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Global Energy Metals to option Werner Lake cobalt project

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Global Energy Metals to option Werner Lake cobalt project

Global Energy Metals Corp. said Nov. 30 that it signed an agreement with Canadian Co27 Pty Ltd. for the latter to acquire up to a 70% joint venture interest in the Werner Lake cobalt project in Ontario, Canada.

As a condition to the agreement, Canadian Co27 will be acquired by Force Commodities Ltd. spinoff Marquee Resources Ltd.

Under the terms, Global Energy Metals will receive A$200,000 in cash and A$100,000 in Marquee shares as consideration. Should a positive pre-feasibility study be obtained, Marquee will pay an additional A$150,000.

Marquee must complete a A$1 million spend on the property to obtain an initial 30% interest, plus an additional A$1.5 million spend to obtain an additional 40% stake.

A work program, including a 3,500-meter diamond drilling program to further upgrade resource categories and additional metallurgical work and underground chip sampling, was recommended for the project.