Global Energy Metals Corp (TSX-V:GEMC) has hailed the latest results from drilling at its Millennium copper-cobalt-gold project in Australia, which was fully funded by Metal Bank Ltd (ASX:MBK) (MBK), and which has encountered high cobalt grades and extended the currently defined limit of the resource.
MBK can earn up to an 80% stake in the project in Queensland and the assays come from six holes sunk in the Southern and Central resource areas of the property.
An additional 11 holes were also completed in the recently completed program, with results from those expected in coming weeks.
"The Metal Bank funded drill campaign has not only been successful in achieving the main objective of confirming the extent and continuity of high-grade cobalt and copper mineralisation at Millennium but has also extended the limits of mineralisation defined by the current JORC Mineral Resource model," said Mitchell Smith, CEO of GEMC.
"We look forward to continued drilling success by our partner and the advancement of this important cobalt-copper project in Australia at a time when jurisdictionally safe supply of critical battery minerals is so highly regarded."
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Ines Scotland, chair of Metal Bank, highlighted the strong cobalt grades.
"The additional near surface extensions in the Central Area are particularly encouraging, and we are still waiting on the assay results of the deeper drilling," she said.
At the Central area, drilling extended mineralisation 120 metres (m) north of the current resource, with one hole hitting 12m at 0.53% copper and 0.14% cobalt from 39m depth and further drilling is required.
Notably, broad intervals of prospective alteration and copper-cobalt plus or minus gold mineralisation, including high-grade cobalt zones, were intersected in deeper drilling in the Central Area and results from these holes are pending, said GEMC.
In the Southern area, one hole intersected 12m at 0.62% copper, 0.14% cobalt and 0.34 grams per tonne (g/t) gold, starting from 51m depth. Another hit 12m at 0.53% copper, 0.14% cobalt and 0.06 g/t gold, from 39m depth.
These results are consistent with previous results for the deposit enhanced by low-grade copper and minor oxide gold mineralisation.
In the copper-dominant Northern Area, drill results are awaited. The two northernmost holes aimed at extending the mineralisation here a further 200m plus north were unable to be completed due to track access issues, said GEMC.
Results from a five-line, pole-dipole Induced Polarisation/resistivity electrical geophysical survey have also been received, the firm noted.
"The survey has been successful in identifying the fault zone hosting Cu-Co-Au mineralisation which is reflected in the geophysical data as the contrast between areas of high resistivity/low chargeability (hard rocks), and low resistivity/high chargeability (softer rocks)," it said.
The Millennium project currently holds a 2012 JORC compliant inferred resource of 5.9 million tonnes (Mt) at 1.08% copper-equivalent (CuEq) across five mining leases.
MBK's 2021 drill results and other previous drilling, in conjunction with significant appreciation in copper and cobalt prices, provided support for an initial exploration target (conceptual) of between eight and 10 Mt at between 1 and 1.1% CuEq.
Upon receipt and assessment of all results from the current 2022 drilling program, MBK will embark on a JORC 2012-compliant resource update and scoping study using appropriate economic parameters aimed to be complete in late 2022.
Global Energy Metals offers investment exposure to the growing rechargeable battery and electric vehicle (EV) market by building a diversified global portfolio of exploration and growth-stage battery mineral assets.
Contact the author at giles@proactiveinvestors.com