Global Energy Metals Corp (CVE:GEMC) (OTCMKTS:GLBEF) (FRA:5GE2) said its exploration partner Metal Bank Limited (ASX:MBK) has begun exploration on the Millennium copper, cobalt and gold project in Australia.
Global Energy Metals noted that initial field reconnaissance and mapping completed in early July have confirmed outcropping copper mineralisation and key stratigraphic units, as Metal Bank is set to start a reverse circulation (RC) drill program of up to 800 metres (m) in early August 2021 to test the northern extensions of the project.
“With Metal Bank’s initial field reconnaissance adding to the drill target inventory we’re confident we’re on the path to further discovery at Millennium,” Global Energy Metals CEO Mitchell Smith said in a statement.
READ: Global Energy Metals strikes definitive option deal for Millennium asset with Australia's Metal Bank
“We’re looking forward to continuing the development of Millennium alongside our new partner,” Smith added.
Metal Bank chairman Inés Scotland also commented, stating: “Initial observations by our field team are extremely encouraging and suggest target continuity in the north of the project. The additional outcropping copper mineralisation exceeded expectations.”
“As a result, Metal Bank is now fast-tracking an RC drill program to test the Northern Extension area. If we confirm the system extends to the north it will completely change the scale of the project.”
Metal Bank has entered into an exclusive six month option period to carry out further due diligence and sole-fund an initial exploration program on Millennium, after which it will have the right to earn up to an 80% interest in the project.
The Millennium project contains an Inferred copper-equivalent resource of 5.89 million tonnes (Mt) across five mining leases, which also include the Corella and Federal prospects that are untested by drilling and provide yet further potential to grow the resource base.
It sits in the Mount Isa region, 19 kilometres from the Rocklands copper-cobalt project, which hosts 55.4Mt grading 0.64% copper, 0.15 grams per tonne (g/t) gold, 290 parts per million (ppm) cobalt (0.90% copper-equivalent).
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