Global Energy Metals set for C$1mln raise to advance "important" cobalt project

Source: http://ift.tt/Od3luu --- Wednesday, October 11, 2017
Global Energy Metals Corp (CVE:GEMC) is set to bring in up to C$1mln via a placing to rapidly advance the Millennium cobalt project in Australia, it told investors. Last month, the company struck what it called a "transformational" growth opportunity with the acquisition of an option from Hammer Metals for the site  in Queensland, Australia. "This funding will allow GEMC to quickly add significant value to this important cobalt project in a key mining district," said the group's president and chief executive Mitchell Smith on Wednesday. READ -  Global Energy Metals says Hammer option deal offers "transformational" growth opportunity WATCH - Global Energy Metals ahead of the Cobalt curve "We look forward to working with Hammer Metals and its technical team to continue to advance the Millennium Cobalt project. We anticipate an aggressive exploration program commencing immediately following the closing of this offering." Proceeds will be used to expand the resource and for exploration drilling and for working capital, it said. The property covers five separate mining leases with an existing JORC compliant mineral resource defined by drilling from a 2016 programme. That showed an inferred resource of 3.1 million tonnes at 0.14% Cobalt, 0.34% copper and 0.12g/t (grams per ton) gold, using a copper equivalent cutoff of 1%. The site is near infrastructure and preliminary hydrometallurgical studies have shown potential to recover saleab ...

from Australia http://ift.tt/2gda4rA