Global Energy Metals Corp (CSE:GEMC) (OTCMKTS:GBLEF) continues to report encouraging drill assays from the Werner Lake Cobalt project in Ontario, where it appears that the current mineral resource can be expanded.
The high-grade assays come from joint-venture partner Marquee Resources Ltd, which has posted the assays from the final four holes.
"The 2018 drill campaign has not only been successful in achieving the company's main objective of confirming the extent and continuity of high-grade cobalt mineralization at Werner but has also extended the limits of mineralization defined by the current mineral resource model," said Paul Sarjeant, the company's vice president of projects.
Werner Lake is one of the most advanced, near-term production primary cobalt mine project in Canada and has a higher confidence indicated resource of 57,900 tonnes at 0.51% cobalt for 653,000 pounds of cobalt, according to Global Energy Metals.
The next mineral resource update is due for completion in the early part of the first half of 2019.
The results issued Monday are significant because they have hit high-grade mineralisation within and beyond the constraints of the current resource model.
They include an intercept of 2.60 meters at 0.313% cobalt. Another hole showed one meter at 0.220% cobalt.
The main aims of the 2018 drill program, said GEMC, were to:
- Confirm high grade cobalt mineralisation intersected in numerous drill holes during previous diamond drilling programs
- Provide additional structural and geotechnical data for ongoing project development studies
- Increase pierce points within the current block model to enhance the current mineral resource
- Regain an understanding of the geological controls on mineralisation and advance interpretive theories from the detailed work in the mid 1990s
Sarjeant added: "We are confident that these objectives have been achieved, and in addition we have been able to identify new areas of mineralisation that open the deposit along strike and at depth.
"We look forward to additional drilling on the property continuing to grow the Werner Lake resource," he said.
Global Energy Metals shares were unchanged in Toronto at $0.05.
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