New mineral resource joint venture partners Metal Bank have told the ASX the Millennium project in North West Queensland has very promising prospects.
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The Millennium Project contains an inferred copper equivalent mineral resource of 5.9MT across five mining leases with significant potential for expansion.
It was exclusively owned by Canadian company Global Energy Metals (GEMC) after they bought it from Hammer Metals in 2018 but they have now signed a six month joint venture with Sydney-based Metal Bank Ltd to develop the resource.
Metal Bank will undertake further due diligence and complete an initial exploration program to confirm the potential for mineralisation in the northern half of the tenement package.
They will commence a soil survey and geological mapping to refine drilling this month and at the end of the option period, Metal Bank will have the right to commence a formal earn-in to earn up to an 80pc interest over two phases.
Metal Bank said the Project presented an excellent opportunity to develop a copper-cobalt asset of significant size near "processing solutions and excellent infrastructure in the Mount Isa region".
Millennium is located 19km from the currently inactive Rocklands copper-cobalt project and Metal Bank told the ASX it advanced their objectives of diversification and growth providing exposure to copper and cobalt - which are in demand as vital components in the production of electric batteries.
GEMC CEO Mitchell Smith said the option agreement was a significant milestone in their strategic business plan.
"We are excited to be partnering with Metal Bank to advance Millennium while we continue to focus on strengthening our understanding of the potential at Lovelock and Treasure Box, our cobalt-copper-nickel projects in Nevada," Mr Smith said.
Inés Scotland, MBK Chair, said Millennium represented an excellent growth opportunity providing them with exclusive rights to an advanced copper-cobalt asset of significant size.
"GEMC's work to date on the Project has demonstrated both the quality of the known resource and the strong potential for a significant increase in tonnage," Ms Scotland said.
"We are keen to realise this potential and are hitting the ground running with our initial work program."
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