Global Energy Metals Corp (CSE:GEMC) shares advanced as it updated on its Werner Lake Cobalt project in Ontario, Canada.
A phase 2 drilling campaign has now started with four holes having been completed, the company said.
That came on the back of successful phase 1 drilling, which extended high-grade cobalt sulphide mineralisation and showed the potential for further extensions.
One hole hit strong cobalt mineralisation of 0.660% cobalt over 5.5 metres (from 198.5 metres).
That included a significant 0.7 m (metres), which assayed 3.150% cobalt, though two significant intervals below this interval assayed over 0.3% cobalt, representing a strong zone of mineralisation.
Phase 1 drilling saw 2,122 meters sunk. Assays are pending and are expected to be received and released shortly.
Phase 2 has so far completed four holes and core samples have been sent to the lab for analysis. The total metres completed so far for phase 2 is 1,520 metres.
The Werner Lake exploration programme is part of a $2.5 million commitment to advance the project and is being sole funded by Marquee Resources for an earn-in of up to 70% interest in the project.
Currently, Global Energy Metals owns 100% of the project.
GEMC shares in Toronto added almost 12% to $0.095.