Global Energy Metals Corp (CVE:GEMC) (OTCMKTS:GBLEF) has unveiled promising findings from its work to identify drill targets at the Lovelock cobalt mine project in Nevada and believes the site offers 'superb' potential to create value.
In January this year, the energy metals group inked a definitive agreement to acquire an 85% interest in two 'highly prospective' cobalt projects - the Lovelock cobalt mine and Treasure Box project. which lie around 150 kilometers (km) east of the giant Tesla Inc (NASDAQ:TSLA) Gigafactory, which churns out electric batteries to make cars.
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The firm is aiming to create a property-wide geological model at Lovelock, which will be key to a drill program, earmarked for the fourth quarter of this year.
GEMC said a bulk sample taken by Canada Cobalt Works from waste rock in the historic dumps in front of the mine openings had undergone initial analysis resulting in assays of 0.2% cobalt, 0.19% nickel and 2.84% copper.
In June this year, the group received approval for a deal, which will see it use Canada Cobalt Works' Re-2OX technology for one year. The technology skips the normal smelting process to achieve high recovery rates for cobalt, nickel and copper, while also removing 99% of arsenic.
Potential battery grade
The assays above will assist with the Re-2Ox process and to confirm efficient battery metal extraction and create a potential battery grade test product, the firm said.
The company has also been embarking on underground prospecting, mapping and sampling to identify areas for future drilling, and to help create a 3D geological model of the nickel-copper-cobalt rich property.
Particular attention was paid to the North Adit of the mine, however additional underground workings have been discovered, adding to the extensive underground development. The company believes that the geochemical results are promising, it said in today's statement.
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