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Global Energy Metals Announces Partner Marquee Resources Invested $1,000,000 in Project Expenditures at Advancing the Werner Lake Cobalt Project; Earns Initial 30% Interest
(via TheNewswire) Vancouver, BC / TheNewswire / November 5, 2018 - Global Energy Met...
About this update from Global Energy Metals Corp
[{"type":"text","content":"Global Energy Metals Announces Partner Marquee Resources Invested $1,000,000 in Project Expenditures at Advancing the Werner Lake Cobalt Project; Earns Initial 30% Interest(via TheNewswire)\n \n \nVancouver, BC / TheNewswire / November 5, 2018 - Global Energy Metals Corporation TSXV:GEMC | OTCQB:GBLEF | FSE:5GE1 (\"Global Energy Metals\", the \"Company\" and/or \"GEMC\") is pleased to report that the stage one expenditure commitment of $1,000,000 has been reached by Marquee Resources Limited (\"Marquee\") and as such, they have now met the requirements to earn their initial 30% interest in the Werner Lake Cobalt project (\"Werner Lake\" or \"Project\"), located in Ontario, Canada.\n\n \n \nThe multi-phase Werner Lake exploration program is part of a $2.5 million commitment to advance the project and is being solely funded by Marquee for their earn-in of up to 70% interest in the Project. \n\n \n \nPursuant to the agreement, Marquee has given notice to GEMC of its intention to earn the 70% interest in the project by incurring the next stage of expenditure of $1,500,000 on the project.\n\n\n \nPhase one and phase two drill programs have now been completed with a total of 18 exploration holes (4800 metres) and 5 HQ metallurgical holes (452 metres) completed at the Project. The Company expects to report the remaining results of the assays from the rest of this phase 2 drilling campaign shortly. The camp is currently being \"winterised\" with a view to returning to the Project in early 2019 to recommence phase 3 of the exploration program.\n\n\n \nIn addition, Marquee previously announced that it has signed an agreement with SGS Canada Inc. to conduct flotation and hydrological test work on the Werner Lake Project. The Company expects to announce the assay results from the 452m HQ diamond drill hole program shortly, before the final flotation and hydrological test work results are released early next year.\n\n\n \nOnce all assays have been received from the phase 2 exploration campaign, it is expected that an update to the current resource model will be updated with a view to be released in late 2018 or early 2019.\n\n\n \nQualified Person\n\n\n \nMr. Paul Sarjeant, P. Geo., the Company's VP Projects and Director, is the qualified person for this release as defined by National Instrument 43-101 - Standards of Disclosure for Mineral P...