Vancouver, BC / TheNewswire / June 19, 2018 / Global Energy Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 ("Global Energy Metals", the "Company" and/or "GEMC") is pleased to announce analytical results from the final four core holes drilled during the Phase One drill campaign at the Millennium Cobalt project (the "Millennium") in Mt. Isa, Queensland Australia. All holes encountered sulfide mineralization with significant cobalt values. The Millennium property covers a sulfide rich mineralized zone containing cobalt, copper and gold mineralization.
The final four drill holes reported are located within the Millennium North mineralised zone that was targeted by this first phase drill campaign. The results reported continue to demonstrate excellent continuity of mineralisation within the mineralised zone. Encouragingly one of the best cobalt intersections from the project to date was intersected in the upper part of the zone.
"The drill results continue to expand the potential of the Millennium Cobalt project and demonstrate the continuity of cobalt mineralization within the area targeted. Cobalt and copper mineralization have been encountered along the entire targeted 1500 metre strike length. The zones remain open in all directions and that will be the focus of our next drill program."
Following a thorough review of all results, additional drilling on the generally higher grade southern portion of the resource will be planned. Core from this phase of drilling will also be submitted for preliminary metallurgical studies.
Commenting on the significance of the results and the efforts made by the team, Mitchell Smith, President & CEO, said:
"We are very pleased to announce these positive cobalt results and the successful completion of phase one at Millennium. The multiple high-grade and wide intercepts validate the geological model and confirm significant upside potential to grow the resource base at Millennium. We are excited to continue the rapid exploration of the northern strike extension and expansion of the Millennium project and demonstrate the strong opportunity that Millennium represents for exposure to cobalt."
"I would also like to extend a special thank you to the team in Mt. Isa under the leadership of Mark Whittle, Hammer Metal’s Exploration Manager. The efforts made have highlighted the opportunity Millennium presents as a significant cobalt asset and brings our vision that much closer to fruition."
The results continue to indicate the strength and size potential of the Millennium Cobalt deposit as shown by the following broader intervals of mineralization:
The objective of the 10-hole, 1,141 metre drilling campaign was to test the up-dip continuity at the Millennium North deposit and confirm historical estimates of cobalt mineralization reported in 2016 by operating partner Hammer Metals. Drilling results correlate well with the previous deeper drilling with the further delineation of wide zones of cobalt, copper and gold mineralisation nearer to surface. The drilling campaign is now complete. Analysis and reporting of the previous drill results can be found in news releases dated May 31, 2018, April 30, 2018 and January 17, 2018.
Rock chip sampling has also been 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 have been identified.
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.
(4) – Notes on equivalence – Equivalence calculations utilised prices as follows: Au/oz – US$ 1250, Ag/oz – US$ 17, Co/T – US$ 75,000, Cu/T – US$ 7,100. Metallurgical studies conducted to date indicate that there is a reasonable expectation that these metals can be recovered.
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 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.
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 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.
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.
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