Vancouver, BC - TheNewswire - September 17, 2020 - 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 received TSXV Exchange approval and will be moving forward with the acquisition of an 85% interest in the in the Nevada-based Lovelock Mine and Treasure Box battery minerals projects . Please refer to the Company's news release dated April 7, 2020 for details on the terms of the accelerated ownership of the highly prospective nickel, cobalt and copper enriched projects.
Historic work along with preliminary exploration conducted by Global Energy Metals in 2019 confirms the prospective nature of the project and provides the Company with an excellent opportunity to unlock the potential value of the deposit through future work.
The accelerated ownership stake in the Nevada-based projects also provides the Company and its shareholders with a U.S. footprint and controlling stake in high-potential, growth-stage exploration projects in a well established mining district all at a time when there is a global transition towards securing stable, domestic supply chains of cleaner materials and renewable energy sources that rely on these critical battery metals.
Mitchell Smith, President & CEO commented:
"This is a significant and strategic acquisition in that we believe the Lovelock Mine and Treasure Box projects, located just 150km from Sparks, Nevada, establishes new discovery potential by adding key exploration targets in a superior mining district while complementing the Company's strong portfolio of battery mineral assets that are also located in geopolitically safe mining jurisdictions."
"The Lovelock Mine and Treasure Box projects provide tremendous opportunity to further strengthen our exposure to cobalt, nickel and copper - critical minerals that are the core building blocks fuelling the electrification of vehicles and new energy storage."
Overview of the Lovelock Mine Project
The Property currently consists of 81 unpatented lode claims in the Cottonwood Canyon area of the Stillwater Range totaling approximately 642 hectares. It was discovered by George Lovelock and Charles Bell about 1880. According to U.S. Government annual reports, the Lovelock Mine saw limited production of nickel, copper and cobalt beginning in 1883. The primary cobalt mineral was identified as "cobaltite". The general average of the 200 tons shipped in 1886 averaged 14 percent cobalt and 12 percent nickel (Source: "Mineral Resources of the United States for 1885", 1886). The mine operated from 1883 to 1890 to the 100 foot level, reporting approximately 200 tons of cobalt and nickel mineralized material shipped to England for processing. After intermittent production, an English company attempted smelting on site in 1898 but little or no production was made. No further production from the Lovelock Mine is known for well over a century. Results from Global Energy Metals' initial program in 2019 at the battery minerals project in Nevada confirmed the potential of the overall land package and indicated considerable promise. Given the scale and prospective nature of this battery minerals discovery, unlocking value from Lovelock and Treasure Box will be the primary focus of the company's 2020 exploration plan. The initial work program conducted in 2019 focused on defining structural controls in the known battery metal-rich areas. Results of this work proved successful in defining structures and connecting mineralized zones into broader targets in preparation for an inaugural drilling program. Given the very large exploration area, producing a property-wide geological interpretation and model of the structures and mineralization is an immediate priority and integral to a 2020 drill program. Compilation of historic data and recently completed work should lead to a better understanding of the controls of mineralization and allow the Company to unlock the cobalt, nickel and copper potential from GEMC's Nevada-based projects. The Company will focus its exploration program in the area central to the past-producing Lovelock Mine and will commence a first-ever drilling program to test the extent of mineralization. If assay results are encouraging then it is expected that additional holes will be drilled to test strike extent.
Overview of the Treasure Box Project
Treasure Box hosts mine workings from limited copper production, which occurred until early into the 20th century. A historical diamond drill hole (circa 1910) drilled at the Treasure Box by the Boyer-Nevada Copper Company reportedly intersected 1.52% copper over 85 feet (25.9 metres) with mineralization beginning at surface. A reverse circulation hole drilled on the Treasure Box by Utah International in 1976 returned 1.55% copper over 40 feet (12.2 metres) from a depth of 85 to 125 feet (25.9 to 38.1 metres) and reportedly stopped in chalcopyrite mineralization. The core Treasure Box claims were held continuously for over 20 years by a private company but were relinquished in September 2017, leading to their acquisition by Nevada Sunrise and now Global Energy Metals. Historic work and the prospective nature of the project provides Global Energy Metals with an excellent opportunity to unlock the potential value of the deposit through further exploration work.
Figure 1. Location Map of the Lovelock Mine & Treasure Box Projects
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.
Global Energy Metals provides investors and partners with exposure to the immediate need for metals critical to the new energy economy by building a diversified global portfolio of cobalt and battery metals rich projects in top-tier mining jurisdictions with exploration & development upside to become a supply chain solution to safe and reliable cobalt for downstream partners. Global Energy Metals 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 and is finalizing an accelerated acquistion of an 85% interest in two cobalt-nickel-copper 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
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.
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.
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