Global Energy Metals Corp (TSX-V:GEMC) said a drilling contract has been executed with Schonknecht Drilling Pty Ltd for the Millennium Project in NW Queensland for 2022, with work scheduled to commence in April.
The 2022 drilling program is aimed at expanding existing resources in the Central and Southern areas and defining new resources in the Northern Area, it said.
With over $10 million raised at the end of last year, Global Energy Metals’ joint venture partner, ASX-listed Metal Bank Limited (MBK), is fully capitalized to pursue and sole fund the work program as part of MBK’s right to earn up to 80% of the Millennium Copper (Cu), Cobalt (Co) and Gold (Au) project, which holds a JORC 2012-compliant inferred resource of 5.9 metric ton (mt) at 1.08% copper equivalent grade (CuEq) across five granted mining leases, the company added.
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JORC is the official code in the mining industry for reporting exploration results, mineral resources and ore reserves.
“The 2022 work program at Millennium is aimed at increasing the existing Millennium Resource of 5.9Mt @ 1.08% CuEq,” Metal Bank’s chair Inés Scotland said in a statement. “As Australia looks to establish itself as a global critical minerals supplier, at a time of supply constraint and unprecedented copper and cobalt prices, the Millennium project’s current Resource already provides significant value not yet factored into the current share price.”
Scotland added that with a combination of resource growth and the project’s granted mining leases, the project presents a real opportunity for near-term development.
In 2021, MBK established an exploration target of 8-10Mt at 1.0-1.1% CuEq, with the first drill program intercepting five meters at 2.92% copper, 0.50% cobalt, and 1.19 grams per ton (g/t) gold within 22m @ 2.22%, and confirming northern extensions to the mineralization system.
The 2022 exploration program includes extension, infill, and metallurgical work aimed at significantly increasing existing resources to underpin an updated JORC 2012 Resource statement in late 2022.
The company noted that the project provides exposure to copper and cobalt – in demand, critical components for the renewable energy transition.
The Millennium Project is located 19 kilometers from the Rocklands copper-cobalt project, operated by Copper Resources Australia Pty Ltd, with an established processing plant capable of treating Millennium-style ores once recommissioned.
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