Global Energy Metals Corp (TSX-V:GEMC) said a new drilling program is underway at its Millennium copper-cobalt property in Australia.
The Canadian firm’s joint venture partner, Metal Bank Limited, is leading the drill program, with the aim of growing the current resource base of 8.4 million tons at 0.09% cobalt, 0.29% copper and 0.12 grams per ton (g/t) gold for a 1.23% copper equivalent.
Drilling will test the Fountain Range-Quamby (FRQ) Fault Zone in the north of the project area and follow up on an existing RC pre-collar target below the current resource, according to GEMC.
Two holes will test the FRQ zone using an all-terrain drill rig, GEMC noted.
Millennium is a cobalt-copper deposit located close to mining, transport and processing infrastructure in the Australian state of Queensland.
GEMC told investors that the project “has excellent potential and remains open for expansion by extending the known mineralized structure through exploration work to the north and to the east.”
MBK is in contact with the state government and the holder of exploration permits surrounding Millennium. The company hopes to apply for a mining lease over the gap zone in the southern area of the project, as well as additional buffer areas around the Millennium mining leases to support development and mining.
Global Energy Metals holds a 49% carried interest in the project.