Global Energy Metals Corporation (GEMC.V) is involved in the investment exposure to the battery metals supply chain. It engages in the exploration for resource properties in Canada, Australia, and the United States. It explores for cobalt, copper, nickel, gold, silver, and base metal deposits.
The company holds interests in the Werner Lake property located in Kenora, Ontario; the Millennium and Mount Isa projects situated in Mount Isa, Queensland; and the Lovelock Mine and Treasure Box projects in Churchill County, Nevada. It also holds interest in the Rana nickel-copper-cobalt project, which includes the Bruvann nickel mine located in Northern Norway. In addition, the company holds interest in the Monument Peak copper-silver-gold property covering an area of approximately 691 hectares located in the Idaho; and the Chance Lake property comprising 16 contiguous claims, which covers approximately 777.7 hectares; and the Amiral property comprising 40 contiguous mineral claims covering an area of approximately 2,162.5 hectares located in Quebec, Canada.
Today the company announced a key update from its Millennium copper-cobalt-gold (Cu-Co-Au) project located in Queensland, Australia. Global Energy Metals holds a 49% carried interest in the project.
The Company has announced the delivery of a substantial resource tonnage and grade increase at the Millennium project, a near-term critical mineral project.
Here are the highlights:
- Updated JORC 2012 Mineral Resource Estimate (MRE) of 8.4Mt @ 1.23% CuEq (0.09% Co, 0.29% Cu and 0.12g/t Au) including open cut (86%) and underground (14%) Resources
- Represents 42% tonnage increase and 14% grade increase from 2016 MRE
- Tonnage of mineralisation pre application of RPEEE1 has doubled with new significant Exploration Target
- Bulk of the deposit is from surface, amenable to open cut mining and remains open at depth with high grade Co and Cu underground mining potential
- Excellent metallurgy supports economic potential for future extraction
- Next steps include additional metallurgical drilling and test work leading to scoping and subsequently pre-feasibility studies
Mitchell Smith, GEMC’s President & CEO, Director commented:
“We are thrilled with the outcome of this resource update for the Millennium Cobalt-Copper-Gold project in Queensland, Australia. Metal Banks’ work to further the understanding of the geological setting and mineralisation types not only improves the resource confidence but also continues to de-risk the Project towards future development. With the success had to date via the drill bit we expect it will only be a matter of time before we unlock the critical mineral potential at Millennium.”
Commenting on the updated Resource, Metal Bank’s Chair, Inés Scotland said:
“The growth of the Millennium Resource into our 2021 Exploration Target range was delivered at low cost and improved grade, demonstrating our approach of adding value through exploration success. The deposit sits at surface on granted mining leases and close to nearby processing infrastructure, providing near term delivery potential for Australia’s growing requirement for critical minerals. MBK is now well positioned to deliver on our goals for Millennium with a focus on scoping and feasibility study work, and testing the new increased Exploration Target of 12 – 14Mt @ 1.0 -1.3% CuEq.”
The Millennium Project represents a key asset for MBK with forward work program for the next 12-24 months including:
- Scoping and pre-feasibility studies to assess development potential and ESG;
- Further metallurgical drilling to obtain sufficient bulk samples for advanced metallurgical work and flowsheet in conjunction with geotechnical studies, geometallurgical domaining and infill to increase confidence in the Mineral Resource;
- Infill and extension drilling to test the Exploration Target with scope to incorporate into the Global Resource; and
- Collaboration with other critical minerals projects and research in the region to optimise project value.
The stock confirmed a double bottom pattern late last year, but found resistance at the $0.12 zone. Since then, the stock has slowly been drifting downwards and has closed below the major double bottom breakout zone.
Support remains at $0.05. The breakout required for a move higher comes at $0.12. Until then, the stock remains in its consolidation phase.