Global Energy Metals Corp (TSX-V:GEMC) has updated on its Millennium cobalt-copper-gold project in Queensland, Australia following a first-phase reverse circulation drill program conducted and funded by its joint venture partner Metal Bank Limited (MBK).
The phase one program consisted of 1,580 metres drilled predominantly in the south and central resource areas, targeting both shallow and deep extensions to the existing mineralisation along with infill, and several precollars in preparation for diamond drilling.
“Drilling at Millennium continues to not only show strong grades for copper, cobalt and gold but is also supporting potential for extension to the existing resource and opportunity for a more robust project than currently defined,” Mitchell Smith, president and CEO of GEMC said in a statement.
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"We’re encouraged by the progress made by our JV partners and look forward to continued success as they continue to drill and grow this important strategic metal project," Smith added.
MBK is earning up to 80% interest in the project through staged exploration expenditures and milestone payments.
Commenting on the first phase of MBK’s exploration program for 2022, Metal Bank’s chair, Inés Scotland said: “We are very pleased with the copper and cobalt assay results which support our resource extension goal at Millennium. Both cobalt and copper are key minerals in Australia’s renewable energy future.”
Highlights include:
• First assays returned from Phase 1 Millennium RC drilling with results including: 5m at 2.27% copper (Cu), 0.09% cobalt (Co) and 0.94 grams per ton (g/t) gold (Au) (MI22RC02, 104-109m); 6m at 1.24% Cu, 0.5g/t Au (MI22RC07, 60-66m), and 9m at 0.84% Cu, 0.19% Co and 0.23g/t Au (MI22RC07, 71-80m)
• Phase 2 metallurgical sampling and deeper drilling is underway with visible cobalt-copper minerals observed.
• Extension drilling to the north and proximal to the Pilgrim/Fountain Range Fault Zone to follow throughout July.
Following the drilling completed in late May, assay results have now been received for MBK’s Phase 1 resource extension and infill program in the southern and central resource areas at Millennium.
These results include:
• 5m at 2.27% Cu, 0.09% Co and 0.94g/t Au (MI22RC02, 104-109m) – 30m North of its current resource model
• 6m at 1.24% Cu, 0.5g/t Au (MI22RC07, 60-66m)
• 9m at 0.84% Cu, 0.19% Co and 0.23g/t Au (MI22RC07, 71-80m)
Results from holes MI22RC02, 03, 05, and 06 provide support to the resource model interpretation and indicate the potential for deeper mineralisation, the company said. The MI22RC02 intersection was some 30m north outside the existing resource model and remains open further north along strike indicating potential for resource extension. MI22RC07 displays mineralisation shallower than previously modeled.
In addition, encouraging observations and assay results were also returned from an RC pre-collar in the expected barren hangingwall to the west of Millennium and towards the Pilgrim/Fountain Range Fault Zone including 12m @ 0.26% Cu with minor cobalt and gold (MI22RD03, 136-148m).
Millennium 2022 Work Program
The company said results from recent Phase 1 drilling have been received, including six RC drill holes validating and testing the existing resource (MI22RC02-07), one hole testing below the Federal workings (MI22RC01) and four of six RC precollars to deeper diamond drill holes. Results from MI22RC04 are pending.
Results are in line with previous intersections and add support to the resource model interpretation. Importantly, the MI22RC02 intersection was some 30 m north outside the previous resource model and remains open further north along strike supporting the potential for extension to the existing resource.
In addition, mineralisation noted in the hangingwall west of the main Millennium mineralised trend returned broad encouraging results of 12m @ 0.26% Cu (MI22RD03, 136-148 m) with minor Co and Au.
This supports additional mineralised structures within the granted MLs and/or a potential link with the regionally significant Pilgrim/Fountain Range Fault Zone along the western margin of the project. Additional RC drilling is planned to directly test this regionally significant fault system to establish its relationship with Millennium mineralisation.
Diamond drilling is currently underway including shallow large diameter core or metallurgical samples and infill drilling. Deeper diamond drilling for resource infill, Exploration Target confirmation, structural, geochemical and geometallurgical sampling will follow. Shallow drilling has identified fresh cobalt and copper sulphides in core and the first of several deeper holes is about to commence.
The drilling program will then return to RC seeking to extend and infill the Central Area Resource to the north and confirm economic scope for the Northern Area. The current drilling program is expected to be completed by mid-August. Assay results are currently experiencing significant delays of up to 7-8 weeks from submission.
Contact the author at jon.hopkins@proactiveinvestors.com