(via TheNewswire)
GEMC originally acquired the Mount Isa Projects from Hammer in parcel with theMillennium project, a copper-cobalt-gold asset that is currently being advanced through a carried joint venture partnership with Metal Bank Limited. Through project funded exploration by Metal Bank, an updated JORC 2012 Mineral Resource Estimate (MRE) was established with Millennium hosting 8.4Mt @ 1.23% CuEq (0.09% Co, 0.29% Cu and 0.12g/t Au) including open cut (86%) and underground (14%) Resources, representing a 42% tonnage increase and 14% grade increase from the 2016 MRE (Seenews release dated
The Mount Isa Projects are both early-stage exploration assets that present as an excellent opportunity for high-grade, under-explored assets that are in close proximity to a processing solution as well as having stand-alone potential. The Company is encouraged by the divestment of the Mount Isa Projects to Mulga as it holds confidence in their ability to leverage Hammer’s technical experience and jurisdictional knowledge gained from local investments and projects they operate in the area maximizing the future prospect of the properties.
In consideration of the 80% interest, Mulga and MDM will grant Element a 1% NSR on each of the Mount Isa Projects and incur all costs associated with project advancement including exploration, maintenance and holding costs up until completion of a Pre-Feasibility Study. After completion of a Pre-Feasibility Study, Element will have the option to fund its pro-rata annual spend, or an election to not fund will result in dilution based on a standard JV dilution formula.
“The partial divestiture of the Mount Isa Projects is consistent with theCompany’s strategy of actively managing and streamlining our property portfolio through a partnership model while benefitting from the collaboration with well funded, technically experienced peer groups. In addition to maintaining a sizeable investment exposure in these two early-stage exploration properties with known showings of strategic elements, the Company also benefits by having created two new royalties on the properties of which we are free-carried on any cash expenditure until the time of completion of a Pre-Feasibility Study.”
“We are pleased to be transacting with
The Mount Isa Projects are both early-stage exploration assets that present as an excellent opportunity for high-grade, under-explored assets that are in close proximity to a processing solution as well as having stand-alone potential.
Exploration to date has returned outstanding, high-grade intercepts and there is excellent potential to significantly improve the understanding of the projects with multiple high-grade targets awaiting further exploration and test-work. Significant cobalt intercepts include:
7m @ 0.14% Co, 2.55% Cu
2m @ 0.12% Co, 0.13% Cu
0.31% Co, 3.63% Cu, 1.25g/t Au
The deposits and prospects are similar in size and style to other deposits in the region that have been successfully mined by small-scale open pit techniques which implies that the project mineralisation may be economically extracted.
The Mt. Isa Inlier is a highly mineralised, established, world class mining jurisdiction with significant regional infrastructure several world-class copper-gold-cobalt and lead-zinc-silver mines and deposits, including the operating Rocklands copper-gold-cobalt project.
Hammer Metals Limited
Hammer Metals Limited (ASX:HMX) holds a strategic tenement position covering approximately 2,200 square kilometres within the
Hammer also has a 100% interest in the
Qualified Person
Mr.
For Further Information:
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Email: info@globalenergymetals.com
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www.globalenergymetals.com
Twitter:@EnergyMetals|@USBatteryMetals|@ElementMinerals
(TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1)
As demonstrated with the Company’s current copper, nickel and cobaltprojects in
Securing exposure to these critical minerals powering the eMobility revolution is a generational investment opportunity.
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
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
We seek safe harbour.
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