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Global Energy Metals' partner Marquee earns into initial 30% of Werner Lake project

It comes after Marquee reached the stage 1 expenditure commitment of $1 million on the site

Marquee plans to earn into 70% of the cobalt project

Global Energy Metals Corp (CSE:GEMC)  says its partner Marquee Resources Ltd has now earned its  initial 30% vinterest in the Werner Lake cobalt project in Ontario, Canada.

It comes after Marquee has reached the stage 1 expenditure commitment of $1 million on the site.

And Marquee has given notice to GEMC of its plan to earn the 70% interest in the project by incurring the next stage of $1.5million expended on the project.

Phase one and phase two drill programs have now been completed with a total of 18 exploration holes (4800 metres) and 5 HQ metallurgical holes (452 metres) completed.

GEMC expects to report the remaining results of the assays from the rest of this phase 2 drilling campaign shortly.

The camp is currently being "winterised" with a view to returning to the Project in early 2019 to recommence phase 3 of the exploration program.

The firm expects to announce the assay results from the 452m  diamond drill hole program shortly, before the final flotation and hydrological test work results are released early next year.

"Once all assays have been received from the phase 2 exploration campaign, it is expected that an update to the current resource model will be updated with a view to be released in late 2018 or early 2019," it added.

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Market: TSX-V
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