The project consists of the Lovelock cobalt mine and the Treasure Box project, which lie around 150 km east of the huge Tesla (NASDAQ:TSLA) Gigafactory in Sparks.
Interpreting the results from the drone magnetometer survey is ongoing, put preliminary findings suggest that there are numerous new strong magnetics trends that appear to correlate very well with historic zones of mineralization, GEMC noted.
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There is also a good correlation between surface mineralization and historic IP conductors, the company said in a statement.
The airborne survey covered 248 line kilometers, with a 12.4 square kilometer area of the historically high-grade cobalt-nickel-copper project.
"The EV market is still in its infancy worldwide, but as it continues to mature, it presents a tremendous opportunity for exploration and development companies," said chief executive Mitchell Smith.
"The United States, like many other nations waking up to the need for resource sovereignty, is seeking to bolster its economic and national security by providing a scalable supply chain of critical minerals, like cobalt, to avoid dependence on competing countries for raw materials."
Smith added: "This survey aids in our understanding of a drill ready project in Nevada, home to the world's largest battery manufacturing facility, and spotlights these projects as a potential future source of cobalt, nickel and copper that are required to produce the vast amount of raw material the EV battery and new energy economy demands."
The survey - the first, detailed magnetic survey completed on the property - was flown by MWH Geo-Surveys International (MWH), a leader in the unmanned aerial vehicle space.
It highlighted multiple zones of interest and GEMC says that with additional interpretation and ground truthing, it will assist the company in planning and executing a targeted ground exploration program culminating in drill testing.
Shares shot up in Toronto 20% on the day to C$0.030.
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