Mr. Andrew Tunningley of Kingsrose reports

GLOBAL ENERGY METALS REPORTS JV PARTNER KINGSROSE MINING IDENTIFIES STRONGLY CONDUCTIVE ZONES IN GEOPHYSICS AT THE RANA NICKEL-COPPER-COBALT PROJECT, NORWAY

Global Energy Metals Corp.'s strategic partner, Kingsrose Mining Ltd., has completed the acquisition and interpretation of ground-based electromagnetic (EM) and magnetotelluric (Spartan MT) geophysical surveys at the Bruvann mine area within the Rana project, Norway. In addition, a ground-based MT survey at the Ranbogen prospect and MobileMT survey over the entire Rana intrusive complex are now complete and results will be interpreted over the coming weeks.

Highlights:

• Strong apparent conductive bodies with the potential for massive sulphide mineralization have been identified from Spartan MT and EM data in three localities proximal to the past-producing Bruvann mine:
  • West-southwest and down plunge of mined out massive sulphide mineralization at Bruvann mine (target Bruvann 01);
  • West and down plunge of disseminated mineralization which remains open at Bruvann mine, as indicated by historical drill results including 20.4 metres at 0.45 per cent nickel (BG-64-01), 18.3 metres at 0.48 per cent Ni (bh-1144-02), 23 metres at 0.42 per cent Ni (bh-1143-02) and 11.4 metres at 0.67 per cent Ni (BG-39-01) (target Bruvann 02);
  • Northeast of the Bruvann mine located at the contact between country rock and gabbronorite intrusive, locally underlying a lenticular peridotite dike mapped at surface (target Bruvann 03). Drill testing of the targets is under way to investigate the potential for massive sulphide nickel-copper-cobalt mineralization associated with the conductive bodies.
• An extension of the EM geophysical survey and downhole EM is expected to be conducted in late July, 2023, to further define the targets and provide additional confidence in future drill targeting.

Andrew Tunningley, Kingsrose head of exploration, commented:

"The initial geophysical results at Bruvann are highly encouraging in demonstrating the presence of previously unidentified, strongly conductive bodies proximal to the mined out mineralization. Our aim is to validate the geophysical interpretation with drilling and follow-up detailed geophysics and work towards discovery of new zones of massive sulphide nickel-copper-cobalt mineralization."

Fabian Baker, Kingsrose managing director, adds:

"Following the MT and EM results reported today, we are eagerly awaiting the final results and interpretations from MT data at the Ranbogen prospect, as well as the MobileMT data which covers the entire Rana intrusion. Our systematic approach to exploration is designed to methodically explore the large and prospective landholding which Kingsrose has consolidated at Rana."

Discussion of results

Kingsrose has completed ground-based MT and EM surveys at the Bruvann mine area, with the aim of modelling the local geology and generating exploration targets associated with zones of elevated conductivity which may represent massive sulphide mineralization. Following is a discussion of the techniques employed, and an interpretation of the results and targets generated.

Magnetotelluric data

MT is an electromagnetic technique that maps resistivity, to infer subsurface geology and identify zones of low resistivity (high conductivity) which may correspond with massive sulphide mineralization. MT is a passive technique which uses natural sources of electromagnetic fields such as lightning and solar flares and is a highly portable technology, capable of detecting a large range of frequencies, resulting in high-quality data acquisition to great depths. The MT survey at Bruvann was conducted using a relatively tight station spacing of 200 metres, with the aim of mapping to at least 1,000 metres below surface. A three-dimensional model of resistivity was produced to aid interpretation of geology, structure and zones of potential massive sulphide mineralization. Three zones of high conductivity have been observed in the Bruvann MT data:

• Immediately south of the Bruvann mine;
• West and down plunge from the Bruvann mine, 650 metres below surface (targets Bruvann 01 and Bruvann 02);
• One kilometre northeast of the Bruvann mine at the contact between gneiss wall rock and peridotite intrusive rock, from surface and extending to over 1,000 metres depth (Bruvann 03).

Mined out massive sulphide mineralization occurred at the gradient between very high and moderate conductivities. The observation that massive sulphide mineralization occurs at the gradient between very high and moderate conductivities provides Kingsrose with an important vector for targeting other zones of massive sulphide mineralization. Peridotite, which is the main host rock to high-tenor nickel mineralization, has been modelled from logging of historical drill holes and corresponds with the same MT gradient at the Bruvann mine. The remainder of the Bruvann mine occurs as disseminated sulphide mineralization which is not detectable by MT techniques and does not appear as an anomaly in the MT data; however, the disseminated mineralization is hosted predominantly within peridotite.

Linear, steeply dipping zones of very high conductivity occur in two areas: south of the Bruvann mine trending east to west, and north of the Bruvann mine trending northeast. These linear zones are inferred to represent graphitic horizons within the gneiss wall rock and are lower-priority targets. Graphitic zones do occur proximal to massive sulphide mineralization at Bruvann, and clasts of graphite are commonly observed within the massive sulphide, therefore the presence of graphitic horizons proximal to the intrusive contact are considered a locally important control on mineralization.

Electromagnetic data

EM surveys are used to identify zones of high conductivity which may represent massive sulphide mineralization. EM is an active technique where power generators are used to create electromagnetic fields in the subsurface. Modelling of the data creates conductive plates, or tabular zones, which are modelled to fit the EM data and aid geological interpretation for detailed drill targeting. Three broad zones of high conductivity were modelled from the EM data:

1. Immediately south of the Bruvann mine, where the modelled plates strike east-west over 800 metres and dip steeply south, coincident with mapped graphite (modelled to a consistent value of around 2,000 siemens). However, a subparallel plate west of the Bruvann mine and coincident with a narrow zone of nickel sulphide mineralization drilled historically represents an important exploration target (Bruvann 01).
2. Three hundred fifty metres west of and down plunge from the Bruvann mine, at the western limit of the EM survey. Three alternative flat-lying plates have been modelled at depths between 350 and 1,000 metres below surface, and an extension to the EM survey to better define this target (Bruvann 02) is planned for late July, 2023.
3. Northeast-trending, steeply northwest-dipping plates located one kilometre northeast of the Bruvann mine, parallel to the contact between gneiss and the gabbronorite intrusion. Whilst graphite is mapped at surface in this area, a zone of complex EM plates in the northeast is proximal to a mapped peridotite dike within the gabbronorite and is undrilled (Bruvann 03).

Target generation from EM and MT data interpretation

Geological mapping, interpretation of historical drill data, and processing of MT and EM geophysical data have resulted in the definition of three main target areas at Bruvann:

1. Bruvann 01: A strong, 400 by 600 m MT conductive body is located west and down plunge of the mined out massive sulphide mineralization, which is blind at surface and has not been drill tested. An EM plate has been modelled coincident with the gradient of the MT conductor and is proximal to narrow massive sulphide historical drill intercepts of 1.1 metres at 0.9 per cent Ni from 278.4 metres and 0.1 metre at 2.7 per cent Ni from 299.5 metres (P-8-96), which are open in all directions.
2. Bruvann 02: The northern gradient of the above MT conductor is coincident with poorly constrained EM plates at the western extremity of the survey area. This target is 350 metres west and down dip of the Bruvann mine where mineralization is open, including historical drill intercepts from underground drill stations, for example 20.4 metres at 0.45 per cent Ni (BG-64-01), 18.3 metres at 0.48 per cent Ni (bh-1144-02), 23 metres at 0.42 per cent Ni (bh-1143-02) and 11.4 metres at 0.67 per cent Ni (BG-39-01).
3. Bruvann 03: An MT conductor coincident with a modelled EM plate occurs at the contact between gneiss and a peridotite dike hosted in gabbronorite, located one kilometre northeast of the Bruvann mine. The conductor continues from surface to over one kilometre below surface and drilling will test both the EM plate and the gradient between very high and moderate conductivities. This is inferred to represent a zone of potential massive sulphide mineralization at the contact between peridotite and gneiss wall rock with graphite horizons.

Follow-up work to test the above targets will include diamond drilling as part of the current program and an extension to the ground EM survey, due to commence at the end of July, 2023. The purpose of this is to better define the location and orientation of the Bruvann 02 target prior to drill testing. Downhole EM surveys will be completed at the same time as the extension to the ground EM, to generate and refine additional drill targets.

Qualified person

Paul Sarjeant, PGeo, a director and shareholder, is the qualified person for this release as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

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