Global Energy Metals Corp (TSX-V:GEMC) told investors that High-Tech Metals (HTM), an equity investee, has significantly increased its exposure to nickel sulphides and copper through an acquisition and option agreement on properties next to its Werner Lake project in northwestern Ontario.
In a statement, the company said High-Tech has acquired the Norpax nickel sulphide deposit, which lies about 1 kilometer (km) west of the Werner Lake project and has a historical non-NI 43-101 compliant resource of 1,010,000 tonnes 1.2% nickel and 0.5% copper.
The Reynar Lake project immediately adjoins Werner Lake, with ground that is highly prospective for nickel, copper and cobalt. Should the option be exercised, Global Energy Metals said it will provide HTM with additional landholding to potentially increase its cobalt resource and explore for additional nickel sulphide mineralisation.
“High-Tech plans to build on the recent exploration success at Werner Lake that confirmed not only the copper-cobalt potential of the project, but also the discovery of high-grade nickel sulphide at surface, and will immediately begin planning exploration on the newly acquired projects,” Global Energy Metals commented in a statement.
The company noted that High-Tech plans to build on the recent exploration success at Werner Lake that confirmed not only the copper-cobalt potential of the project but also the discovery of high-grade nickel sulphide at surface.
It will immediately begin planning exploration on the newly acquired projects, including a review of all available geological data, geochemical sampling and geological mapping. It also plans a relog and assay of any available historical core.
Global Energy Metals offers investment exposure to the growing rechargeable battery and electric vehicle (EV) market by building a diversified global portfolio of exploration and growth-stage battery mineral assets.
In January 2023 the company completed the divestment of its 70% interest in the Werner Lake project to High-Tech. It currently holds 2.5 million High-Tech shares representing a 7.61% interest in the ASX-listed company.
Contact the author at stephen.gunnion@proactiveinvestors.com