Global Energy Metals Corporation (CVE:GEMC) (OTCMKTS:GBLEF) (FRA:5GE2) told investors that the reinterpretation of data by recently hired SJ Geophysics Ltd for its Lovelock mine and Treasure Box battery metals projects in Nevada, US will be instrumental in defining targets for a potential drill program.
As reported last month, the consultant was hired to review previous airborne magnetic data and assemble a detailed, interpretation program including a 3D model for the project.
READ: Global Energy Metals partners with SJ Geophysics to assemble data compilation and interpretation program for Lovelock Mine and Treasure Box projects in Nevada
"The company believes that the SJ Study, extending from previously mined orebodies to key undeveloped prospects and exploration targets, greatly enhances the company's ability to successfully target and explore for new, buried, high-grade cobalt-nickel-copper deposits across the large footprint in a highly prospective mining district," said Mitchell Smith, Global Energy Metal's chief executive in a statement.
"The model's construction is seen as a priority for future exploration including undertaking additional IP surveying, geological prospecting and mapping the chargeability targets prior to a diamond drilling program consisting of a suggested 8 holes, totaling 1,138 metres."
The assets have never been thoroughly explored in modern times. The Lovelock project currently consists of 81 unpatented lode claims in the Cottonwood Canyon area of the Stillwater Range totaling around 642 hectares, while Treasure Box hosts mine workings from limited copper production, which occurred until early into the 20th century.
They sit just 150 kilometres from Tesla's (NASDAQ:TSLA) Gigafactory - the world's largest battery factory and includes a historic producer, in which an average of 200 tons shipped in 1886 was 14% cobalt and 12% nickel.
Reinterpretation of last year's airborne magnetic and orthophoto surveys suggest that the Lovelock Mine lies within a corridor, which has the potential for multiple mineralized zones, the firm said.
The SJ study also found a total of 18 magnetic high anomalies mapped across the survey that could be reflecting alteration with a possible response of reflecting an accumulation of magnetite, one of the accessory minerals reported with both the Nickel and Lovelock deposit.
"While at a preliminary stage, the new reinterpretation is a rethink of the structural framework of the Lovelock Mine area and could be transformational for the Project as we continue to evaluate the regional exploration potential across our significant land holdings and the overlooked part of this mineral rich district in Nevada," added Smith.
Global Energy Metals is focused on offering investors exposure to the raw materials deemed critical for the growing rechargeable battery market, by building a global portfolio of assets.
Shares advanced over 6% in Toronto to C$0.25 each, but were earlier up more than 14%
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