Global Energy Metals Corp (TSX-V:GEMC) told investors that following the completion of multiple drill campaigns at its Millennium cobalt-copper project in Australia, and a review of key mineralized intercepts confirming high cobalt grades, the project is ready for a significant update to the historical resource estimate.
Due to the potential increase to previously-reported tonnes and the suggested significant economic value of cobalt as well as copper and gold in the project, the company said the updated resource estimate warrants its joint venture (JV) partner, Metal Bank Limited, to secure an experienced consulting group to complete a new study.
The company noted that Metal Bank is speaking with qualified parties and expects to finalise the engagement shortly, which will allow for the completion of the updated cobalt-copper resource and its release to the market. Further updates to the project and updated resource will be provided when made available, it added.
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Having recently incurred more than $1 million in exploration spend on the project, Global Energy Metals said Metal Bank now holds a 51% interest in the Millennium project, as well as having the sole and exclusive right to earn an additional 29% JV interest (taking its total interest to 80%) by funding exploration expenditure to the amount of $2 million. It holds a carried 49% interest in the project.
The company said the Millennium project represents an excellent opportunity for the advancement and development of a cobalt-copper asset of significant size, close to processing solutions and excellent infrastructure in the Mount Isa region with it benefiting from exploration spend and advancement of the project while being carried on the next $2 million of expenditures.
The cobalt grades confirm Millennium as one of Australia’s highest-grade undeveloped battery metals projects, contained within granted mining licenses, it added.
Global Energy Metals is a multi-jurisdictional, multi-commodity critical mineral exploration and development company focused on growth-oriented battery metal projects supporting the global transition to clean energy.
Contact the author at stephen.gunnion@proactiveinvestors.com