Powered BY Cobalt … Driven BY Demand Global Energy Metals Provides Update ON Millennium Cobalt Project Highlighting Its Strength and Size Potential; Prepares FOR Second Phase Resource Expansion Program
TSX.V GEMC
www.globalenergymetals.com
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Sun Tower
128 West Pender St. Vancou-
ver , BC
V6B 1R8
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Powered by Cobalt … Driven by Demand
GLOBAL ENERGY METALS PROVIDES UPDATE ON
MILLENNIUM COBALT PROJECT HIGHLIGHTING ITS
STRENGTH AND SIZE POTENTIAL; PREPARES FOR SECOND
PHASE RESOURCE EXPANSION PROGRAM
Vancouver, BC / TheNewswire / September 6, 2018 / Global Energy
Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1
(“Global Energy Metals”, the “Company” and/or "GEMC") is pleased
to provide an update on the Millennium Cobalt project (“Millennium”
and/or the “Project”) located in Mount Isa, Queensland Australia.
Over the summer, GEMC completed the phase one program at
Millennium with a primary focus on infill confirmation drilling to
support ongoing resource development. Drill results exceeded
expectations and successfully discovered several new mineralised
zones. Given the success of this initial program, the Company has
approved and commenced the outright acquistion of the project from
partner Hammer Metals as announced on June 26, 2018 . This
accelerated acquisition of cobalt rich assets in a safe, pro-mining
jurisdiction positions GEMC as the region’s leading cobalt explorer/
developer building a district-scale cobalt opportunity in Queensland
Australia’s prolific Mount Isa mining district.
The company is in the process of finalizing the Definitive Agreement
and expects to complete on the transaction in the very near future.
A second phase drill program is now being planned and will focus on
expanding resources and testing prospective targets located on the
project’s known 3 km long mineralised zone.
“Results from exploration at Millennium during the first half of 2018
have demonstrated both the quality of the known resource and the
strong potential for a significant increase in tonnage,” said Mitchell
Smith, President and CEO of Global Energy Metals Corp.
“The new infill drill holes have demonstrated continuity between the
previously reported high-grade cobalt zones with wide zones of
cobalt mineralisation near surface and at depth with assay results
indicating metal grades exceeding prior expectations. We look
forward to completing the 100 percent acquisition along with
continued exploration success during the program’s second phase
aimed at expanding the resource through the identification of newly
discovered mineralized zones.”
To initiate the second phase program at the Project, the Company
recently engaged ALS Metallurgy PTY Ltd. (“ALS”) of Balcatta, WA,
Australia to perform mineralogical, comminution and metallurgical
test work t o e v a l u a t e t h e p o t e n t i a l r e c o v e r y o f c o b a l t a n d c o p p e r
derived from 1/4 portions of NQ mineralized drill core samples
collected from recent drilling at the Millennium Cobalt project
located in Mt. Isa, Queensland Australia.
Testing by ALS will be used to support and provide further detail on
previously conducted preliminary hydrometallurgical studies that
demonstrated the potential for the recovery of saleable cobalt and
copper concentrates.
Select highlights are included below and in the Company’s materials
available on its website at www.globalenergymetals.com. Please see
“Cautionary Statements” for additional information regarding drill
results. For a complete table of all drill results at Millennium, please
refer to the drill results found in news releases dated June 19, 2018,
May 31, 2018, April 30, 2018 and January 17, 2018.
Highlights
The first phase of the 2018 drill program completed ahead of
schedule and under budget – Since commencing in December 2017,
the Company drilled 10 holes and over 1140 metres.
Results from Millennium’s drilling program received through early July
along with the upcoming second phase are expected to support an
updated resource model conforming to NI 43-101 standards, expected
following the phase two program.
Two zones were tested during the First Phase exploration program –
Millenniun North Zone and the Millennium South Zone. Results from
both zones exceeded grade and thickness expectations.
Drilling confirms continuity and suggests greater mineralized
thicknesses at Millennium South Zone – Prior to the drilling, the
modeling was based on limited drill data and depicted zones of
mineralization in the Millennium North Zone. However, infill drilling
now demonstrates these zones may be part of a thicker , more
continuous zone of mineralisation dthat indicates the potential
strength and size potential of the Millennium Cobalt deposit.
Significant intercepts from Reverse Circulation drilling in the
Millennium South Zone include:
MIRC026:
•28 metres at 0.20% Co and 0.35% Cu from 104 metres,
including 17 metres at 0.26% Co from 115 metres with peak
values over a one metre interval of 1.11% Co, 3.8% Cu and
1.42g/t Au.
MIRC025:
•12 metres at 0.23% Co and 0.27% Cu from 127 metres with
peak values over a one metre interval of 0.67% Co, 0.69% Cu
and 0.24g/t Au and,
•13 metres at 0.10% Co, 0.33% Cu and 0.17g/t Au from 91
metres in MIRC025 with peak values over a one metre interval
of 0.48% Co, 1.27% Cu and 0.74g/t Au.
Significant Diamond Drilling intercepts in the Millennium North
Zone include:
MIDD003:
•7 metres at 0.15% Co, 0.36% Cu and 0.12g/t Au from 14 metres
and
•2 metres at 0.33% Co, 0.57% Cu and 0.11g/t Au from 19
metres,.
MIDD006:
•2 metres at 0.64% Co, 0.29% Cu and 0.14g/t Au from 62 metres
and,
•4 metres at 0.23% Co and 0.18% Cu from 69 metres. This is
within a thick low-grade envelope of 80 metres at 578ppm Co
from 42 metres
MIDD009:
•7 metres at 0.11% Co and 0.15% Cu from 24 metres and,
•2 metres at 0.29% Co, 0.67% Cu and 0.24g/t Au from 70
metres.
MIDD010
•15 metres at 0.22% Co, 0.21% Cu and 0.18g/t Au from 40
metres within a mineralised envelope of 41 metres at 0.18%
Co, 0.11g/t Au and 0.23% Cu from 14m. This zone includes a
one metre interval of 1.85% Co (40- 41m).
Rock chip sampling was also conducted to test for additional zones of
cobalt and copper mineralisation along the Millennium trend and in
particular the northern strike extension (“Northern Discovery Zone”)
where similar host rock units and strong soil geochemical anomalies
are located. This zone is located approximately 1 kilometre north of
the current Millennium resource as defined. Results indicate high
priority targets for further work to expand the known resource area.
The presence of anomalous cobalt and copper in rock chip samples
and analogous geology between the Millennium resource area and the
Northern Discovery Extension indicate that this area is a priority
target for further investigation.
The Millennium Cobalt Project:
Millennium is a growth stage exploration 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:
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.