Global Energy Metals Corporation (CVE:GEMC) (OTCMKTS:GBLEF) (FRA:5GE2) revealed it expects to start drilling at the Lovelock mine battery metals Project in Nevada in May this year, subject to the weather, adding it will submit a permit amendment application to greenlight the work.
This will amend an existing approved permit for drilling at the asset, which comprises 81 unpatented claims for around 642 hectares (1,586 acres), including the past-producing high-grade cobalt-nickel Lovelock mine.
Proposed are eight targets for the maiden 1,400 metres (m) short-hole drill program, which are aimed at confirming intersections of cobalt-nickel-copper-bearing structures within historical workings.
READ: Global Energy Metals inks deal to acquire strategic interest in three North American battery metals projects
Earlier this month, GEMC announced plans to acquire a 50% interest in three new battery metal projects, entering into a letter of intent with DG Resource Management for a portion of its Monument Peak copper-silver-gold project in Idaho; Chance Lake nickel-copper-cobalt project in Quebec, and Amiral nickel-copper-PGEs in Quebec.
Today, the company announced that it had now struck a definitive agreement with DG Resource Management over the deal.
"This is a dynamic and exciting time for the company," said Timothy Strong, the company's project development manager in a statement.
"The announcement of the company expanding its portfolio into Idaho and Quebec comes at a time when there is highlighted need for critical metals in North America.
"Whilst we look forward to working with our partners on these new projects, we are delighted to be actively progressing the Lovelock mine project in Nevada, and are excited to be initiating this maiden drill program on the property, which we hope will provide us with important structural data and confirmation of the high-grade mineralization historically recorded on the property.”
In conjunction with the acquisition of the three new properties, GEMC today also announced a private placement offering for a minimum 2 million units at C$0.25 each, the net proceeds of which, will be used for the acquisition as well as business development and for working capital.
Each unit comprises one share and one transferrable share purchase warrant. Each transferrable warrant will be exercisable to buy a further company share for two years months from closing at C$0.30
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.
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