Global Energy Metals Corp. (CVE:GEMC,OTCQB:GBLEF) said its drilling programme at the Millennium Cobalt project in Mt Isa, Queensland, has successful hit wide cobalt mineralisation in every hold.
In a statement, the company said it has received assays for three of the five holes drilled in a highly successful phase 1 drill program at the project.
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The current campaign of drilling comprises a total of 10 diamond holes. The next assay results are expected to be received and reported in May 2018.
Global Energy said the results are consistent with wide and significant cobalt and copper grades intersected in previous drilling, including those holes completed in December which expanded the mineralisation envelope, aiding in increasing confidence levels of the mineralised zones within the core of the northern zone as defined by the existing JORC (2012) resource area.
To date all holes in the program have intersected wide and high-grade cobalt and copper material.
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"The Millennium Project contains high levels of co-product cobalt-copper and as we continue to confirm and expand the known resource envelope, with these types of grades and widths, we are looking at a very competitive project as a source of future supply of cobalt needs to the battery market," said Mitchell Smith, President and CEO.
Global Energy Metals has a strategic partnership with Beijing Easpring Technology Company.
Smith said the company will now assess the data to plan the subsequent phases of drilling “so that we can further define, expand and upgrade the known cobalt mineralization in support of a new resource estimate that we will report as cobalt equivalent to aid investors in understanding the high quality and size of the Millennium Deposit."
The results of this programme both met and exceeded our initial expectations, " stated Paul Sarjeant, VP Projects & Director
Millennium is an advanced staged cobalt project with a large defined zone of cobalt-copper mineralisation which remains open at depth and along strike.