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.
