Global Energy Metals Corp (TSX-V:GEMC) said its partner, Metal Bank Limited has started the planned drilling activities in conjunction with a six-month exclusive option to earn-in and joint venture the Millennium copper, cobalt and gold project in Mount Isa, Queensland.
The deal will see Metal Bank earn-in up to an 80% interest in the polymetallic property.
Part of the drill program will consist of two reverse circulation (RC) holes for a total of 195 meters (m) to be completed in the southern project area for resource validation and extension.
READ: Global Energy Metals partner Metal Bank kicks off exploration on the Millennium project in Australia
As noted, to date hole MI21RC01 intersected visible copper and cobalt mineralization from 46m to 73m and 82m to 96m. While hole MI21RC02 intersected visible copper and cobalt from 62 to 87m.
According to the company: “These holes provide confidence in growth upside for the existing Inferred Resource of 5.9Mt at 1.08% copper equivalent."
For the Northern Extension zone, a 600m RC drilling program is underway. The goal of this drill is to confirm the mineralized system continues to the north, with some resource validation work in the south.
“We are pleased to have our partner initiate drilling on this keystone project and look forward to receiving and announcing assay results in the near future as we continue to build exposure to the growing demand for commodities tied to a new era of electrification,” Mitchell Smith, president and CEO of Global Energy said in the statement.
In a statement, Metal Bank’s chair, Inés Scotland, pointed out that the Southern area resource has had no previous drilling and provides an excellent opportunity to increase the overall resource potential of the Millennium Project.
“We are excited to receive visual observations of copper and cobalt from the first two holes confirming the potential for expansion of the existing resource in the South both at depth and along strike. We are awaiting the assays but the pXRF indicates increased confidence in the current resource and some higher-grade zones,” said Scotland.
“We are now commencing drilling to test the Northern Extension area at Millennium to follow up on the extremely encouraging initial observations by our field team that suggest target continuity in the north of the project.”
The current drill program is expected to be completed by late August.
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