Millennium Project Resource Update Shows Significant Growth
Vancouver, BC -- March 21, 2023 -- NewsGenie -- Global Energy Metals Corporation (TSXV:GEMC) has announced a key update on its Millennium copper-cobalt-gold (Cu-Co-Au) project in Queensland, Australia, in which it holds a 49% carried interest.
The updated JORC 2012 Mineral Resource Estimate (MRE) shows 8.4Mt @ 1.23% CuEq (0.09% Co, 0.29% Cu and 0.12g/t Au). This includes open cut (86%) and underground (14%) Resources. The MRE represents a 42% tonnage increase and 14% grade increase from the 2016 MRE.
The bulk of the deposit is from surface, amenable to open cut mining and remains open at depth with high grade Co and Cu underground mining potential. Metallurgy supports economic potential for future extraction. Next steps include additional metallurgical drilling and test work leading to scoping and pre-feasibility studies.
Mitchell Smith, GEMC’s President & CEO, Director commented, “We are thrilled with the outcome of this resource update for the Millennium Cobalt-Copper-Gold project in Queensland, Australia. With the success had to date via the drill bit we expect it will only be a matter of time before we unlock the critical mineral potential at Millennium.”
Metal Bank Ltd. (MBK) conducted exploration, drilling, sampling, geophysics and other work programs to advance Millennium, grow the resource and test additional targets, including 33 drill holes for 3,873.1m.
MBK earned a 51% interest in the project on 5 December 2022 and has now completed formal resource work to provide the first MRE update since 2016 for 8.4Mt @ 0.09% Co, 0.29% Cu and 0.12g/t Au for a 1.23% CuEq.
The 2023 MRE update utilises 67 drill holes for 9,400.1m completed from 2013 to 2022 plus integration of RPEEE aspects. The additional drill holes include 10 diamond (DD), one large diameter water-bore hole and Reverse Circulation (RC) holes by Hammer Metals/GEMC in 2018, and 10 RC and 5 DD holes by MBK in 2021 and 2022.
MBK has revised the overall project Exploration Target for Millennium to 12-14Mt @ 1.0-1.3% CuEq (inclusive of current MRE), supported by its updated mineralisation model, high grade Co-Cu intersections at depth which remain open, a number of infill and extensional gaps in the existing MRE, and additional scope for improving geology, metallurgy, geotechnical and economic parameters including for the updated MRE.
The Millennium Project represents a key asset for MBK with forward work program for the next 12-24 months including:
- Scoping and pre-feasibility studies to assess development potential and ESG;
- Further metallurgical drilling to obtain sufficient bulk samples for advanced metallurgical work and flowsheet in conjunction with geotechnical studies, geometallurgical domaining and infill to increase confidence in the Mineral Resource;
- Infill and extension drilling to test the Exploration Target with scope to incorporate into the Global Resource; and
- Collaboration with other critical minerals projects and research in the region to optimise project value.
