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Global Energy Metals' maiden Werner Lake resource estimate positions it as leading project developer

The resource relates to the historic underground workings at the old mine site, said GEMC.

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cobalt is currently trading at US$$27.67 per pound, which is a 175% premium to the price used for this resource estimate, said the group

Global Energy Metals Corp (CVE:GEMC) unveiled a major milestone in its evolution -  an NI 43-101 resource for its Werner Lake cobalt property in Ontario, Canada.

The resource relates to the historic underground workings at the old mine site, now referred to as the mine site deposit and the west cobalt deposit.

Highlights of the report included a higher confidence indicated resource of 57,900 tonnes at 0.51% cobalt and an inferred resource of 6,300 tonnes at  0.48% cobalt  at a 0.25% cut-off grade.

Notably, there is also significant potential for increased tonnage at the site, and cobalt is currently trading at US$$27.67 per pound, which is a 175% premium to the price used for this resource estimate.

Mitchell Smith, the chief executive, at Global Energy Metals, said: "This report positions Global Energy as a leading project developer in the competitive cobalt market - no other junior has an advanced primary cobalt deposit in the region.

"The initial resource results supports the need for further investment into the project as we identify high-calibre joint venture partners for the cobalt deposit.

"Advancing Werner Lake with the right partner will allow us to build on the value of the project and continue our strategy of acquiring project stakes in other highly prospective projects."

Consultant AGP Mining has recommended a drill program to test for additional mineralization in areas of greatest potential.

Currently, both the Minesite and West Cobalt deposits remain open at depth and along strike, the group also noted.

GEMC shares were unchanged in Toronto to stand at C$0.145 each.

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