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Global Energy Metals' latest drill results from Millennium beat expectations

The current drill campaign comprises 10 diamond holes, of which six have been reported to date...

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The company is focused on offering security of supply of cobalt to the growing rechargeable battery market

Global Energy Metals Corp (CVE:GEMC, OTCQB:GBLEF) says assays from three latest drill holes at the Millennium cobalt project in Australia exceeded expectations, and showed potential for higher grade zones.

The current drill campaign comprises 10 diamond holes, of which six have been reported to date.

They all show wide and high grade co-product cobalt.

Highlight intersections include 1.1 metres at 0.73% cobalt equivalent (CoEq) consisting of 0.619% cobalt, 1.1% copper and 0.05 gram per tonne (g/t) gold from 4.5-metre depth.

Other assays showed 3.4 metres at 0.22% CoEq (cobalt equivalent) consisting of 0.186% Cobalt, 0.329% copper and 0.05 g/t gold at 7.0 m depth.

"Exceeding our expectations, these latest drill holes were designed to provide greater confidence in the cobalt mineralization at Millennium," said Mitchell Smith, GEMC's president and chief executive.

"In this case, grades in the new drill holes indicate higher cobalt grades, potentially supporting the concept of higher-grade zones of both cobalt and copper mineralisation within wide zones of mineralization.

"Our next focus will be to carry out exploration drilling on several highly prospective and underexplored areas of the Millennium property.

"I am very excited to see how these future drill results will support our confidence in the continued cobalt mineralisation along strike at Millennium."

Drilling was designed to test the updip continuity at the Millennium North deposit and results correlate well with the previous deeper drilling, the company said.

Diamond drilling has recently been completed and crews are continuing work to log and sample the final four drill holes and assays are expected in June, it added.

Metallurgical studies in the form of sighter flotation testwork of the sulphide mineralization is also planned to begin soon,  GEMC said.

Millennium is an advanced staged cobalt project with a large defined zone of cobalt-copper mineralisation which remains open at depth and along strike.

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

 Shares in Toronto slipped 5.26% to C$0.09.

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Price: 0.025 CAD

TSX-V:GEMC
Market: TSX-V
Market Cap: $2.42 m
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