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Global Energy Metals’ to launch major surveys at Lovelock next week (GEMC)
Cobalt explorer Global Energy Metals (TSX-V:GEMC) further advanced its Nevada-based projects on Wednesday by revealing airborne geophysical and topographical surveys over potential areas of mineralisation. The firm will use uncrewed aerial vehicles to conduct a UAV-Magnetometer Survey and Orthophoto/Digital Surface Modelling on its Lovelock asset, which based c.150km east of Tesla’s Gigafactory in Sparks.
The surveys are expected to begin next week will cover high priority targets at the asset, which is a past-producing mine with high nickel, copper, and cobalt grades. Work will be completed by MWH Geo-Surveys International, an industry-leader with surveying experience all around the world. The data collected will then be used to inform ongoing fieldwork that is becoming carried out for the planning of a drilling programme later this year.
Global Energy’s chief executive and director Mitchell Smith said: ‘We look forward to conducting these airborne geophysical and topographical surveys with MWH, industry pioneers in drone technology. The robust preliminary results of the initial geological work completed this summer are positive indicators of the potential of the nickel, copper, cobalt project. Moreover, large portions of the mineralized area are still being evaluated by the Company leaving the door open to well-defined drill targets for our Fall Program.’
Wednesday’s news comes just days after Global Energy said it was ‘more confident than ever’ in Lovelock as a result of promising early results in its first round of exploration work at the asset. The firm is currently focused on defining structural controls in Lovelock’s known battery metal-rich areas and connecting mineralised zones into broader targets.
The business said that all of its work programmes for the project are progressing on schedule. Notably, a bulk sample taken by its partner Canada Cobalt Works has now undergone initial metallurgical analysis. This has resulted in head assay results of 0.2pc cobalt, 0.19pc nickel, and 2.84pc copper from the waste rock in the historic dumps in front of Lovelock’s opening.
Elsewhere, Global Energy provided investors with an update on its underground prospecting, mapping, and sampling programme at Lovelock, which it launched at the end of June. The firm said that initial results from the work, which will assist in creating a 3D geological model of the property, have been positive.
Lovelock is said to have produced 500ts of cobalt and nickel mineralisation between 1883 and 1890 when it was last in operation. Global Energy believes exploration work and modern drilling techniques could unlock a large amount of potential value at the site.
The company entered an option to acquire an 85pc stake in the asset in January alongside another site called Treasure Box. This sits adjacent to Lovelock and hosts mine workings from limited copper production, which occurred until early into the 20th century. A historical diamond drill hole at the asset reportedly intersected 1.52pc copper over 85ft, with mineralisation beginning at the surface.
Global Energy focuses on offering security of supply of cobalt, which is a critical material in the rapidly growing rechargeable battery market. It is building a diversified global portfolio of assets in the sector, including project stakes, projects and other supply sources.
The business’s flagship asset is the Millennium Project in the world-renowned Mt. Isa region of Queensland, Australia. Global Energy recently revealed plans to take the project forward alongside Australian peer Cobalt Blue Holdings.
Millennium is a multi-zone, near-surface cobalt-copper sulphide system with several kilometres of potential strike length. It is located near established mining, transport, and processing infrastructure and offers easy access to a very skilled workforce.
The growth-stage site contains a defined zone of cobalt-copper mineralisation. Here, a 2016 JORC Resource estimate identified 3.1MMts of inferred resources containing 0.14pc cobalt and 0.34pc copper with gold credits. Global Energy is now looking at ways to increase the size of its deposit. Results from a first phase exploration campaign at two zones called Millennium North and Millennium South exceeded grade and thickness expectations. The firm will now carry out the second phase of drilling to examine both areas further.
Alongside Millennium, Global Energy has acquired two further discovery sites called Mt. Dorothy and Cobalt Ridge. These are collectively known as the ‘Mt. Isa projects’. The areas expand Global Energy’s Australian land position by nearly twenty times but have yet to be exploited. Exploration to date has returned high-grade cobalt intercepts at both, allowing Global Energy to line up numerous targets for further investigation and test work to define a resource.
Author: Daniel Flynn
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