Option cobalt bindings
GEMC's strong track record, deep cobalt sector knowledge and key partnerships in Asian battery markets were key to our wanting to partner with them. This transaction provides our shareholders with immediate upside in partnering with a cobalt focused leader in the industry while retaining exposure to longer term value creation that the Millennium Project will offer.
The Company plans to be on site in Australia to conduct a technical site visit in mid-May and will conduct further due diligence to follow. Evaluation of additional projects from an earlier trip to Australia will continue in parallel.
Completion of the agreement is expected within the next 90 days. Upon successful conclusion of due diligence, and at the direction of GEMC, the parties will enter into a definitive agreement, subject to standard conditions and any regulatory approvals that may be required.
Global Energy Metals may exercise its right to acquire additional interest in Millennium based on future terms agreed to by both parties at that time. The following property description and technical information in this news release is historical in nature and is based on data and reports provided to the Company by Hammer.
The Mount Isa Inlier is a highly mineralised, established mining jurisdiction with significant regional infrastructure and several world-class copper-gold-cobalt and lead-zinc-silver mines and deposits, including CuDeco Limited's operating Rocklands copper-gold-cobalt project located 19 kilometres to the northwest. The tenements are in good standing with no known impediments. Most importantly, recent drilling and exploration to date has returned outstanding, high-grade intercepts and there is excellent potential to build upon the historic estimate as developed by Hammer.
Based on previous work by Hammer and others, mineralisation is interpreted to extend over a strike length of 1, metres and extends to approximately metres below surface. Multiple high-grade targets are awaiting further exploration and the mineralised zone remains open at depth and to the north along strike. Hammer drilled a total of 23 RC holes and extended two previous holes at Millennium in a late work program. The results build on previous drilling conducted in the area and 40 drill holes were used in the first JORC mineral resource estimate for the project.
The Project presents as an excellent opportunity to acquire a cobalt asset of significant size with potential to expand mineralisation in close proximity to a processing solution and excellent infrastructure within the Mount Isa region of Queensland, Australia. It is anticipated that GEMC will conduct further infill drilling to tighten drill spacing and test for potential extensions at depth and along strike, which the Company believes, could result in a material increase in the size of the current JORC resource.
This drilling should also enable continuity modeling quality to be increased for each variable allowing for a higher classification of Indicated or Measured under resource reporting standards for resource estimates. As the current resource model has been expressed on a CuEq basis and given the current strength of the cobalt price and long-term positive fundamentals and outlook for the cobalt market, GEMC will look to evaluate the deposit moving forward with a more cobalt centric position.
Hammer is listed on the Australian Stock Exchange ASX code HMX and is a mineral exploration and development company focused on the exploration and development of base and precious metal deposits in Australia. 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.
GEMC anticipates growing its business by acquiring project stakes in battery metals related projects with key strategic partners. The User Interface Settings and Application Behavior Settings are global to the entire application and can not be controlled by a syntax specific settings file, nor the settings key in a. Settings files are consulted in this order: This can be accessed via the right-hand pane when a Python file is open, and the menu item Preferences Settings — Syntax Specific is selected.
Settings may be specified on a per-syntax basis. Common uses for this are to have different indentation settings or the color scheme vary by file type.
You can edit the settings for the syntax of the current file by selecting the Preferences Settings — Syntax Specific menu item. Settings can be set on a per-project basis, details are in the Project Documentation. Distraction Free Mode has an additional settings file applied Distraction Free. You can place file settings in here to have them only apply when in Distraction Free Mode — access it from the Preferences Settings — Distraction Free menu item.
For example, this key binding makes the current file use the Cobalt color scheme:.