Global Energy Metals says that its Australian partner and operator, Hammer Metals, has mobilized and assembled a reverse circulation (RC) drill rig at the Millennium Cobalt Project located in Mt. Isa Queensland and has started drilling.
The Company anticipates completing three drill holes before the end of 2017, with the balance of the Phase 1 exploration program being conducted in the New Year. The overall drill program will continue the excellent work by Hammer with an aim to increase the envelope of mineralisation within the resource area by testing depth and strike extensions.
Infill drilling will also be conducted to upgrade mineralisation to higher confidence levels within the core of the resource area as the company works towards a greater understanding of the project. Initial drill holes will test gaps in the current drill database and look to provide a better understanding of significant zones of mineralisation.
Global Energy’s President and CEO, Mitchell Smith, stated:
“The Millennium Project has great potential to build off the JORC resource delineated in 2016 by Hammer Metals and previous work has very encouraging results on the potential scope and tonnage on the existing land package. This drilling is a great step to advance this cobalt project forward. Scale is critical to build economic projects to legitimately supply the battery chain.”
The Millennium Cobalt Project:
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 JORC 2012 Resource estimate in late 2016 and reported 3.1 million tonnes of Inferred Resources grading 0.14% Co, 0.34% Cu and 0.12 g/t Au (using a CuEq cut-off of 1.0%). Under Canadian reporting standards this resource is considered a “historic estimate”. The 2016 JORC resource estimate completed by Hammer Metals Ltd. outlined a mineralised zone over a strike length of approximately 1.5 km.
Additional mapping, soil geochemistry and rock sampling has identified an additional 1.5 km of anomalous cobalt-copper mineralisation in geological analogues that occur along a potential strike extension in the northern half (“Northern Target”) of the tenement package. This area has not been tested with any drilling to date. The Northern Target provides excellent opportunity to increase the overall resource potential of the Millennium project.
To date the project area has been tested by only 63 drill holes (percussion, RC and diamond) for a total of 7,891 metres. Most holes have been drilled within 200 metres of surface, with few holes reaching to depths greater than 250 metres below surface. At present mineralisation remains open at depth along the strike extent of the JORC resource area.