Global Energy Metals Corp (CSE:GEMC) shares advanced Tuesday as it released what it called 'exceptional' cobalt and copper recoveries from an initial metallurgical program at the Millennium cobalt project in Queensland, Australia.
Two composite samples were sourced from diamond drill core from work at Millennium during the first-phase exploration program.
Highlights of the metallurgical work included findings that production of separate cobalt and copper rougher concentrate streams was possible.
Under a high-grade composite peak rougher flotation test, the combined copper recovery was 95.1%; combined cobalt recovery was 95.4% and gold total recovery was 81.4%, reporting dominantly to the copper concentrate.
It is expected that the concentrate grades may increase on regrinding and final cleaner flotation; this test work will be conducted in 2019.
"Having achieved these excellent metallurgical results is remarkable at this growth stage of project development," said Mitchell Smith, president and CEO.
"The 2018 drilling program at Millennium confirmed previous exploration work, further demonstrating that this deposit has exceptional cobalt mineralization continuity over a significant area and is open along strike and at depth, increasing the potential for resource expansion.
"Following our highly anticipated outright acquisition of the project, we look forward to rapidly advancing the Millennium cobalt project on all fronts, including further drilling and additional metallurgical studies planned for 2019."
GEMC said further drilling was now planned on both the northern and southern portions of the Millennium deposit to expand and upgrade the current resource.
The company has entered into a binding agreement with joint venture partner Hammer Metals to acquire the balance of the interest in the Millennium cobalt project as well as the Mount
Dorothy cobalt project and the Cobalt Ridge project, collectively known as the Mount Isa projects.
GEMC will then hold 100% of both Millennium and the Mount Isa projects.
Shares in Toronto added 7.14% to $0.075.