Positive Copper, Cobalt, and Gold Assays Fuel Optimism at Millennium Project
Vancouver, BC -- July 7, 2022 -- NewsGenie -- Global Energy Metals Corporation (TSXV:GEMC | OTC:GBLEF | FSE:5GE1) reported encouraging exploration results from its Millennium Cobalt-Copper-Gold project in Queensland, Australia. The first phase of reverse circulation drilling, funded by joint venture partner Metal Bank Limited (MBK), has returned strong copper, cobalt, and gold assays, indicating potential for resource expansion. MBK can earn up to 80% interest in the project through staged exploration expenditures and milestone payments.
Highlights from the Phase 1 drilling include:
- 5 m @ 2.27% Cu, 0.09% Co and 0.94g/t Au (MI22RC02, 104-109 m)
- 6 m @ 1.24% Cu, 0.5g/t Au (MI22RC07, 60-66 m)
- 9 m @ 0.84% Cu, 0.19% Co and 0.23g/t Au (MI22RC07, 71-80 m)
Phase 2, involving metallurgical sampling and deeper drilling, is underway, with visible cobalt-copper minerals observed. Extension drilling is planned near the Pilgrim/Fountain Range Fault Zone throughout July.
Metal Bank’s Chair, Inés Scotland, expressed satisfaction with the copper and cobalt assay results, emphasizing their support for the resource extension goal at Millennium and the importance of these minerals in Australia’s renewable energy future.
GEMC's President and CEO, Mitchell Smith, noted the strong grades and the potential for a more robust project than currently defined, expressing optimism about the progress made by their JV partners.
Figure 1: MI22DD01 diamond drilling, Millennium Southern Area
Assay results from MBK’s Phase 1 program in the Southern and Central Resource Areas included 5 m @ 2.27% Cu, 0.09% Co and 0.94g/t Au (MI22RC02, 104-109 m), located 30 meters north of the current resource model. Results from holes MI22RC02, 03, 05, and 06 support the resource model interpretation and indicate potential for deeper mineralization. Additionally, an RC pre-collar yielded 12 m @ 0.26% Cu with minor cobalt and gold (MI22RD03, 136-148 m).
Figure 2: Millennium Project area plan showing current drilling and received results
Diamond drilling is underway for metallurgical samples and infill drilling, followed by deeper drilling for resource infill and sampling. The drilling program is expected to be completed by mid-August.
The Millennium Project currently holds a JORC 2012-compliant Inferred Resource of 5.9 Mt @ 1.08% CuEq (Cu-Co-Au-Ag) across 5 granted Mining Leases. Following the drill program and receipt of analytical results, a review of resources and mineralization will be undertaken, supporting an initial Exploration Target for the Project of 8 – 10 Mt @ 1.0 – 1.1% CuEq.
Figure 5: MI22DD01, 56.4 m – cobalt (grey vein, mid left) and copper (yellow speckles, top right) mineralisation as vein cobaltite and disseminated/infill chalcopyrite mineralisation in siliceous metasediment host, (PQ core)