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Global Energy Metals keenly awaiting first assays from Millennium, which could expand resource

GEMC said the first five holes from the 10-hole diamond programme have been completed
Global Energy Metals keenly awaiting first assays from Millennium, which could expand its resource
Pictured are diamond drill bits

Global Energy Metals Corp (CVE:GEMC) is keenly awaiting drill assays from the first three holes of a ten-hole programme at the Millennium cobalt project in Australia, it said on Wednesday.

The resource firm expects results from ongoing and planned drilling will further define and upgrade known mineralisation ahead of a new resource estimate at the site.

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Hammer Metals completed a 'historic resource' JORC compliant in late 2016, which showed 3.1 million tonnes of inferred resources at 0.14% Cobalt, 0.34% copper and 0.12 g/t (grams per ton) gold (using a CuEq cut-off of 1.0%).

"This programme represents a game changing opportunity for the expansion of the Millennium project as GEMC positions itself as a leading cobalt explorer and developer in the famed Mt. Isa mining district in Australia," said Mitchell Smith, president and chief executive at GEMC.

"We look forward to receiving and reporting the first batch of assays and progressing the exploration campaign to test and deliver more insight on the potential of the new zone identified to the north of the existing deposit."

So far, five diamond holes have been completed, along with 77 metres of RC (reverse circulation) drilling in a water bore that hit the mineralised zone.

The holes are part of the exploration program, following previous intercepts in the northern part of the mineralised zone previously, where gaps within the historical resource estimate were outlined.

Very wide and significant cobalt and copper grades intersected at depths from drilling completed in December suggest continuity to a potential cobalt-enriched zone that could expand the existing resource area.

GEMC has earned its initial 25% interest in Millennium and intends to continue exploration to gain a 65% interest in the project.

The exploration program is being managed by its Australian based partner Hammer Metals Ltd (ASX:HMX), which is also partnered with and operate projects for Glencore (LON:GLEN) and Newmont in the Mt. Isa region of Queensland, Australia.

Shares in Toronto added 4.35% to C$ 0.12.

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