Vancouver, BC / TheNewswire / March 21, 2023 / Global Energy Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 (“Global Energy Metals”, the “Company” and/or “GEMC”), a company involved in the investment exposure to the battery metals supply chain, is pleased to provide a key update from its Millennium copper-cobalt-gold (Cu-Co-Au) project (“Millennium” and/or the “Project”) located in Queensland, Australia.  Global Energy Metals holds a 49% carried interest in the Project.

Highlights

l Updated JORC 2012 Mineral Resource Estimate (MRE) of 8.4Mt @ 1.23% CuEq (0.09% Co, 0.29% Cu and 0.12g/t Au) including open cut (86%) and underground (14%) Resources

l Represents 42% tonnage increase and 14% grade increase from 2016 MRE

l Tonnage of mineralisation pre application of RPEEE1 has doubled with new significant Exploration Target

l Bulk of the deposit is from surface, amenable to open cut mining and remains open at depth with high grade Co and Cu underground mining potential

l Excellent metallurgy supports economic potential for future extraction

l Next steps include additional metallurgical drilling and test work leading to scoping and subsequently pre-feasibility studies.

GEMC is pleased to announce that strategic partner, Metal Bank Ltd. (“MBK”), has released a JORC 2012 Mineral Resource Estimate (“MRE”) update for the Millennium Co-Cu-Au deposit located approximately 35km WNW of Cloncurry in North Queensland of 8.4Mt @ 0.09% Co, 0.29% Cu and 0.12g/t Au for a 1.23% CuEq.

The Millennium deposit represents a near-term critical minerals development opportunity, at surface on granted mining leases and proximal to existing mining infrastructure in a renowned exploration and mining region.

Forward Plan

The Millennium Project represents a key asset for MBK with forward work program for the next 12-24 months including:

Scoping and pre-feasibility studies to assess development potential and ESG;

Further metallurgical drilling to obtain sufficient bulk samples for advanced metallurgical work and flowsheet in conjunction with geotechnical studies, geometallurgical domaining and infill to increase confidence in the Mineral Resource;

Infill and extension drilling to test the Exploration Target with scope to incorporate into the Global Resource; and

Collaboration with other critical minerals projects and research in the region to optimise project value.