Global Energy Metals Corp (TSX-V:GEMC) said there is promising potential to expand the resource at its Millennium cobalt, copper, and gold project in Queensland, Australia following the commencement of partner-funded drilling at the site.
The company said initial observations from the drill program, which is being carried out by its joint venture partner Metal Bank Limited (MBK), were encouraging with visible sulphides, including chalcopyrite and cobaltite, and broad alteration halos not currently within the resource envelope.
MBK chair Inés Scotland said the aim at the Millennium project was to double the existing resource of 5.9 million tonnes (Mt) at 1.08% copper equivalent as well as test adjacent and peripheral targets.
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“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 valuation,” Scotland said.
“With a combination of resource growth and the project’s granted mining leases, the project presents a real opportunity for near-term development.”
The drill program has commenced in the Southern Resource area at Millennium and work is progressing northwards through the Central Resource area.
Assays from the earliest drilling samples are expected in June.
Global Energy Metals offers investment exposure to the growing rechargeable battery and electric vehicle market by building a diversified global portfolio of exploration and growth-stage mineral assets.
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