Global Energy Metals Corp (TSX-V:GEMC) said 2022 exploration at its copper-cobalt-gold Millennium project in Australia showed promising results and warrants further drilling.
Recently completed exploration drilling at the Queensland site showed up to 2.08% cobalt, up to 0.52% copper and up to 0.18 grams per tonne gold, at depths of one to 17 metres.
Global Energy Metals CEO Mitchell Smith said drill results continue to impress.
READ: Global Energy Metals welcomes results of MBK funded exploration program at Millennium project, Australia
"The exploration to date has shown the true potential for the Millennium project with copper and cobalt mineralization exceeding expectations on multiple fronts. We look forward to working with Metal Bank in continuing to advance future exploration campaigns for further resource growth and new project-wide discoveries," Smith said in a statement.
The exploration program is funded by Metal Bank Ltd (ASX:MBK) (MBK), which earns up to 80% interest in the project through staged exploration and milestone share equity payments. Global Energy Metals said it holds 100% of Millennium through its wholly-owned subsidiary Element Minerals Australia Pty.
All assay results have now been received for MBK's diamond drill hole depth extensions in the Southern and Central Resource areas, along with results for reverse circulation exploration drilling in the Northern Area, as part of the resource infill and extension drilling completed in September, according to the company.
Metal Bank chair Ines Scotland said the work demonstrates that the critical minerals opportunity at the Millennium project extends to depth below the existing bulk near surface copper-cobalt-gold resource.
“The high-grade cobalt intersections at depth show strong support for potential underground extraction and the results in the Northern Area provide potential for adding further to the mineralisation at Millennium. We are now in the process of reviewing all results and planning the next phase of work," Scotland said.
Vancouver-based Global Energy Metals said Millennium is one of the highest-grade undeveloped battery metals projects in Australia.
“Of particular note are strong cobalt grades hosted in hydrothermal veins and crackle breccias including discrete high-grade zones at depth potentially amenable to underground extraction below the bulk of the near surface cobalt-copper-gold resource,” the company said.
This continuity of grades at depth in several areas will allow for an increase to the existing 2012 Inferred Resource of 5.9 metric tonne at 1.08% copper equivalent, according to Global Energy Metals.
In addition, the company said encouraging copper values returned in the Northern Area toward the regional Fountain Range/Quamby Fault Zone represents newly identified mineralisation west of the existing Millennium resource.
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