Global Energy drills 0.43% copper over 17 metres at Millennium, Australia

Global Energy Metals Corp. [GEMC-TSXV; GBLEF-OTCQB; 5GE1-FSE] reported an exploration update from its Millennium copper-cobalt-gold project located in Queensland, Australia.

The exploration program is being fully funded by Metal Bank Ltd. [MBK-ASX] as it earns up to an 80% interest in the project through staged exploration and milestone share equity payments. Global Energy Metals currently holds 100% of the project through its wholly-owned subsidiary Element Minerals Australia Pty Ltd. and currently has a 31,250,000 share equity position in MBK.

Diamond drill extension results include 17 metres of 0.43% copper, 0.11% cobalt and 0.08 g/t gold from 234 metres in drill hole MI22RD02. MI22RD05 returned 1 metre of 2.08% Co and 0.15 g/t Au from 179 metres.

MI22RD05 returned 2 metres of 0.52% Co from 237 metres. MI22RD05 returned 6 metres of 0.52% Cu, 0.08% Co and 0.18 g/t Au from 265 metres.

Remaining RC results from the Northern Area includes 16 metres of 0.42% Cu from 9 metres in hole MI22RC016. MI22RC018 returned 6 metres of 0.27% Cu from 35 metres towards the Quamby/Fountain Range Fault Zone. A resource review and upgrade work is in progress.

Mitchell Smith, CEO and Director, commented: “The Metal Bank funded drilling results at Millennium continue to impress. The exploration to date has shown the true potential for the Millennium project with copper and cobalt mineralization exceeding expectations on multiple fronts. We look forward to working with Metal Bank in continuing to advance future exploration campaigns for further resource growth and new project-wide discoveries.”

Commenting on the results, Metal Bank’s Chair, Ines Scotland said: “Our work demonstrates the critical minerals opportunity at the Millennium Project extends to depth below the existing bulk near surface copper-cobalt-gold Resource. The high-grade cobalt intersections at depth show strong support for potential underground extraction and the results in the Northern Area provide potential for adding further to the mineralisation at Millennium. We are now in the process of reviewing all results and planning the next phase of work.”

All assay results have now been received for MBK’s diamond drill hole depth extensions in the Southern and Central Resource areas, along with results for reverse circulation exploration drilling in the Northern Area, as part of the resource infill and extension drilling completed in September.

Notable results include diamond drill extensions that returned 17 metres of 0.43% Cu, 0.11% Co and 0.08 g/t Au from 234 metres in hole MI22RD02. MI22RD05 returned 1 metre of 2.08% Co and 0.15 g/t Au from 179 metres. MI22RD05 returned 2 metres of 0.52% Co from 237 metres. MI22RD05 returned 6 metres of 0.52% Cu, 0.08% Co and 0.18 g/t Au from 265 meytres.

RC results from the Northern Area include 16 metres of 0.42% Cu from 9 metres in hole MI22RC016. MI22RC018 returned 6 metres of 0.27% Cu from 35 metres towards the Fountain Range/Quamby Fault Zone.

Diamond drilling results confirm the size and continuity of copper-cobalt-gold mineralisation at depth consistent with previous results. This continuity of grades at depth in several areas will allow for an increase to the existing 2012 Inferred Resource of 5.9Mt of 1.08% CuEq.

In addition, the encouraging copper values returned in the Northern Area towards the regional Fountain Range/Quamby Fault Zone represent newly identified mineralisation west of the existing Millennium Resource.

These results follow on from the first diamond drill hole assays and RC drilling results reported earlier this month, which also returned high cobalt grades and validated and extended the existing resource, including holes MI22RC08 and MI22RC09 which extended the scope of the Central Area resource some 120 metres north of the existing JORC 2012 Inferred Resource.

The Millennium Copper and Cobalt Project near Cloncurry in NW QLD currently holds a JORC 2012- compliant Inferred Resource of 5.9Mt of 1.08% CuEq (Cu-Co-Au-Ag) across 5 granted Mining Leases with significant potential for expansion.

MBK developed a three-phase work program for Millennium in 2022 seeking to confirm the Exploration Target for the Project, and future Resource expansion and development potential. The Exploration Target is based on extensions both along strike and at depth in both the Southern and Central Area copper-cobalt-gold Resources and in the Northern Area, where shallow copper intervals at broad spacing have been returned some 800-1000m north of the closest Resource.

Upon receipt and assessment of all results from the current 2022 drilling program, MBK will embark on a JORC 2012-compliant Resource update and Scoping Study utilizing appropriate economic parameters aimed for completion late 2022.