Global Energy Metals Corporation has reported the latest drill results from partner Metal Bank at the Millennium copper, cobalt and gold project near Mt Isa, Queensland, Australia, which show the potential to expand the resource.
Today's assays come from five reverse circulation (RC) holes targeting northern extensions 800-1000 metres (m) along strike of the main Millennium JORG inferred resource of 5.9 million tonnes (Mt) at 1.08% copper-equivalent as defined by Hammer Metals in 2016.
Highlights include broad copper intersections, including 7m at 0.30% copper from 18m in one hole and 8m at 0.76% copper from 62m in another.
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It comes after earlier in September this year, high-grade copper, cobalt and gold results were reported from the initial two holes into the Central Area.
"The expansion of the Millenmium footprint to the north complements the recent findings presented to the market in early September with the results validating our belief that there is a high potential to substantially increase the Resource at Millennium," said Mitchell Smith, GEMC CEO, in a statement.
"They also highlight the high-grade nature of the project and the near-surface potential of the mineralization. We believe the trends seen from current and past exploration to be very promising and further support our strategy of advancing scalable high-grade battery metal projects through a partnership model."
The Millennium project spans five granted mining leases with significant potential for expansion, which are all close to processing and excellent infrastructure in the Mount Isa region.
Metal Bank chair Inés Scotland told investors: "Our northern extension drilling has opened up scope for additional resources at Millennium North providing us with further confidence in the expansion potential of this project over and above the expansion of the existing resource.
"We are now evaluating potential to update that resource and planning further extension test work for the existing resource area and the Northern Area."
A review of the existing JORC resource is now underway to assess the current scope for tonnage and grade updates, additional target areas and more work in the Southern and Central Areas of the resource
Pending this and in light of the encouraging copper results in the Northern Area, further work is underway to extend the basement mineralisation, define high-grade target zones and understand mineralisation relationships with the adjacent Quamby/Pilgrim Fault system.
Work will also seek to determine the metal zonation aspects noted between the Northern and Central/Southern Areas, said GEMC.
Also, the Federal and Corella Trends require assessment for the potential to add additional targets and resources to the project, it added.
MBK has an exclusive six-month option over the Millennium project, at the end of which, MBK will have the right to commence a formal earn-in to earn up to an 80% interest in the project.
Contact the author at giles@proactiveinvestors.com