Global Energy Metals’ partner Metal Bank drilling Millennium copper-cobalt graphite-gold project, Australia

Global Energy Metals Corp. [TSXV: GEMC ; TCQB: GBLEF; FSE: 5GE1], a multi-jurisdictional, multi-commodity critical mineral exploration, development and project generating company, reported that ASX-listed Metal Bank Ltd., as project operator has commenced diamond drilling at the Millennium copper-cobalt-gold-graphite project, Australia, as part of a AUD $250,000 Queensland Government-funded Collaborative Exploration Initiative (CEI) program. Global Energy is fully carried on exploration spending as part of Metal Bank’s earn-in for 80% of the Millennium.

Highlights: Diamond drilling program commenced targeting high grade graphite extensions and metallurgical samples.

Drilling and associated metallurgical work is partly funded by the Queensland Government CEI $250k grant. An additional Mining Lease application has been lodged adjacent to the current granted five mining leases.

This new lease covers a Gap Zone of Co-Cu-Au mineralization and peripheral graphite targets. Granting of the Gap Zone has the potential to positively impact the project economics and the prospect of moving the project to production. Global Energy is fully carried on exploration spending as part of Metal Bank’s earn-in for 80% of Millennium.

This drilling targets high grade near surface extensions to previously announced graphite results, plus bulk metallurgical samples within and adjacent the JORC2012 Mineral Resource Estimate (MRE) of 8.4Mt at 0.09% Co, 0.29% Cu and 0.12 g/t Au for a 1.23% CuEq.

Metal Bank has also submitted an application for an additional mining lease (ML) at Millennium to facilitate further exploration and operations for both Co-Cu-Au and graphite resources. This application area consists of some 159 hectares which encompass the southern granted leases and importantly includes the Gap Zone, a previously inaccessible 200m x 200m area not included in the current MRE.

Previous RC drilling of this Gap Zone in 2013 and 2014 demonstrated strong mineralization continuity on the Millennium Trend, including downhole results of 23m at 0.48% Cu, 0.16% Co and 0.16g/t Au from 16m (Q-001) and 13m at 0.53% Cu, 0.30% Co and 0.24g/t Au from 40m (Q-014). The additional lease also encompasses further area to the west to cover potential extensions of graphite mineralisation, and to the east for operational infrastructure.

Mitchell Smith, President, CEO and director of Global Energy Metals commented: “This government and partner funded drill program operated by joint venture partner Metal Banks moves our Millennium project forward at no cost to Global Energy Metals and exemplifies our strategy of unlocking value from non-core yet significant assets for our shareholders and builds on our momentum to build investment exposure to those minerals critical to a new energy era.”

MBK’s Chair Ines Scotland commented: “MBK has commenced the next phase of project development for Millennium aimed at further defining the graphite mineralization which sits on top of and adjacent to the copper-cobalt-gold resource. This graphite potential, along with the mine pit extension into the Gap Zone will significantly increase the project’s economics.

Millennium is an important critical minerals project in a readily accessible mining area near Cloncurry, Queensland, located due south of Harmony’s recently approved A$2.6b Eva copper-gold development project and the proximal to Austral’s Rocklands Cu project which is currently planned for restarting operations in mid-2027.”

The company looks forward to the results from the drilling program expected in late January.

Millennium is strategically located between other NW QLD graphite development projects which are currently undergoing consolidation. The Corella deposit is located 14km to the south (13.5Mt at 9.5% TGC) and the Burke deposit 107km due north (9.1Mt at 14.4% TGC) of Millenium, both held by Lithium Energy [ASX: LEL], and the Mt Dromedary deposit (7.0Mt at 14.5% TGC) held by Novonix [ASX, NASDAQ: NVX] is immediately adjacent to the Burke Deposit.

Millennium displays matching geology to the Corella deposit, with metamorphosed graphitic shales, slates and schists of the Milo Beds within the Tommy Creek Domain hosting both deposits. Both deposits are also proximal to mafic units and structural corridors which are considered key factors for the development of high quality, high-grade graphite mineralization.

Metallurgical and electrochemical test work work to date on these nearby deposits has returned high-grade concentrate with high graphite recoveries coincident with electrochemical test work indicative of material highly suitable for downstream graphite processing and integration into modern battery manufacturing and other technologies.

Metal Bank, in full support by Global Energy Metals, is assessing the potential for further value to be unlocked from the Millennium Project via developing the graphite potential over the coming months. This includes additional surface mapping and sampling, metallurgical testing to determine recovery, graphite flake size, sphericity and purity, including this current drill program to refine near term scope for an Exploration Target and/or Mineral Resource.