Global Energy Metals to Investigate Cobalt-Copper-Gold Recovery Potential for Recently Acquired Millennium Project in Queensland, Australia
Vancouver, BC - TheNewswire - July 17, 2019 - Global Energy Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 ("Global Energy Metals", the "Company" and/or "GEMC") is pleased to announce that it has entered into a Memorandum of Understanding ("MOU") with Australian cobalt peer, Cobalt Blue Holdings Limited ("Cobalt Blue") to investigate cobalt-copper-gold recovery potential for the Millennium Project in Queensland Australia.
Global Energy Metals recently announced the outright acquisition of the Millennium Project adding to its battery metals portfolio one of the most exciting scalable primary-cobalt projects in the industry.
With the strong understanding of the potential for the high-grade Millennium project as well as the Mt. Dorothy Project and Cobalt Ridge properties, collectively referred to as the Mt. Isa Projects, the acquistion has positioned GEMC as an exploration leader in the Mt. Isa - Cloncurry mining district for cobalt and battery mineral deposits.
Historical studies have shown that cobalt and copper concentrates can be floated from samples of drill core from the Millennium Project. It is the intent of Global Energy Metals and Cobalt Blue to prepare new cobalt-pyrite samples and test the applicability of Cobalt Blue's pyrite processing technology to the concentrates.
Mitchell Smith, CEO and Director commented:
"It is invaluable to conduct metallurgical testwork on this resource at this stage in its development and further de-risk the project while looking at various processing options for the company as it continues to grow the existing resource and delineate new targets at Millennium. Given the encouraging results of previous metallurgical test with high recovery rates for copper, cobalt and gold we are confident that the results from this program can demonstrate a potentially viable option for the project."
The Proposed Cobalt Blue - Global Energy Metals Program:
(i)A review of historical testwork to produce concentrates from the Millennium Project
(ii) A review of cobalt-pyrite quantity, grade, mineralogy and other physical characteristics, as available for the Millennium Project.
(iii) Collaboration between GEMC and Cobalt Blue to produce cobalt-pyrite concentrate samples, or bulk Co-Cu-Au sulphide mineral concentrates.
(iiii) Laboratory scale "proof-of-concept" testwork, treating cobalt-pyrite feedstock using the Cobalt Blue process.
(v) Preparation of a short-form report summarising the findings by Cobalt Blue, for delivery to GEMC.
Figure 1. Location of the Millennium Project
Cobalt Blue Processing Technology
Cobalt Blue has been developing minerals processing technology for extraction and recovery of cobalt and elemental sulphur from cobalt-pyrite feedstocks. The technology was evaluated in the 2018 PFS for the Thackaringa deposits near Broken Hill, and was successfully shown to be technically and economically viable for that project. This work culminated in the release of the maiden Ore Reserve Statement that accompanied the PFS.
Previously, Cobalt Blue has successfully evaluated application of the technology to cobalt-pyrite feedstocks from Havilah's Mutooroo deposit. Separately, evaluation of tailings from Cudeco's Rocklands project was commenced in late 2018. The Millennium Project is located approximately 20 km from the Cudeco Rocklands mine site, as shown in Figure 1.
The minerals processing technology is focused on the treatment of pyrite, to recover payable metals, elemental sulphur, and generate environmentally stable iron oxide leach residues. The process specifically avoids the simultaneous production of sulphuric acid, which normally occurs when roasting pyrite, or leaching pyrite via pressure oxidation.
Cobalt Blue continues to assess opportunities to apply its innovative minerals processing technology and has now identified a second prospective project (the Millennium Project) in the Mt Isa-Cloncurry district for evaluation.
Mr. Paul Sarjeant, P. Geo., is the qualified person for this release as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects and has reviewed and verified the technical information contained herein.
(TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1)
Global Energy Metals is focused on offering security of supply of cobalt, a critical material to the growing rechargeable battery market, by building a diversified global portfolio of cobalt assets including project stakes, projects and other supply sources. GEMC anticipates growing its business by acquiring project stakes in battery metals related projects with key strategic partners. Global Energy Metals now holds 100% of the Millennium Cobalt Project and two neighbouring discovery stage exploration-stage cobalt assets in Mt. Isa, Australia. It also currently owns 70% of the Werner Lake Cobalt Mine in Ontario, Canada, has an option to acquire an 85% interest in two cobalt exploration projects in Nevada, 150km East of the Tesla Gigafactory.
For Further Information:
Global Energy Metals Corporation
#1501-128 West Pender Street
Vancouver, BC, V6B 1R8
t. + 1 (604) 688-4219 extensions 236/237
Cautionary Statement on Forward-Looking Information:
Certain information in this release may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with regulatory approvals and timelines. Although Global Energy Metals believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. For more information on Global Energy and the risks and challenges of their businesses, investors should review the filings that are available at www.sedar.com.
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