Powered BY Cobalt … Driven BY Demand Global Energy Metals Completes First Earn-IN Requirements at the Millennium Cobalt Project IN Australia; Moves Forward with NEXT Phase Work Program to Earn 65% Interest
TSX.V GEMC
www.globalenergymetals.com
Suite 1501,
Sun Tower
128 West Pender St. Vancou-
ver , BC
V6B 1R8
T +1.604.688.4219
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GLOBAL ENERGY METALS COMPLETES FIRST EARN-IN
REQUIREMENTS AT THE MILLENNIUM COBALT PROJECT IN
AUSTRALIA; MOVES FORWARD WITH NEXT PHASE WORK
PROGRAM TO EARN 65% INTEREST
Vancouver, BC / TheNewswire / March 22, 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 complied with its obligations under its
agreement with Hammer Metals Limited (“Hammer”) in order to earn
a 25% interest in the Millennium Cobalt Project (“Millennium”).
Having now incurred exploration expenditures of at least $500,000
the Company has now given notice that it intends to move forward
with the next phase of its earn-in for a 65% interest in the project.
“This is yet another major milestone for Global Energy Metals in
advancing the Millennium Cobalt Project in Queensland Australia and
laying the foundation for the Company as a leading cobalt explorer
and developer in our newly established Mt. Isa Cobalt Camp. The
excellent results returned thus far have further encouraged us on the
potential for Millennium and adjacent Mt. Isa Projects as future
contributors of non-conflict sourced cobalt desperately sought after
by the downstream market including our strategic partners in Asia,”
commented Mitchell Smith, President & CEO.
In September 2017, the Company signed an agreement with Hammer
under which GEMC can acquire a 75% interest in the Millennium
Cobalt Project by completing a series of work commitments with
expenditures totalling $2,500,000 within three years.
During the first phase exploration program on Millennium, the
Company funded a ten diamond drill hole campaign for an estimated
1,300 meters of drilling within the existing JORC (2012) resource
area. Drilling completed in December i n t e r s e c t e d v e r y w i d e a n d
significant cobalt and copper grades potentially expanding the
existing JORC (2012) resource area. The company anticipates that
the results from ongoing drilling will further define and upgrade
known mineralisation in support of a new resource estimate that will
be reported as a cobalt equivalent (“CoEq”). The program follows
previous drill intercepts in the northern portion of the mineralised
zone completed by Hammer Metals and previous operators. For
additional details on the program, please refer to the Company’s
news release dated February 1, 2018.
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 b e e n t e s t e d b y 6 3 d r i l l
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.
For additional information on the Millennium project option please
refer to press release dated September 25, 2017 and/or refer to
Global Energy Metals’ website www.globalenergymetals.com.
*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:
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.
We seek safe harbour.