Global Energy Metals Successfully Completes Technical Due Diligence on the Millennium Cobalt Project; Moves Forward with Definitive Agreement
VANCOUVER, JUNE 8, 2017 / Global Energy Metals Corp. TSXV:GEMC ("Global Energy Metals", the "Company" and/or "GEMC") is pleased to announce that it has successfully completed its technical due diligence and site visit on the Millennium Cobalt project ("Millennium" and/or the "Project") located in Mount Isa, Queensland. As outlined in the May 1, 2017 news release, Global Energy Metals has the exclusive right to earn from Hammer Metals Ltd. ("Hammer") up to a 75% interest in Millennium, a significant Australian based cobalt-copper deposit with significant near term and resource upside potential. Both parties are now moving to complete a definitive agreement that will outline the final terms for the transaction and partnership to advance the Project.
Based on the findings from the visit and meetings with Hammer's senior management and technical team, Millennium could become a very significant regional opportunity for Global Energy Metals.
Hammer Metals Ltd. (Hammer) (ASX: HMX) completed a Mineral Resource Estimate for Millennium in accordance with the guidelines of the JORC Code (2012 Edition) as disclosed in their press release dated December 6, 2016.
The Mineral Resource, completed by Haren Consulting Pty Ltd., was based on a series of 23 RC holes drilled by Hammer Metals following its acquisition of the tenements in May 2016 and 17 RC holes drilled by the previous operator in 2013-2014. GEMC will work with Haren Consulting to re-calculate the resource on a cobalt equivalent basis for future reporting.
Table 1. Historical* (JORC 2012) Millennium November 2016 Mineral Resource - Inferred
| Cu-Eq Cut Off | Tonnes | Cu Eq (%) | Co (%) | Cu (%) | Au (ppm) |
| 1.0% | 3,070,000 | 1.29 | 0.14 | 0.35 | 0.12 |
*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 categories, it should be noted that the confidence in the estimate of JORC 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 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.
Hammer's technical team accompanied the GEMC team, consisting of Paul Sarjeant, VP Projects and Ian Spence, Australian Acquisitions Lead, to the site and inspected historic drill hole collars and historic mining shafts. Additionally, the team reviewed extensive resource drilling data and historic work to understand future work requirements for the project.
Paul Sarjeant, VP Projects said the following regarding the successful site visit:
"This trip confirmed that quality exploration work has recently been undertaken at Millennium by Hammer's highly qualified technical personnel. This visit strengthened our view that Millennium is an advanced cobalt project with significant potential and further upside in extending the known mineralized structure through exploration work. All these opportunities will need to be investigated once we hit the ground. The Hammer team is second to none when it comes to their technical abilities, we look forward to working with them closely on the development of Millennium."
In 2015, Newmont Mining Corp., one of the world's largest gold producers signed a joint venture agreement through its subsidiary Newmont Exploration Pty Ltd. ("Newmont") with Hammer to unlock the considerable under-explored mineral potential in this region. In agreeing to this joint venture Newmont recognized Hammer's demonstrated on-ground experience and skills and supports the strategy and approach of Hammer's exploration, with Hammer's team continuing to operate and manage the activities of the joint venture. To further emphasize the credibility and strong exploration expertise of Hammer's team, the company was named the Queensland Explorer of the Year, at the 2015 Mining Resources Convention, specifically for its exploration activities in Mount Isa.
In addition to the site visit, Mitchell Smith, GEMC President & CEO, joined Mr. Sarjeant in Australia for meetings with other cobalt project owners to discuss further acquisition and partnership opportunities.
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 Corp. (TSXV:GEMC)
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.
For Further Information:
#1501-128 West Pender Street
Vancouver, BC, V6B 1R8
Email: info@globalenergymetals.com
t. + 1 (604) 688-4219 extensions 236/237
Twitter: @EnergyMetals
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.
Copyright (c) 2017 TheNewswire - All rights reserved.