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Global Energy Metals says initial drill results from Werner Lake show high grade cobalt

Standout assays were 3.8m at 1.39% cobalt including 1.6m at 3.23% cobalt, from 36.7m in one hole.

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Cobalt is a buzz commodity at the moment. It is used, among other things, in batteries and electroplating

Global Energy Metals Corp (CVE:GEMC) revealed high-grade cobalt had been found at the Werner Lake Cobalt project in Ontario, sending shares higher.

Its partner Marquee Resources has received assay results from the first two holes sunk during the summer work programme.

READ: Global Energy Metals excited as partner kicks off drilling at key Werner Lake cobalt project

Standout assays were  3.8m (meters) at 1.39% cobalt including 1.6m at 3.23% cobalt, from 36.7m in one hole.

"These early results from the first phase of the drill campaign are extremely exciting as they confirm the presence of a high-grade cobalt at Werner Lake, said Marque managing director Charles Thomas.

"As we continue to receive results from this drill campaign we are expanding our knowledge of this high-grade deposit, which remains open in all directions.

"Drilling has been progressing ahead of schedule and we look forward to receiving and reporting the assays from the rest of this phase 1 drilling campaign."

Data consistency

Notably, GEMC noted that the findings also showed the consistency of data from previous drill campaigns.

Marquee has now completed eight holes for 1,527m at the Werner Lake Project as part of the phase one drilling campaign.

The property is one of the key cobalt resources in Canada and its historical total mine production was reported at 143,386 pounds of cobalt grading around 2.2% cobalt and 0.75 % copper.

Canmine Resources completed several preliminary feasibility studies and economic modelling and was in the process of completing a definitive feasibility study when the group files for bankruptcy.

Additional work was completed in 2009-2010 by Puget Ventures and all this work formed the basis for the NI 43-101 resource report from Global Energy in September last year, relating to the historic underground workings at the old mine site, now referred to as the mine site deposit and the west cobalt deposit.

Highlights 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.

GEMC shares surged over 16% in Toronto to stand at C$0.10 each.

Quick facts: Global Energy Metals Corp

Price: 0.025 CAD

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