Global Energy Metals (TSX.V:GEMC) is primed to take one of its flagship projects into the next stage of development after confirming “exceptional” metal recovery results on Monday.
Using a mineralised sample taken from its Millennium project in Queensland, Australia, the Canadian miner achieved flotation recovery rates of metals to concentrates of 93% cobalt, 93% copper, and 80% gold. Following this, Cobalt Blue Holdings, the firm that completed the metallurgical testwork– was able to extract 90% of the cobalt, 95% of the copper, and 90% of the gold in the cobalt concentrate through leaching.
As a result of these high rates, Cobalt Blue has recommended that a preliminary economic assessment should be completed on Millennium. This will enable Global Energy to evaluate total project costs and determine whether the asset should be advanced to the pre-feasibility stage.
“The metallurgical results presented here continue to demonstrate the significant value of our wholly-owned Millennium project,” said Global Energy’s president and chief executive Mitchell Smith on Monday. “We are especially pleased with the performance of Cobalt Blue who have established that we can produce a clean, saleable copper-gold flotation concentrate and a separate cobalt concentrate which can be successfully treated using the Cobalt Blue Process for recovering cobalt, copper and gold.”
“These test results are an important next step in accomplishing Global Energy’s strategy to secure the supply of minerals critical to national security and economic growth. We look forward to incorporating these results into future studies to quantify the added value to the project.”
Millennium is strategically located around 20 kilometres from the Cudeco Rocklands mine site and refinery and within an area called Mount Isa, which boasts a booming mining economic and plenty of infrastructure. Global Energy also owns two neighbouring, highly-prospective exploration stage properties in the area called Mount Dorothy and Cobalt Ridge, giving it one of the largest total land positions of its peers in Mt Isa.
In Monday’s update, the firm said the processes used by Cobalt Blue to achieve the strong metallurgical results at Mt Isa could potentially be adapted to treat cobalt-copper-gold sulphides common across both of these assets. In doing this, the organisation would potentially be supported by new initiatives recently announced by the Queensland government to explore for “new economy minerals” like cobalt.
Meanwhile, the firm also highlighted the recent signing of an Australia-United States memorandum of understanding for a critical minerals’ collaboration. This is focused on reducing both nation’s exposure to supply disruptions and maximising the competitiveness of their respective minerals industries.
“This international cooperation is anticipated to result in greater support for the development of critical mineral projects, such as Millennium, and the establishment of a strong diversified mine-to-market supply chain to serve the eMobility, aerospace, defense and lithium-ion battery industries,” said Global Energy.
Author: Daniel Flynn
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