Global Energy Metals Corp (CVE:GEMC, OTCQB:GBLEF) has found further high grade cobalt at the Millennium project in Queensland, Australia, from the final four holes during the phase one campaign.
"We are very pleased to announce these positive cobalt results and the successful completion of phase one at Millennium," said Mitchell Smith, president and chief executive at GEMC.
"The multiple high-grade and wide intercepts validate the geological model and confirm significant upside potential to grow the resource base at Millennium.
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"We are excited to continue the rapid exploration of the northern strike extension and expansion of the Millennium project, and demonstrate the strong opportunity that Millennium represents for exposure to cobalt."
The project covers a sulphide-rich mineralized zone containing cobalt, copper and gold.
Cobalt and copper have been encountered along the entire targeted 1,500m strike length, while the zones remain open in all directions and that will be the focus of the firm's next drill program.
GEMC noted that encouragingly one of the best cobalt intersections from the project to date was from the upper part of the Millennium North mineralized zone, where first phase drilling took place.
Highlight assays included one hole, which hit 41 metres (from 14 m) at a grade of 0.20% cobalt equivalent (0.18% cobalt, 0.22% copper, 0.11 gram per tonne (g/t) gold and 0.34 g/t (grams per ton) silver.
That included a 13m (from 14 m) interval grading 0.28% CoEq (cobalt equivalent).
WATCH: Global Energy Metals hits cobalt in all drill holes, showing consistency throughout resource
Millennium is an advanced staged cobalt project with a large defined zone of cobalt-copper mineralisation, which remains open at depth and along strike.
Hammer Metals completed a 'historic resource' JORC compliant in late 2016, which showed 3.1mln tonnes of inferred resources at 0.14% cobalt, 0.34% copper and 0.12 g/t gold (using a CuEq cut-off of 1.0%).
According to research house Roskill, the cobalt market is expected to expand by 14.5% every year for the next ten year, hitting 210,000 tonnes by the end of 2027, not least as it is used in the lithium-ion batteries that power electric vehicles.
But the commodity has uses other than propelling fleets of next-generation sports cars, hatch-backs and saloons.
It is a component of alloys used for aircraft engine parts, while the chemical industry is a big consumer too.