Global Energy Metals and Marquee Resources Update Werner Lake Cobalt Project Partnership
Vancouver, BC -- April 20, 2020 -- NewsGenie -- Global Energy Metals Corporation has provided an update on its partnership with Marquee Resources Ltd. regarding the Werner Lake Cobalt Project in Northwestern Ontario, Canada.
Marquee Resources and Global Energy Metals finalized a strategic option agreement on February 21, 2018, outlining the terms for Marquee to earn into the Werner Lake Project. Marquee met the requirements to earn an initial 30% interest in Werner. However, there was a shortfall in project expenditures required for Marquee to earn its next threshold of 70% in ownership within the designated timeframe.
The 24-month period for Marquee to earn a 70% ownership has now expired. Both companies will continue to negotiate different ownership structures amongst themselves as well as explore opportunities with other parties that may wish to acquire the project in whole or part.
The current ownership of the Werner Lake Cobalt Project is Marquee holding 30% and GEMC holding 70%. The companies will now move towards final Joint Venture agreement terms.
Global Energy Metals\u2019 CEO, Mitchell Smith, said, \u201cWe value the partnership with Marquee and recognize the extensive project expenditures they made in advancing the Werner Lake project over the past two years. \u00a0The work they completed further confirmed the potential for significant exploration upside at the cobalt and copper rich project having identified new targets open for exploration. We leave the door open for further cooperation with Marquee or other groups that see the opportunity for the advancement of the past producing primary cobalt project.\u201d
Marquee extensively tested the exploration potential at the Werner Lake project over the last two years and made significant expenditure in advancing the project to where it stands today. The work completed further confirmed the potential for significant exploration and potential future production at the past producing primary cobalt project.
Global Energy\u2019s focus remains to be on the advancement of its flagship Millennium Cobalt-Copper-Gold project in Queensland, Australia and Nevada-based Lovelock and Treasure Box battery mineral projects.
For more information on the Werner Lake project please click here.