Global Energy Metals Corp (TSX-V:GEMC) (GEMC) has said its strategic partner, Metal Bank Ltd (MBK), has released a JORC 2012 Mineral Resource Estimate (MRE) update for the Millennium copper-cobalt-gold (Cu-Co-Au) project, in which it GEMC holds a 49% carried interest.
Located in approximately 35 kilometres (km) WNW (WestNorthWest) of Cloncurry in North Queensland, Australia, the MRE indicates that Millennium has 8.4 million tonnes (Mt) of resources at 0.09% Co, 0.29% Cu and 0.12 grams per ton (g/t) Au for a 1.23% CuEq.
The Millennium deposit represents a near-term critical minerals development opportunity, at surface on granted mining leases and proximal to existing mining infrastructure in a renowned exploration and mining region.
In a statement, 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. Metal Banks’ work to further the understanding of the geological setting and mineralisation types not only improves the resource confidence but also continues to de-risk the Project towards future development. 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.”
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Metal Bank’s chair, Inés Scotland added: “The growth of the Millennium Resource into our 2021 Exploration Target range was delivered at low cost and improved grade, demonstrating our approach of adding value through exploration success. The deposit sits at surface on granted mining leases and close to nearby processing infrastructure, providing near term delivery potential for Australia’s growing requirement for critical minerals. MBK is now well positioned to deliver on our goals for Millennium with a focus on scoping and feasibility study work, and testing the new increased Exploration Target of 12 - 14Mt @ 1.0 -1.3% CuEq.”
In December 2021, MBK entered a joint venture agreement with battery mineral experts Global Energy Metals to earn-in up to 80% of the Millennium CoCu project. Over the following 12 months, 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 3,873.1 metres (m).
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 (previous resource of 5.9Mt @ 0.11% Co, 0.32% Cu and 0.11g/t Au for 1.08% CuEq, 0.7% CuEq% cut-off, no RPEEE applied).
Initial 2023 MRE scoping work was undertaken by Haren Consulting, with a formal JORC 2012 MRE review and Reasonable Prospects for Eventual Economic Extraction (RPEEE) assessment by Cube Consulting. The 2023 MRE update utilises 67 drill holes for 9,400.1m completed from 2013 to 2022 (2016 Resource 40 holes for 6,240m) 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.
Drilling has added extensions to the previous model out to around 1,500m along strike and up to around 240m depth (remaining open), provided significant confidence to drill spacing and continuity along strike and depth, and retained close structural and wireframe interpretation to the 2016 MRE.
Exploration Target
In conjunction with the 2023 MRE update, 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 CoCu 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 potential quantity and grade of the exploration targets are conceptual in nature. There has been insufficient exploration to estimate an additional Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
The exploration targets take no account of geological complexity that may be encountered, possible mining method or metallurgical recovery factors. It is acknowledged that the currently available data is insufficient spatially in terms of the density of drill holes, and in quality, in terms of MBK’s final audit procedures for downhole data, data acquisition and processing, for the results of this analysis to be classified as Mineral Resources in accordance with the JORC Code.
Global Energy Metals Corp offers investment exposure to the growing rechargeable battery and electric vehicle market by building a diversified global portfolio of exploration and growth-stage battery mineral assets.
Contact the author at jon.hopkins@proactiveinvestors.com