Global Energy Metals Corporation (CVE:GEMC) (OTCMKTS:GBLEF) (FRA:5GE1) has closed on the acquisition of a portfolio of battery metal projects in North America from DG Resource Management.
The company said the acquisition is part of its ongoing efforts to assemble battery metals-rich projects in top-tier mining jurisdictions with exploration and development upside.
The portfolio includes: the Monument Peak Copper-Silver-Gold project in Lemhi County, Idaho; the Chance Lake Nickel, Copper, Cobalt property in the Hollinger North Shore region of Quebec; and the Amiral Nickel, Copper, PGE property in the Grenville region of Quebec.
READ: Global Energy Metals says Monument Peak Project results confirm significant copper, silver and gold mineralization
“We are thrilled to close this acquisition which expands Global Energy’s battery metal portfolio in North America,” Global Energy Metals CEO Mitchell Smith in a statement.
“We will benefit from the excellent work done by DG Resource Management from whom we inherited a comprehensive suite of high-quality exploration data. At Monument Peak specifically, results indicate the copper-silver-gold mineralization is characteristic of a Volcanogenic Massive Sulfide (VMS) deposit which offers a compelling exploration target with over 3,000+ m of mapped strike length. The company intends to undertake an aggressive exploration program at Monument Peak, following the planned drill campaign our Nevada-based Lovelock cobalt-nickel-copper project.”
Meanwhile, Global Energy Metals said the recent comprehensive work on the properties provides it with a solid framework from which to resume exploration.
Monument Peak in Idaho
The company said it is currently planning for additional spring/summer reconnaissance exploration at Monument Peak to evaluate historically defined targets, which will include the completion of a NI 43-101 compliant technical report, and which is intended to provide recommendations for an aggressive summer/fall drill program.
At Monument Peak, the company recently reported that field crews visited four known mineral occurrences (Jackson/Baker, Hungry Hill Mine, Anderson, and North Showing) and confirmed the high-grade copper-silver-gold mineralization at all locations.
Observed mineralization style and grade is similar across all showings, with notably higher copper grades up to 20.9% at Hungry Hill, while the North Showing had the highest gold values up to 11.4 grams per ton (g/t). High grades of silver (greater than 80 g/t Ag) were associated with all mineral occurrences. Arithmetic average of all grab samples 2.34% Cu, 57.6 g/t Ag, and 0.68 g/t Au.
The company also said it has agreed to acquire its interest in the properties by making $200,000 in cash payments and issuing 1,750,000 shares and 1,750,000 warrants.
Each warrant will be exercisable into one share at a price of $0.30 each for a two-year period, subject to an acceleration right. Pursuant to the agreement, the vendors have agreed to spend $100,000 on a work program on the Monument Peak property.
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