Global Energy Metals Corp (TSX-V:GEMC) told shareholders that a new drilling program designed to follow up on promising targets at its Råna nickel-copper-cobalt project in Norway has begun.
The program will be operated by its joint venture partner, Kingsrose Mining Limited.
Drilling will focus on promising targets at the Rånbogen prospect, where mineralized nickel-copper-cobalt massive sulphide at the surface coincides with strong electromagnetic anomalies.
The program will focus on two shallow, high-conductance electromagnetic targets identified through previous geophysical surveys. These targets have shown potential for significant mineralization, with historical rock chip samples returning up to 1.6% nickel and 0.6% copper.
Global Energy Metals holds a 10% ownership in Narvik Nickel, the Norwegian holding company that fully owns the Råna project, along with a 1% NSR royalty on the project.
Kingsrose is earning up to an 80% interest by investing $15 million in project expenditures.
Mitchell Smith, CEO of GEMC, highlighted the importance of the partnership with Kingsrose, noting that the drilling marks a key milestone in the company’s strategy to unlock the potential of its critical mineral assets without the typical equity dilution risks.
"Having multi-jurisdictional drill programs underway is yet another example of the execution of our business model ensuring that our investors experience the potential upsides of mineral discoveries by unlocking the potential of our strong asset portfolio,” Smith said in a statement.
The program is expected to wrap up by early September 2024, with assay results anticipated in October and November 2024.