Global Energy Metals Corporation (CVE:GEMC) (OTCMKTS:GBLEF) told investors it has filed the NI 43-101 technical report on its Millennium project in Australia -- a study that repeated the potential of the property.
The document restates the inferred JORC resource for Millennium, which was originally published by Haren Consulting for Hammer Metals in 2016, which estimated an inferred resource estimate of 3.1 Mt (million tonnes) at 0.14% cobalt, 0.34% copper and 0.12 g/t (grams per ton) gold (using CuEq (copper equivalent) cut off of 1.0%.
It does not include data from the 2018 drill program that confirmed continuity between previous zones zones indicating wide zones of cobalt mineralization near surface and at depth.
The author Kangari Consulting has repeated the potential of the project stating that there is "potential to increase the current inferred mineral resource at the Millennium project by further resource definition drilling," noted GEMC.
"The excellent work by Kangari Consulting in updating the resource estimate has succeeded in not only summarizing the historical work programs but more importantly highlighting the enormous exploration potential and scale that the Millennium Cobalt project hosts," said CEO Mitchell Smith.
"There is a shortage of high-quality, scaleable cobalt projects in top-tier, pro-mining jurisdictions and this confirms the attractive investment opportunity Millennium presents as we continue to advance this growth-stage cobalt project, especially in light of the positive longterm fundamentals for battery minerals driven by global adoption of electric vehicles."
The technical report says there is potential to increase resources within the current inferred zone by closer spaced infill drill holes identifying high grade shoots.
There is also potential at depth below the current defined mineral resource to 280 metres depth. Further diamond drilling is required for resources to be classified as indicated or measured categories under 43-101 reporting standards, said GEMC.
Met tests encouraging
Meanwhile, the results of preliminary metallurgical test work are encouraging for the Millennium project with high recovery rates for copper, cobalt and gold in two composite samples from the recent 2018 diamond drilling program.
Earlier this month, GEMC revealed it had closed its acquisition of the remaining interest in the Millennium project from Hammer Metals.
Complete ownership of Millennium, a 3.1-million-ton cobalt-copper project in the Mount Isa region of Queensland, Australia, gives GEMC full control of future development at the site.
Cobalt is the dominant economic metal within the deposit and, with the strengthening price of the energy metal, GEMC will remodel the deposit on a cobalt-equivalent basis.
The outright acquisition of Millennium adds an exciting scalable cobalt-dominant project to the group's portfolio of assets.
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