Global Energy Metals Corporation (TSXV:GEMC/OTCQB:GBLEF) along with partner Canada Cobalt Works (TSXV:CCW) are pleased to announce that the TSX Venture Exchange approved the acquisition of the right to use Canada Cobalt Works’ Re-2OX technology to accelerate the advancement of the Lovelock Cobalt Mine and Treasure Box projects.
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Re-2OX skips the normal smelting process to achieve exceptionally high recovery rates for cobalt, nickel and copper, while also removing 99% of arsenic expanding the potential of the Lovelock mine by potentially creating battery grade cobalt sulphate.
The hydrometallurgical process will complement a wider exploration and drilling program that will allow for reinterpretation of historic data and a better understanding of the ability to unlock potential from GEMC’s Nevada based projects.
GEMC is currently formulating plans for exploration and drilling programs to advance the battery minerals project.
The Lovelock and Treasure Box projects represent an unique opportunity to make a new battery metals discovery in Nevada, a proven mining district ranked as the most attractive mining jurisdiction by the Fraser Institute’s Annual Survey of Mining Companies, 2018.
Details of the transaction is described in an agreement announced on May 30, 2019, pursuant to which the Company has agreed to purchase a right to use for a period of one year Canada Cobalt Works’ Re-2OX technology. In consideration for use of the technology, GEMC shall pay to Canada Cobalt Works a cash payment of $50,000 and issue 2,000,000 units (“Units”) of GEMC at a price of $0.075 per Unit for deemed consideration of $150,000.
Each of the Units shall consist of one common share and one transferable common share purchase warrant (collectively, “Warrants”) with each of the Warrants entitling the holder thereof to acquire one common share of GEMC at the exercise price of $0.10 per share for a period of 36 months from the date of issuance of the Warrants.
Warrants are subject to an acceleration clause whereby if on any 10 consecutive trading days occurring after four months and one day has elapsed from their issuance, the daily volume weighted average trading price of the common shares of GEMC is at least $0.20 per share, GEMC may accelerate the expiry date of the warrants to the 30th day after the date on which GEMC gives notice to Canada Cobalt Works in accordance with the terms of the Warrants of such acceleration.
Mr. Paul Sarjeant, P. Geo., is the qualified person for this release as required by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed and verified the technical information contained herein.
Global Energy Metals Corporation
(TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1)
Global Energy Metals is focused on offering security of supply of cobalt, a critical material to the growing rechargeable battery market, by building a diversified global portfolio of cobalt assets including project stakes, projects and other supply sources.
GEMC anticipates growing its business by acquiring project stakes in battery metals related projects with key strategic partners. Global Energy Metals currently owns 70% of the Werner Lake Cobalt Mine in Ontario, Canada and has entered into an agreement to acquire 100% of the Millennium Cobalt Project and two neighbouring discovery stage exploration-stage cobalt assets in Mt. Isa, Australia.
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