Global Energy Metals Corp (TSX-V:GEMC) said it has entered into a strategic relationship with GoldSpot Discoveries Corp to assist in the advancement of its Treasure Box and Lovelock Mine projects located approximately 150 kilometres east of Reno, Nevada.
The company said GoldSpot will utilize its artificial intelligence and machine learning technologies to optimize exploration targets, allowing the company to better focus drilling efforts and unlock value across its significant landholdings in the highly prospective Stillwater Range in Nevada.
“It will be a busy season for our Nevada-based cobalt, copper and nickel projects, and believe the properties will benefit tremendously from the assistance of GoldSpot's technologies and data-driven approach to exploration," president and CEO Mitchell Smith said in a statement.
"We welcome the strong interest and investment into the private placement from GoldSpot and look forward to working with them to evaluate and unlock the potential of both the Treasure Box and Lovelock Mine projects."
READ: Global Energy Metals receives approval to drill its Treasure Box project in Nevada
GoldSpot said it believes the market has underestimated the value of Global Energy Metals and that of its strategic property portfolio including those projects in Nevada.
"GoldSpot is excited to be partnering and applying our proprietary technology to Global Energy Metals' critical metal projects,” GoldSpot CEO and director Vincent Dube-Bourgeois added.
“The opportunity that the Lovelock Mine and Treasure Box land package holds is substantial and we believe the large number of potential targets on the property are ripe for further analysis and refining under our team's technological and geological guidance.”
Global Energy Metals also announced that it intends to complete a non-brokered private placement financing of up to C$1 million.
The offering, which is conditional on acceptance of the TSX Venture Exchange, will consist of 4,000,000 units C$0.25 each. Each unit will consist of one common share and one transferrable share purchase warrant, which will be exercisable to purchase an additional share within 24 months at C$0.40.
The company said the net proceeds of the offering will be used for further exploration and development of its battery mineral properties with a focus on the Lovelock Mine and Treasure Box projects in Nevada. Funds will also be used to support potential future acquisitions as well as for general corporate and working capital purposes, allowing for ongoing growth strategy execution, it added.
Global Energy Metals is investing in, exploring and developing prospective, scaleable assets in established mining and processing jurisdictions in close proximity to end-use markets.
It has current copper, nickel and cobalt projects in Canada, Australia, Norway, and the US.
Contact the author at stephen.gunnion@proactiveinvestors.com