Global Energy Metals Provides Positive Update on First-Ever Drill Program at the Lovelock Cobalt-Nickel-Copper Project in Nevada
November 29, 2021 (Source) — Global Energy Metals Corporation (TSXV:GEMC) (OTC:GBLEF) (FSE:5GE1) (“Global Energy Metals”, the “Company” and/or “GEMC”), a company involved in the investment exposure to the battery metals supply chain, is pleased to provide an update on the Phase 1 drilling at the Lovelock Cobalt-Nickel-Copper project (“Lovelock”) located in the prolific iron oxide copper gold (“IOCG”) belt of the Stillwater Range in Nevada, USA.
Highlights to Date
- Phase 1 drilling at Lovelock is well underway with over 800 metres in seven (7) reverse circulation drill holes completed with more planned.
- Drilling intersected possible mineralization, alteration and primary structures, targeted through the re-interpretation of historical geological and geophysical data.
- A number of drilled sections have visual characteristics similar to rock observed on the waste dump of the Lovelock Mine that when analyzed with a portable X-ray fluorescence (“XRF”) device showed elevated cobalt, nickel and copper values.
- Drill cuttings are being logged and sampling of the Phase 1 drilling is underway, with initial assay results expected in the weeks ahead.
- The Company believes that Lovelock displays potential for near-surface cobalt, nickel and copper mineralisation and could become a significant discovery opportunity in the highly prospective Stillwater IOCG region.
Timothy Strong, Project Development Manager commented:
“We are very pleased with the progress made from Phase I drilling which primarily targeted the untested, near surface IOCG system, as well as additional targets outside the historical mining zone. These chargeability anomaly targets were established by our team as highly prospective through re-interpretation of historic geological and geophysical data. So far, the majority of the holes drilled have intersected interesting structures, alteration, and possible mineralization visually comparable to descriptions of rocks from the Lovelock Mine waste dump that previous testing showed anomalously high cobalt, copper and nickel concentrations.”
The drilled intervals in the majority of holes drilled are primarily highly altered HMC volcanic and volcanoclastic rocks. Specular hematite is dominant in some sections and is likely of exhalative origin. It is in places finely laminated and occurs as matrix in debris flow breccia units evident in the drill cuttings. The targets at this location were: 1) a chargeability anomaly on the down-thrown western side of the main fault on which the original shaft was sunk and 2) primary sulfide mineralization beneath the oxide zone that was the focus of historical mining.
Figure 1. Images from the ongoing drill program at Lovelock including drilled cuttings that have visual characteristics similar to rock observed on the waste dump of the Lovelock Mine that when analyzed with a portable XRF device showed elevated cobalt, nickel and copper values.
Samples from the holes drilled will or have be delivered to American Assay in Sparks, Nevada where the laboratory will conduct geochemical analysis of the samples via multi-element ICP-MS and ICP-OES analytical methods. Any overlimit results will trigger a secondary analysis. Results are expected in the coming weeks.
Lovelock Drill Program
Global Energy Metals undertook a thorough technical review of historical data for Lovelock and prioritized a series of drill targets being testing in this 1,000 m program.
The majority of the first pass drilling program this season has been focused on confirming intersections of cobalt-nickel-copper bearing vein that correlates with historical underground mining and mapped superficial cobalt-nickel-copper occurrences. The drill program is directed at two target areas within the property: the “Lovelock Mine Zone”, which is host to historical underground mining of high-grade cobalt, nickel and copper, and the “New Zone”, a large area within a corridor of strong structural control with several subparallel structures indicating the potential for multiple mineralized zones related to these structures that has historically returned high-grade cobalt, nickel and copper assays in surface and underground sampling.
Drill targets were generated through a high-power induced polarisation (“IP”) ground geophysical survey, which were subsequently prioritized by a follow-up surface geochemical program and airborne magnetic survey. The data interpretation has allowed for a better understanding of the area, extending potential targets from previously mined orebodies to key untested prospects and exploration targets. The geophysical work and compilation of other data has greatly enhanced the Company’s ability to successfully target and explore for new, buried, high-grade cobalt-nickel-copper deposits across the large footprint in a highly prospective mining district.
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.
(TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1)
Global Energy Metals Corp. offers investment exposure to the growing rechargeable battery and electric vehicle market by building a diversified global portfolio of exploration and growth-stage battery mineral assets.
Global Energy Metals recognizes that the proliferation and growth of the electrified economy in the coming decades is underpinned by the availability of battery metals, including cobalt, nickel, copper, lithium and other raw materials. To be part of the solution and respond to this electrification movement, Global Energy Metals has taken a ‘consolidate, partner and invest’ approach and in doing so have assembled and are advancing a portfolio of strategically significant investments in battery metal resources.
As demonstrated with the Company’s current copper, nickel and cobalt projects in Canada, Australia, Norway and the United States, GEMC is investing-in, exploring and developing prospective, scaleable assets in established mining and processing jurisdictions in close proximity to end-use markets. Global Energy Metals is targeting projects with low logistics and processing risks, so that they can be fast tracked to enter the supply chain in this cycle. The Company is also collaborating with industry peers to strengthen its exposure to these critical commodities and the associated technologies required for a cleaner future.
Securing exposure to these critical minerals powering the eMobility revolution is a generational investment opportunity. Global Energy Metals believe the the time to be part of this electrification movement.
For Further Information:
Global Energy Metals Corporation
#1501-128 West Pender Street
Vancouver, BC, V6B 1R8
t. + 1 (604) 688-4219
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.
GEMC’s operations could be significantly adversely affected by the effects of a widespread global outbreak of a contagious disease, including the recent outbreak of illness caused by COVID-19. It is not possible to accurately predict the impact COVID-19 will have on operations and the ability of others to meet their obligations, including uncertainties relating to the ultimate geographic spread of the virus, the severity of the disease, the duration of the outbreak, and the length of travel and quarantine restrictions imposed by governments of affected countries. In addition, a significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect the economies and financial markets of many countries, resulting in an economic downturn that could further affect operations and the ability to finance its operations.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
We seek safe harbour.