Shares in Global Energy Metals Corp (CVE:GEMC) rose after the company released results on three reverse circulation (RC) drill holes at the Millennium Cobalt project.
The stock surged 8.9% to 0.245p after the company said the first assay results from the project, in Mount Isa, Australia, have intersected very wide and significant cobalt and copper grades potentially expanding the existing JORC (Joint Ore Reserves Committee) resource area.
READ Global Energy Metals kicks off drill programme at Millennium Cobalt project
The drilling was conducted by its Australian partner, Hammer Metals.
Significant intercepts from the first stage December 2017 RC drilling program include:
- 28 metres at 0.20% Co (cobalt) and 0.35% Cu (copper) from 104 metres in hole MIRC026 including 17 metres at 0.26% Co from 115 metres with peak values over a one metre interval of 1.11% Co, 3.8% Cu and 1.42 grams per tonne (g/t) Au (gold).
- 12 metres at 0.23% Co and 0.27% Cu from 127 metres in MIRC025 with peak values over a one metre interval of 0.67% Co, 0.69% Cu and 0.24 g/t Au.
- 13 metres at 0.10% Co, 0.33% Cu and 0.17g/t Au from 91 metres in MIRC025 with peak values over a one metre interval of 0.48% Co, 1.27% Cu and 0.74 g/t Au.
"These first results confirm strong Co-Cu rich mineralisation within the JORC resource area and we are particularly excited with the results from MIRC026 which is an undercut of previous mineralisation and shows an approximate 50 metre depth extension on that section," said Paul Sarjeant, the vice president of projects at Global Energy Metals Corp.
"After a short break over the holiday season, we are anxious to restart drilling at Millennium with our plan to further delineate this resource in the weeks ahead. Hammer has done an excellent job to this point and we are very pleased to continue working with them on this exciting cobalt project," he added.
Alex Hewlett, the chief executive officer of Hammer, said the joint venture activity with GEMC “is off to a great start with these excellent cobalt results from the first program exceeding our expectations”.
The first phase of the program, completed in December 2017, was designed to test gaps in the existing drilling to confirm grade continuity. The program was a success with several significant intersections returned which met or exceeded expectations.