Global Energy Metals Files NI 43-101 Technical Report on the Millennium Cobalt Project Reiterating Potential to Increase Current Inferred Mineral Resource
Vancouver, BC - TheNewswire - June 28, 2019 - Global Energy Metals Corp. TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 ("Global Energy Metals", the "Company" and/or "GEMC") is pleased to announce that as a requirement by the TSX Venture Exchange (the "Exchange') for final acceptance of the acquisition of the Millennium Cobalt Project, the Company had a technical report prepared in accordance to CIM Definition Standards for Mineral Resources and Mineral Reserves and entitled "NI 43-101 Technical Report Millennium Co-Cu-Au Deposit Mount Isa, Australia", dated February 14, 2019 (effective date January 18, 2019) (the "Millennium Technical Report"), which has been filed with the Exchange and regulators and is available for viewing under Global Energy Metal's profile on SEDAR.
The Millennium Technical Report is a restate of the inferred JORC Mineral Resource estimate for the Millennium Project originally published by Haren Consulting for Hammer Metals Limited ("Hammer") and does not include data from the 1,140 meter 2018 drill program that confirmed continuity between the previously reported high-grade cobalt zones indicating wide zones of cobalt mineralisation near surface and at depth with assay results indicating metal grades exceeding prior expectations.
The author of the Millennium Technical Report, Kangari Consulting Limited, reiterates the potential for the Project stating that there is "potential to increase the current inferred mineral resource at the Millennium Project by further resource definition drilling."
"The excellent work by Kangari Consulting in updating the resource estimate has succeeded in not only summarizing the historical work programs but more importantly highlighting the enormous exploration potential and scale that the Millennium Cobalt project hosts," comments Mitchell Smith, CEO and Director. "There is a shortage of high-quality, scaleable cobalt projects in top-tier, pro-mining jurisdictions and this confirms the attractive investment opportunity Millennium presents as we continue to advance this growth-stage cobalt project, especially in light of the positive longterm fundamentals for battery minerals driven by global adoption of electric vehicles."
As stated in the report, there is potential to increase resources within the current inferred zone by closer spaced infill drill holes identifying high grade shoots. There is also potential at depth below the current defined Mineral Resource to 280 metres depth.
The results of historical soil geochemistry followed up by rock chip sampling by GEMC across the Millennium Mining Leases have identified several promising targets that have never been drilled by previous operators. Kangari considers there is potential to delineate further near surface resources particularly in northern parts of ML7506 where the critical zone of quartzitic rocks hosting the main resource have been mapped with coincident high grade copper concentrations in rock chip samples.
The two mineralised zones in mica schist in eastern parts of ML2762 mapped by Hammer geologists with high grade copper in rock concentrations are in the vicinity of the Federal Copper mine. There is gossanous material outcropping at surface in this part of the ML that has never been trenched or drilled. This area also has the potential to increase the ore resources at the Millennium Project.
Further diamond drilling is required for resources to be classified as indicated or measured categories under 43-101 reporting standards.
The results of preliminary metallurgical test work are encouraging for the Millennium Project with high recovery rates for copper, cobalt and gold in two composite samples from the recent 2018 diamond drilling program.
The Millennium Technical Report was written by an independent Qualified Person as defined by National Instrument 43-101 Standards of Disclosure. The Report is available on SEDAR under the Company's profile and is also available on the Company's website.
A historical mineral resource for the Millennium deposit reported using the Australian JORC Code by Haren in 2016 estimated an inferred resource estimate of 3.1 Mt at 0.14% Co, 0.34% Cu and 0.12 g/t Au (using CuEq cut off of 1.0%). Kangari has not done sufficient work to classify the historical estimate as a current mineral resource or mineral reserve and Kangari is not treating the historical estimate as current mineral resources or mineral reserves. The Mineral Resource was classified as inferred by Haren (2016) on the basis of the sample spacing and degree of continuity to mineralisation. The sampling preparation, security and analytical procedures and QA/QC used at the Millennium Project are consistent with generally accepted industry best practices and are adequate for use in historical and future ore resource estimation for this style of deposit.
Qualified Person
Mr. Paul Sarjeant, P. Geo., 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 Corp. 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 Corp. now holds 100% of the Millennium Cobalt Project and two neighbouring discovery stage exploration-stage cobalt assets in Mt. Isa, Australia. It also currently owns 70% of the Werner Lake Cobalt Mine in Ontario, Canada, has an option to acquire an 85% interest in two cobalt exploration projects in Nevada, 150km East of the Tesla Gigafactory.
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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 Corp. 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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