technologies required for a cleaner future.
Securing exposure to these criLcal minerals powering the eMobility revoluLon
is a generaLonal investment opportunity. Global Energy Metals believes Now
is the Time to be part of this electrificaLon movement.
For Further InformaVon:
Global Energy Metals Corpora\on
#1501-128 West Pender Street
Vancouver, BC, V6B 1R8
Email: [email protected]
t. + 1 (604) 688-4219
www.globalenergymetals.com
TwiGer: @EnergyMetals | @USBaGeryMetals | @ElementMinerals
CauVonary Statement on Forward-Looking InformaVon:
Certain informaLon in this release may consLtute forward-looking statements
under applicable securiLes laws and necessarily involve risks associated with
regulatory approvals and Lmelines. Although Global Energy Metals believes
the expectaLons expressed in such forward-looking statements are based on
reasonable assumpLons, 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 obliga Lon to update these forward-looking
statements in the event that management’s beliefs, esLmates or opinions, or
other factors, should change.
GEMC’s operaLons could be significantly adversely affected by the effects of a
widespread global outbreak of a contagious disease, including the recent
outbreak of illness caused by COVID-19. It is not possible to accurately predict
the impact COVID-19 will have on operaLons and the ability of others to meet
their obligaLons, including uncertainLes relaLng to the ulLmate geographic
spread of the virus, the severity of the disease, the duraLon of the outbreak,
and the length of travel and quaranLne restricLons imposed by governments
of affected countries. In addiLon, a significant outbreak of contagious diseases
in the human populaLon could result in a widespread health crisis that could
adversely affect the economies and financial markets of many countries,
resulLng in an economic downturn that could further affect operaLons and
the ability to finance its operaLons.
For more informaLon 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 RegulaLon 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.
We seek safe harbour.