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Global Energy Metals Corp shares surge as Hammer Metals resumes drilling at Millennium project

GEMC can earn a 75% interest in the project, which is in Queensland, Australia
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The last resource estimate showed 3.1mln tonnes of inferred resources grading 0.14% cobalt, 0.34% copper and 0.12 g/t gold

Global Energy Metals Corp (CVE:GEMC) is excited as its partner Hammer Metals is about to resume first phase drilling and exploration at the Millennium cobalt project in Queensland, Australia.

The current drill programme there is part of an option deal that mean Hammer has a series of commitments for GEMC to earn a 75% interest in the project.

Earlier this month, the firm released results on three reverse circulation (RC) drill holes at Millennium.

First assay results from the project, in Mount Isa, Australia, intersected very wide and significant cobalt and copper grades potentially expanding the existing JORC (Joint Ore Reserves Committee) resource area, the company said.

"We are very pleased with Hammer’s work and the continued high-grade results achieved from the current infill drill programme on Millennium," said GEMC’s vice president of projects Paul Sarjeant.

"Assays continue to support the grades and widths encountered in previous drilling, further demonstrating the consistency and continuity of the high-grade cobalt mineralisation contained within the resource.

"We are excited and look forward to Hammer completing the remaining 1300 meters of the program."

GEMC plans to complete ten diamond holes for an estimated 1,300 meters of drilling within the existing JORC area.

It expects this will further define and upgrade known mineralisation ahead of  new resource estimate.

The programme will follow previous drill intercepts in the northern portion of the mineralised zone completed by Hammer Metals and previous operators.

To date the project area has been tested by only 63 holes for 7,891 metres. 

Most holes have been drilled within 200 metres of surface, with few holes reaching to depths greater than 250 metres below surface. 

At present mineralisation remains open at depth along the strike extent of the JORC resource area.

GEMC shares are up almost 11% in Toronto at C$0.20.

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