Powered by Cobalt … Driven by Demand GLOBAL ENERGY METALS TO BEGIN METALLURGICAL TEST WORK AT THE MILLENNIUM COBALT PROJECT IN AUSTRALIA
TSX.V GEMC
www.globalenergymetals.com
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GLOBAL ENERGY METALS TO BEGIN METALLURGICAL TEST
WORK AT THE MILLENNIUM COBALT PROJECT IN
AUSTRALIA
Vancouver, BC / TheNewswire / August 20, 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 engaged ALS Metallurgy PTY Ltd. (“ALS”) of
Balcatta, WA, Australia to perform mineralogical, comminution and
metallurgical test work to evaluate the potential recovery of cobalt
and copper 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.
“Commencing the metallurgical program following the very
successful first phase confirmation drill program gives us a solid head
start on understanding the deposit's metallurgical properties and
economic potential for a future feasibility study,” said Mitchell
Smith, President and CEO of Global Energy Metals Corp. “We are
excited to be partnering with an experienced and well-seasoned team
of professionals, in ALS Metallurgy, who have a unique expertise in
cobalt deposits.”
The objectives and key deliverables of this test work on two 50kg
composite samples derived from portions of mineralised sections from
the recently drilled MIDD001 to MIDD010 holes will include the follow-
ing:
•Head assay and mineralogy with key elements being cobalt and cop-
per ,
•Optical microscopy of the two feed samples including ICP analysis
and head assay,
•Preliminary comminution parameters (Bond Rod, Ball and Abrasion
work index), and
•Cobalt and copper rougher flotation grade and recovery.
This initial test work, which is anticipated to take between 6-10
weeks to complete, is expected to lead to additional work towards
determining a potential final cobalt product at Millennium. This work
is essential as the Company progresses it’s knowledge of the project
for further technical studies.
The metallurgical work is part of a second phase work program at the
Millennium Cobalt Project following the successful phase one program
that consisted of 10-holes for 1,141 metres of drilling aimed to test
the up-dip continuity at the Millennium North deposit and confirm
historical estimates of cobalt mineralization reported in 2016 by
partner Hammer Metals. Drilling results correlated well with the
previous deeper drilling with the further delineation of wide zones of
cobalt, copper and gold mineralisation nearer to surface. Analysis
and reporting of the drill results can be found in news releases dated
June 19, 2018, May 31, 2018, April 30, 2018 and January 17, 2018.
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 Extension”) 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 Extension indicate that this area is a priority target for
further investigation.
Following the exceptional phase one results, GEMC entered into a
binding agreement announced June 26, 2018, and is acquiring from
Hammer Metals the balance of the Millennium Property and the Mt.
Isa Projects, and will now hold 100% of both the Millennium Property
and the Mt. Isa Projects in exchange for common shares of GEMC as is
equal to 19.9% of the issued share capital on the day prior to the date
on which Exchange acceptance for such issuance is sought. This
accelerated acquisition of cobalt rich assets positions GEMC as the
region’s leading cobalt explorer/developer building a district-scale
cobalt opportunity in Queensland Australia’s Mt. Isa prolific mining
jurisdiction
The company expects to complete on the transaction in the coming
weeks.
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.