Shares in Global Energy Metals Corp (CVE:GEMC) advanced as it confirmed partner Hammer Metals had resumed drilling at the Millennium cobalt project in Queensland, Australia.
GEMC can earn a 75% stake in Millennium by spending $2.5mln on exploration over the next three years
Paul Sarjeant, vice-president of projects at GEMC, has been on site for the resumption of drilling this week
The focus is on infill drilling of existing mineralised zones and exploring potentially new discoveries in the immediate area of Millennium.
"We are excited to be back drilling under blue skies at the Millennium cobalt project and look forward to sharing the findings as we continue to grow the resource area and understanding. We expect to extend this campaign, subject to results," said Sarjeant.
Drilling completed in December intersected very wide and significant cobalt and copper grades, potentially expanding the existing JORC resource area.
Hammer Metals completed a JORC 2012 resource estimate in late 2016 and reported 3.1mln tonnes of inferred resources grading 0.14% cobalt, 0.34% copper and 0.12 gram per tonne (g/t) gold (using a copper equivalent cut-off of 1%).
Under Canadian reporting standards this resource is considered a "historic estimate."
Shares added 7.69% in Toronto to C$0.21.