Base Metals

Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) ("Battery" or "BMR" or the "Company") is extremely pleased to announce encouraging drill core assay results from the on-going 2021 exploration and in-fill drill program focused on extensions of the Cinabrio orebody, the Dalmacia and San Andres targets within the Punitaqui mine complex ("Punitaqui") in Chile. Punitaqui is slated for resumption of copper concentrate production in mid to late-2022.

Dalmacia is in the southern portion of the Punitaqui area about 6 kilometers south of the Punitaqui copper processing plant. The Dalmacia target has underground mining access, partially delineated mineralized zones and is targeted as a potential new source of ore feed to the Punitaqui ore concentration plant (see Figure 1).

Highlights

  • At Dalmacia, a total of 6,504 meters in 33 holes have been completed and drilling continues. New assay results include the following drillholes (see Table 1):
  • DS-21-08: 102 meters ("m") grading 1.41 percent copper ("% Cu") including 78m at 1.67% Cu and 16m at 3.52% Cu;
  • DS-21-11: 24m at 1.04% Cu including 6m at 1.95% Cu;
  • DS-21-12: 11m at 0.82% Cu;
  • DS-21-13: 18m at 1.61% Cu and 12m at 2.13% Cu;
  • DS-21-14: 15m at 1.16% Cu and 9m at 1.53% Cu;
  • DS-21-16: 8m at 5.29% Cu and 8m at 3.53% Cu.
  • Four diamond drills in operation at Punitaqui - two drills at Dalmacia and two drills at Cinabrio Norte (a potential extension of the Cinabrio orebody).

  • At San Andres, the Phase 1 program resulted in the completion of 8,156m of drilling in 38 holes. All samples have been dispatched for analysis with assay results pending for the final six holes. An update of the 3D geological model is being completed which will be followed by a resource estimate by JDS Energy and Mining. A sample of previously published results include the following drillholes:
  • SAS-21-03: 11m at 1.39% Cu;
  • SAS-21-04: 16.7m at 1.37% Cu;
  • SAS-21-14: 12.8m at 1.44% Cu;
  • SAS-21-21: 13m at 0.96% Cu;
  • SAS-21-27: 11m at 2.16% Cu;
  • SAS-21-29: 16m at 1.49% Cu.

Battery CEO, Martin Kostuik states; "These drilling results, particularly from our Dalmacia target, are far better than expected. 102 meters of 1.41 percent copper is an outstanding result as we continue piece together this untapped area of Punitaqui. We are very pleased with the progress of the Dalmacia drill program which is shaping up to give Dalmacia strong potential to be a significant contributor to the future of the Punitaqui mine. Continued results like these leading to the planned restart of our former producing Punitaqui copper mine in Chile will give our investors an opportunity to participate in a potentially significant re-rating in BMR's valuation as we transition from development to operations and positive cash flow. We look forward to providing further exciting updates from the drill program as we continue to progress."

Punitaqui Copper Mine

Punitaqui is a former producing copper mine located in the Coquimbo region of Chile with an eight-plus year operating history within which up to 25 million pounds of copper in concentrate were produced annually. Punitaqui was acquired by BMR via a private placement equity financing closed on July 13, 2021. BMR began developing the project immediately by initiating a drilling program, operating and environmental permit modifications and engineering studies with the intention of restarting copper production in 2022.

Dalmacia Drill Program

The Dalmacia target is in the southern portion of the Punitaqui area about 6 kilometers south of the Punitaqui processing plant (see Figure 1). The first drilling occurred in 1993-1994 when 49 reverse circulation ("RC") holes totaling 9,972m were completed. Historic exploration drilling at Dalmacia North has been completed at a grid spacing of 25m x 25m, and 15m x 15m at Dalmacia South. Prior to the 2021 program, 229 drill holes (98 RC holes and 131 diamond core holes) had been drilled for a total of 53,294m.

The geological setting of the Dalmacia target is different from the Cinabrio orebody which is located 20 kilometers to the north. Dalmacia is situated within a roof-pendant of volcanic rocks, with minor calcareous intercalations of Middle to Upper Jurassic age. This volcano-sedimentary complex is intruded by younger aged granites located in a reverse fault.

Copper-gold mineralization is related to regional structures and deformation zones, developed in the contacts between granite, sub-volcanic andesitic porphyry intrusives and volcano-sedimentary rocks. Controls on mineralization include small scale shear zones, intrusive contacts, vesicular andesites and alteration zones. These controls have different geometries leading to complex orebody shapes. High grade copper mineralization occurs in small high-grade pods which locally occur in clusters enveloped in low grade mineralization.

The upper portion of the Dalmacia target is accessed via a portal and an underground ramp with limited level development. The current Phase 1 drill program is designed to infill and confirm the continuity of mineralization between previous drilling and includes a series of step-out holes to test the potential adjacent to the main zone of copper-gold-silver mineralization as defined by historic drilling.

To date, a total of 6,504 meters in 33 holes completed with an additional 5 holes / 600m of infill and step out drilling is planned to complete the Phase 1 program (see Figure 2). Complete assay results were recently received for seven holes: DS-21-08, DS-21-10, DS-21-11, DS-21-12, DS-21-13, DS-21-14, and DS-21-16 (see Table 1). A summary of the target rationale and results for these new drillholes is below.

48m - 150m downhole

Drillhole DS-21-08 was designed as an infill hole to test the up-dip extent of mineralization intersected in historic hole DAL-20 (27m at 0.91% Cu) and DS-14-17 (27m at 1.84% Cu) and the down-dip extent of mineralization intersected in DS-11-08 (12.6m at 2.12% Cu). The new hole intersected both disseminated and veinlet chalcopyrite and bornite between 48 - 140m downhole. Significant mineralized zones included 102m at 1.41% Cu from 48m downhole including 78m at 1.67% Cu and 16m at 3.52% Cu. The up-dip test found minor mineralization and the down-dip test successfully intersected strongly mineralized copper of both disseminated and veinlet chalcopyrite and bornite between 48m – 150m downhole. Sizable and strongly mineralized zones included 102m at 1.41% Cu from 48m downhole including 78m at 1.67% Cu and 16m at 3.52% Cu. The DS-21-08 intersection is made up of 5 different high-grade zones within a broader section of moderately to weakly mineralized host rock. The mineralization is interpreted as contiguous and can be correlated with intersections in nearby, adjacent historic drillholes. The results clearly demonstrate that these higher-grade zones interspaced with moderately to weakly mineralized copper mineralization represent a viable target model for future resource definition drilling at Dalmacia. Close spaced drilling is required to define potential copper resources with unmineralized to moderately mineralized rock in between the high-grade pods.

Drillhole DS-21-10 was drilled as a vertical step-out hole angled under surface workings. The hole intersected variably altered andesites with 0.1% - 1% pyrite and 0.01% - 0.05% copper. A high-grade copper intercept was reported from a vein zone; 2m at 2.40% Cu from 138m downhole.

Drillhole DS-21-11 successfully tested the area 18 meters below and west of historic intercept DAL-32 (17m at 2.17% Cu). Mineralized intercepts include 2m at 1.14% Cu from 59m downhole, 24m at 1.04% Cu from 78m including 10m at 1.06% Cu from 78m and 4m at 1.60% Cu from 78m and an intercept of 6m at 1.95% Cu from 96m.

Drillhole DS-21-12 is an infill hole designed to test the area 15 meters above an intercept in historic hole DAL-32 (17m at 2.17% Cu). The hole cut moderate chalcopyrite-bornite mineralization above the historic intercept. Results include 5m at 0.62% Cu from 116m downhole, 2m at 0.95% Cu from 143m and 11m at 0.82% Cu from 161m.

Drillhole DS-21-13 successfully tested a "drilling gap" between historic hole DS-11-10 that intersected weak, copper mineralization and historic hole SD-08 (8m at 1.86% Cu). Mineralized intercepts include 18m at 1.61% Cu from 44m downhole, 12m at 2.13% Cu from 135m downhole including 8m at 2.95% Cu and an interval of 5m at 3.26% Cu from 157m downhole as well as an intercept of 7m at 1.87% Cu from 181m.

Drillhole DS-21-14 was drilled obliquely over the top of the high-grade intercept drilled in DS-21-06 (29m at 1.45% Cu including 14m at 2.44% Cu). DS-21-14 successfully intersected a strongly mineralized zone 10 meters above and 11 meters north of the DS-21-06 intercept. Significant chalcopyrite and bornite mineralization between 73m and 209m including 9m at 0.74% Cu from 73m downhole including 4m at 1.03% Cu from 78m, 15m at 1.16% Cu from 145m including 7m at 1.44% Cu from 145m and an interval of 9m at 1.53% Cu from 186m and another intercept of 4m at 1.50% Cu from 205m.

Drillhole DS-21-16 is an infill hole designed to test continuity of a south plunging mineralized zone between historic holes SD-22 (17m at 2.57% Cu) and DS-14-13 (27m at 1.62% Cu). The new hole established continuity by intercepting two high-grade copper intervals that include 8m at 5.29% Cu from 74m downhole and 8m at 3.53% Cu from 102m.

The infill drilling results to date have defined several structurally controlled, steeply dipping shoots of high-grade mineralization. In addition, the step-out drilling has identified high-grade mineralization beyond the northern edge of the main drilling grid.

Significant assay results received to date for the Dalmacia 2021 drilling program include the following drillholes (see Table 1):

  • DS-21-01 (Infill): 23m at 1.16% Cu, including 13m at 1.56% Cu;
  • DS-21-02 (Infill): 11m at 1.08% Cu, including 4m at 2.32% Cu;
  • DS-21-03 (Infill): 15m at 1.01% Cu, including 4m at 2.47% Cu;
  • DS-21-04 (Infill): 13m at 0.64% Cu including 2m at 1.24% Cu;
  • DS-21-05 (Step-out): 6m at 1.16% Cu;
  • DS-21-06 (Step-out): 32m grading 0.73% Cu including 16m at 1.15% Cu and 95m at 0.78% Cu including 29m at 1.45% Cu, including a higher-grade interval of 14m at 2.44% Cu;
  • DS-21-07 (Infill): 33m at 1.77% Cu, including intervals of 9.0m at 3.44% Cu, and 7m at 2.54% Cu, and 10m at 0.84% Cu, and 6m at 2.19% Cu;
  • DS-21-08: (Infill): 102m at 1.41% Cu including 78m at 1.67% Cu and 16m at 3.52% Cu;
  • DS-21-10: (Step-out): 2m at 2.40% Cu;
  • DS-21-11: (Infill) 24m at 1.04% Cu including 4m at 1.60% Cu and an interval of 6m at 1.95% Cu;
  • DS-21-12: (Infill) 11m at 0.82% Cu;
  • DS-21-13: (Infill): 18m at 1.61% Cu, 12m at 2.13% Cu including 8m at 2.95% Cu and an interval of 5m at 3.26% Cu as well as an intercept of 7m at 1.87% Cu;
  • DS-21-14: (Infill) 9m at 0.74% Cu including 4m at 1.03% Cu, 15m at 1.16% Cu including 7m at 1.44% Cu and an interval of 9m at 1.53% Cu and another intercept of 4m at 1.50% Cu;
  • DS-21-16: 8m at 5.29% Cu and 8m at 3.53% Cu.

Table 1: BMR - Dalmacia Target Significant Drill Assay Intervals

Drillhole
Number

From
(m)

To
(m)

Sample
Interval
(m)

Copper
Cu (%)

Silver
Ag (g/t)

Gold
Au (g/t)

DS-21-01 79 91 12 1.79 2.5 0.028
including 80 88 8 2.44 3.2 0.035
and 105 128 23 1.16 1.7 0.016
including 115 128 13 1.56 2.1 0.024
including 115 122 7 2.32 3.1 0.036
and 137 139 2 1.06 0.7 0.030
and 180 184 4 0.89 0.4 -
and 220 224.9 4.9 0.72 0.6 -
DS-21-02 22 29 7 1.67 2.6 0.08
and 64 74 10 1.03 2.1 -
including 64 67 3 1.49 2.3 -
and 71 73 2 2.34 5.0 -
and 99 106 7 2.58 2.7 -
and 177 188 11 1.08 0.9 0.08
including 177 181 4 2.32 1.4 0.17
including 177 180 3 2.90 1.7 0.22
DS-21-03 46 61 15 1.01 1.2 0.017
including 46 50 4 2.47 3.1 0.05
DS-21-04 70 76 6 0.71 0.9 0.012
including 72 76 4 0.87 1.0 0.010
and 89 102 13 0.64 0.9 -
including 93 95 2 1.24 1.5 -
DS-21-05 52 58 6 1.16 1.7 0.017
131 132 1 1.81 0.4 0.695
141 143 2 2.98 5.0 3.835
155 156 1 3.22 2.0 -
DS-21-06 37 69 32 0.73 0.5 -
including 37 53 16 1.15 0.6 0.060
including 37 44 7 1.75 0.8 0.079
and 112 115 3 2.14 0.6 0.030
and 134 139 5 1.58 0.4 0.019
and 167 262 95 0.78 0.5 -
including 167 170 3 1.84 0.8 0.096
and 183 187 4 1.75 0.6 0.071
and 19 262 65 0.93 0.5 -
including 197 211 14 2.44 0.7 0.039
and 243 262 19 1.10 0.6 0.022
including 243 251 8 1.88 0.7 0.029
and 260 262 2 1.79 0.7 0.060
DS-21-07 24 57 33 1.77 1.5 0.052
including 24 33 9 3.44 1.6 0.167
and 39 46 7 2.54 3.5 0.020
and 84 94 10 0.84 1.2 0.032
and 176 182 6 2.19 0.4 -
DS-21-08 48 150 102 1.41 1.2 -
including 48 126 78 1.67 1.4 -
including 48 64 16 3.52 4.5 0.017
DS-21-10 138 140 2 2.40 1.0 -
DS-21-11 59 61 2 1.14 2.0 0.043
and 78 102 24 1.04 0.5 -
including 78 88 10 1.06 0.5 -
including 78 82 4 1.60 0.4 -
including 86 88 2 1.78 1.0 -
and 96 102 6 1.95 0.4 -
DS-21-12 116 121 5 0.62 1.0 -
and 143 145 2 0.95 1.0 -
and 161 172 11 0.82 0.5 -
DS-21-13 44 62 18 1.61 0.7 0.010
and 135 147 12 2.13 1.5 -
including 139 147 8 2.95 1.9 -
and 157 162 5 3.26 0.9 -
and 181 188 7 1.87 0.7 -
DS-21-14 73 82 9 0.74 0.7 0.038
including 78 82 4 1.03 0.7 0.050
and 145 160 15 1.16 0.4 -
including 145 152 7 1.44 0.4 -
and 172 174 2 1.11 0.4 -
and 186 195 9 1.53 1.6 0.052
and 205 209 4 1.50 0.4 0.240
DS-21-16 74 82 8 5.29 0.026
and 102 110 8 3.53 0.065

 

Note: All intervals are downhole core lengths

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/6076/111463_figure1_550.jpg

Figure 1: Punitaqui Drill Target Location Map. Dalmacia 6 Kilometers South Of The Punitaqui Copper Processing Plant.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6076/111463_figure1.jpg

  

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/6076/111463_faae6795b49f1b76_005.jpg

Figure 2: Dalmacia Target Drill Collar Plan; Historic holes in grey, BMR 2021 holes in green and current holes "in progress" in red.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/6076/111463_faae6795b49f1b76_005full.jpg

Quality Control

Sample preparation, analysis and security procedures applied on the BMR exploration projects is aligned with industry best practice. BMR has implemented protocols and procedures to ensure high quality collection and management of samples resulting in reliable exploration assay data. BMR has implemented formal analytical quality control monitoring for all field sampling and drilling programs by inserting blanks and certified reference materials into every sample sequence dispatched.

Sample preparation is performed ALS Global - Geochemistry Analytical Lab in La Serena, Chile and sample analyses by ALS in Lima, Peru. ALS analytical facilities are commercial laboratories and are independent from BMR. All BMR samples are collected and packaged by BMR staff and delivered upon receipt at the ALS Laboratory. Samples are logged in a sophisticated laboratory information management system for sample tracking, scheduling, quality control, and electronic reporting. Samples are dried then crushed to 70%

  • ME-MS61: A high precision, multi-acid digest including Hydrofluoric, Nitric, Perchloric and Hydrochloric acids. Analysed by inductively coupled plasma ("ICP") mass spectrometry that produces results for 48 elements.

  • ME-OG62: Aqua-Regia digest: Analysed by ICP-AES (Atomic Emission Spectrometry) or sometimes called optical emission spectrometry (ICP-OES) for elevated levels of Co, Cu, Ni and Ag.

Certified standards are inserted into sample batches by ALS. Blanks and duplicates are inserted within each analytical run. The blank is inserted at the beginning, certified standards are inserted at random intervals, and duplicates are analyzed at the end of the batch.

Additional Information

Michael Schuler, Battery Mineral Resources Corp. Chile Exploration Manager, supervised the preparation of and approved the scientific and technical information in this press release pertaining to the Punitaqui Exploration Drill Program. Mr. Schuler is a qualified person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

About Battery Mineral Resources Corp.

A battery mineral company with high-quality assets providing shareholders exposure to the global mega-trend of electrification and focused on growth through cash-flow, exploration, and making acquisitions in the world's top mining jurisdictions. BMR is currently developing the Punitaqui Mining Complex and pursuing the potential near term resumption of operations for second half of 2022 at the prior producing Punitaqui copper-gold mine. The Punitaqui mine, operating as recently as April 2020, has typically produced 20 to 25 million lb. of copper in concentrate during its 9 plus year operating history and is located in the Coquimbo region of Chile.

BMR is engaged in the discovery, acquisition, and development of battery metals (cobalt, lithium, graphite, nickel and copper), in North and South America and South Korea with the intention of becoming a premier and sustainable supplier of battery minerals to the electrification marketplace. BMR is the largest mineral claim holder in the historic Gowganda Cobalt-Silver Camp, Canada and continues to pursue a focused program to build on the recently announced, +1-million-pound high grade cobalt resource at McAra by testing over 50 high-grade primary cobalt silver-nickel-copper targets. In addition, the Company owns 100% of ESI Energy Services, Inc., also known as Ozzie's, a mainline pipeline and renewable energy equipment rental and sales company with operations in Leduc, Alberta and Phoenix, Arizona. ESI, established in 1979, typically generates positive EBITDA in the range of C$4-$5 million and is poised for growth in 2022 and 2023. For more information on the business of Ozzie's Pipeline Padder, see http://ozzies.com.

For further information, please contact:

Battery Mineral Resources Corp.
Martin Kostuik
Phone: +1 (604) 229 3830
Email: info@bmrcorp.com

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

Forward-Looking Statements

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions, and projections of the Company on the date the statements are made, are based upon several assumptions, and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, and social uncertainties, and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability of the Company to obtain sufficient financing to complete exploration and development activities, risks related to share price and market conditions, the inherent risks involved in the mining, exploration and development of mineral properties, government regulation and fluctuating metal prices. Accordingly, readers should not place undue reliance on forward-looking statements. Battery undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein, whether because of added information or future events or otherwise, except as may be required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111463

News Provided by Newsfile via QuoteMedia

BMR:CA
Battery Mineral Resources

Battery Mineral Resources

Overview

The global battery metals market is a rapidly growing billion-dollar industry. This market represents the raw materials used in the production of batteries such as lithium, nickel, cobalt, manganese and graphite. With the increasing popularity of electric vehicles, energy storage systems, consumer electronics and electric alternatives to everyday applications, the demand for these metals has seen unprecedented growth.

In 2019, analysts valued the market at US$11.3 billion and projected it to grow at a CAGR of 8.2 percent and reach US$20.5 billion by 2027. A rapid surge in the renewable energy industry has many looking to the battery mineral and metal exploration and development companies to supply the demand, which shows robust projections across global markets.

Battery Mineral Resources (TSXV:BMR,OTCQB:BTRMF) is a Canadian multi-commodity resource company focused on exploring, mining and bringing essential battery minerals to market through project development and production. Its unparalleled management team and high-quality asset portfolio set the company apart from other emerging battery metals players.

BMR stands as the largest claim holder across all minerals in the Ontario Cobalt Belt, which is one of the most richly endowed mining regions in the world. It currently has a robust asset portfolio, including its McAra, Gowganda, Iron Mask, Island 27 projects in Ontario and additional projects in the works across the province and Quebec. As a first-mover in the district, the company has led efforts in recognizing the potential of multiple new, at-surface and high-grade primary cobalt discoveries in this region.

In March 2021, BMR acquired the near-term cash flow Minera Altos de Punitaqui copper-gold project in Chile, which consists of a centralized process plant fed by four satellite copper deposits — San Andres, Cinabrio, Dalmacia and Los Mantos. The past-producing mining operation leverages easy road access to local population centers and presents outstanding exploration opportunities across its classic IOCG and manto style copper-gold-silver veins.

The company's cobalt reach extends into the prolific mining district of Idaho with its three 100 percent owned properties covering 14 significant cobalt prospects in the state. Bonanza, Desert and East Fork properties are strategically positioned near the home of eCobalt Solutions Idaho cobalt project, the only advanced stage, near term, environmentally permitted, primary cobalt deposit in the U.S.

Another exciting addition to the BMR portfolio is its highly prospective graphite assets located in South Korea and lithium assets in prolific U.S. mining districts. The Guemam and Taehwa projects are two past-producing graphite mines, which leverage close proximity to excellent lithium-ion industrial infrastructure and considerable yield and high-grade graphite potential.

The next steps for the company involve extensive drilling in Chile and a 9,000-meter drilling program across its assets in Ontario, targeting eight cobalt silver prospects. Exciting development work and operational construction in the near future could propel exploration and drilling forward significantly. Positive drill results at its Idaho properties also present higher-than-expected cobalt grades and exploration opportunities.

Battery Mineral Resources Corp.'s management team consists of leaders with extensive operational and development experience. Combined with a stellar and supportive shareholder portfolio, the company is primed for exceptional economic growth and well-funded development.

Company Highlights

  • Battery Mineral Resources is a multi-commodity resource company focused on discovering, acquiring and developing battery metals projects (cobalt, lithium, graphite, nickel & copper), in North and South America and South Korea. It's poised to become a premier and sustainable supplier of battery minerals to the electrification marketplace.
  • BMR is currently developing the Punitaqui Mining Complex and pursuing the potential near-term resumption of operations at the prior producing Punitaqui copper-gold mine.
  • BMR is the largest mineral claim holder in the historic Gowganda Cobalt-Silver Camp, Canada. It controls a robust portfolio of cobalt assets across the prolific Timmins & Sudbury and Rouyn & Val d'Or Quebec areas.
  • Its Canadian cobalt portfolio consists of McAra, Gowganda, Iron Mask, Island 27, Fabre in Quebec and several additional highly prospective projects in politically stable jurisdictions of Ontario.
  • Additional battery mineral exposure includes its strategically acquired graphite assets in South Korea and lithium properties in prolific mining districts like Nevada and California.
  • BMR's management team combines seasoned experts across related industries in finance, resource development and battery mineral exploration.

Click here to follow Battery Mineral Resources on LinkedIn

Key Projects

Minera Altos de Punitaqui Copper Complex

Minera Altos de Punitaqui (MAP) is an integrated copper and gold mining complex located in the region of Coquimbo, Chile approximately 50km south of the Andacollo copper mine owned by Teck Resources. The 8.095-hectare asset consists of a centralized process plant that is fed by four satellite copper deposits – San Andres, Cinabrio, Dalmacia and Los Mantos. The fully permitted operation also leverages excellent road access and widespread mineralization.

MAP boasts a past production history and near-term production potential. Cinabrio and San Andres mining zones leverage underground portal access and Mantos-type copper mineralization up to 30 meters thick. The Dalmacia drill target contains copper-silver-gold mineralization which is structurally controlled. All regional targets offer immediate exploration and district-scale potential to BMR.

After its acquisition in March 2021, BMR has been quick to begin development on the asset. The company plans to immediately commence restart activities at the site to resume mining and milling operations which will be carried out in conjunction with an aggressive regional exploration campaign to better define historical mineral resources and add new resources for mining in the future. Re-start is projected to begin within 12 months to a potential annual EBITDA of US$50 million per annum.

Canadian Cobalt Exploration Projects

BMR controls a large 1,100-kilometer squared land package in the Ontario Cobalt Belt, which hosts multiple high-grade and widespread mineralized targets. The company has conducted geotechnical assessments and assays on the property with samples from outcrop revealing target prospects that present up to-21 percent cobalt values.

The project portfolio consists of McAra, Gowganda, Iron Mask, Island 27, other additional Ontario properties and highly prospective cobalt assets in Quebec. The projects access well-serviced mining networks and infrastructure with excellent exploration, development and mining suppliers in the prolific Timmins & Sudbury and Rouyn & Val d'Or Quebec areas. BMR stands as the largest regional landholder with extensive claim packages in the Elk Lake and Gowganda mining camps.

Over 42,244 meters have been drilled on 20 cobalt-silver prospects across seven properties. McAra has a measured and indicated resource of approximately 1,124,000 pounds of cobalt and stands as the highest-grade cobalt dominant deposit worldwide in more than 50 years with grades upwards of 1.5 percent cobalt. Exciting next steps for the company's Ontario cobalt assets include a 9,000-meter drilling program and a projected centralized processing plant at Gowganda.

Idaho Cobalt Projects

Battery Mineral Resources has 434 mineral claims in three 100 percent owned properties covering fourteen significant cobalt prospects within a three by six kilometer cobalt-copper mineralized zone. Its properties include Bonanza, Desert and East Fork assets located in the historic cobalt-copper Blackbird mining district approximately 30 kilometers west of Salmon, Idaho.

The largest Bonanza hosts multiple surface and subsurface shoots of copper-cobalt mineralization hosted along contact with gabbro sill. Historic drilling results demonstrated cobalt grades ranging 0.4 percent to 0.58 percent with anomalous gold from surface level to 100 meters deep. All projects host excellent high-grade copper-cobalt discovery potential.

Graphic Assets — Geumam and Taehwa, South Korea

BMR has 100 percent ownership of Guemam and Taehwa graphite exploration projects containing high-purity flake graphite deposits. Both assets are past-producing mines with existing local infrastructure and near-term production potential. Advantageous positioning in South Korea puts BMR close to established and booming battery industries in Asia.

Guemam is located 20 kilometers from South Korea's second-largest lithium-ion battery factory and has a maiden NI 43-101 resource. Indicated mineral resources on the property stand at approximately 101-kilo tons containing 6.6 percent graphite grades. The Taehwa project also has excellent discovery potential with historical mineral resource estimates of 99,000 tons of graphite at 6.8 percent and additional inferred mineral resource of 70,000 at seven percent graphite grades.

Management Team

Lazaros Nikeas — Executive Chairman

Lazaros Nikeas has over 15 years of strategy and capital markets advisory for resource, chemicals and industrial companies, with over US$25 billion of M&A transactions completed. He is currently a principal investment manager of Weston Energy LLC, a Yorktown Partners LLC portfolio company with investments in energy minerals assets. Nikeas was previously a partner of Traxys Capital Partners, a private equity firm backed by The Carlyle Group.

Martin Kostuik — CEO & Director

Martin Kostuik has over 28 years of diversified experience in the mining industry as a mining engineer and senior executive. He was the president and director for the last four years at Arizona Gold Corporation and before was CEO and director of Rupert Resources Limited.

Previously, Kostuik built a broad base of experience in operations, engineering, exploration and capital projects with various companies including Luna Gold (Equinox), Barrick Gold Corporation, Taseko Mines Limited and DMC Mining Services.

Jack R. Cartmel — CPA, CA, CFO

Jack R. Cartmel is a finance executive with over 15 years of experience in the mining industry with expertise in M&A, IPOs, taxation, public company accounting and disclosure and financial and risk management. Previously, he held a position with TSX-listed Monument Mining, a mid-size gold producer in Asia and White Tiger Gold, a mid-size gold producer.

Peter Doyle — VP of Exploration

Peter Doyle has over 40 years of experience in all aspects of mineral exploration from regional reconnaissance to project evaluation and development, in a variety of geological terrains throughout Canada, the U.S., South America and Australia. He was previously with PT Freeport Indonesia, Gold Fields and Troy Resources.

Jacob Willoughby — VP of Corporate Development & Strategy

Jacob Willoughby is a geologist and MBA graduate with nearly 17 years of diversified experience in mining capital markets. He has worked as a mining analyst for over eight years, covering exploration and development companies globally in both precious and base metals. Willoughby also worked as a capital markets consultant, an investor and as a director and senior executive.

Willoughby was most recently VP of Research and Analyst at Red Cloud Securities in Toronto. Prior, he was a partner and mining analyst at Beacon Securities. He began his career in mining equity research at Paradigm Capital, where he worked for five years. He also spent two years as President and Director of Aldridge Minerals, a Canadian public company with assets in Turkey and Papua New Guinea.

Click here to follow Battery Mineral Resources on LinkedIn

Battery Mineral Resources Corp. Announces Cease Trade Order Issued by the British Columbia Securities Commission

Battery Mineral Resources Corp. Announces Cease Trade Order Issued by the British Columbia Securities Commission

Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) ("Battery" or "BMR" or the "Company") announces that the Company has been issued a cease trade order ("CTO") by the British Columbia Securities Commission ("BCSC") for missing the filing deadline of May 2, 2022 for the following periodic disclosure documents (collectively "Annual Filings"):

  • the audited annual financial statements for the year ended December 31, 2021;
  • the management's discussion and analysis relating to the audited annual financial statements for the year ended December 31, 2021; and
  • the CEO and CFO certifications for the annual filings for the year ended December 31, 2021 required by National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings.

As previously announced on April 29, 2022, the Annual Filings delay results from additional audit work required to restate certain 2020 fiscal year transactions, primarily related to the ESI Energy Services Inc. common control acquisition. The Company intends to file its 2021 financial statements along with restated 2020 comparative information. The restatement of the 2020 financial statements is not expected to have an impact on cash or reported loss from continuing operations for the period.

Keep reading... Show less
Battery Mineral Resources Corp. Announces Delay of Annual Filings

Battery Mineral Resources Corp. Announces Delay of Annual Filings

Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) ("Battery" or "BMR" or the "Company") announces that it will delay the filing of its annual financial statements and accompanying management's discussion and analysis and related CEO and CFO certificates for the financial year ended December 31, 2021 (collectively, the "Annual Filings"). Filing is required within 120 days of the financial year-end, under applicable Canadian securities laws. As further described below, the Company expects to file the Annual Filings by May 17, 2022.

Primarily, certain equity transactions related to the ESI Energy Services Inc. common control acquisition for prior fiscal year are being restated. The Company is working on the restatement of its 2020 financial statements and intends to file its 2021 financial statements along with restated 2020 comparative information. The restatement of the 2020 financial statements is not expected to have an impact on cash, or loss for the period from continuing operations in the financial statements. The Company retained PricewaterhouseCoopers LLP ("PwC") for the 2021 year-end audit and on a go-forward basis, replacing its former auditor.

Keep reading... Show less
Battery Mineral Resources Announces Intercept of 34 Meters of 1.35% Copper from the Cinabrio Norte Target at Its Punitaqui Copper Mine in Chile

Battery Mineral Resources Announces Intercept of 34 Meters of 1.35% Copper from the Cinabrio Norte Target at Its Punitaqui Copper Mine in Chile

Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) ("Battery" or "BMR" or the "Company") is extremely pleased to announce encouraging drill core assay results from the ongoing 2021 - 2022 exploration and infill drill program focused on extensions of the Cinabrio orebody, the Dalmacia target and San Andres target within the Punitaqui mine complex ("Punitaqui") in Chile. These drilling results continue to highlight the strong copper grades and the growing vertical extent of the Cinabrio Norte target.

Punitaqui is slated for resumption of copper concentrate production in Q4-2022. The Cinabrio Norte target represents a potential northern extension of the main Cinabrio mine orebody, which historically was the primary source of ore feed to the Punitaqui copper ore concentration plant for eight-plus years (see Figure 1).

Keep reading... Show less
Battery Mineral Resources Announces Intercept of 47 Meters of 1.34% Copper from Dalmacia Target at Its Punitaqui Mine

Battery Mineral Resources Announces Intercept of 47 Meters of 1.34% Copper from Dalmacia Target at Its Punitaqui Mine

Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) ("Battery" or "BMR" or the "Company") is extremely pleased to announce encouraging drill core assay results from the recently completed Phase 1 exploration and in-fill drill program at the Dalmacia target of the Punitaqui mine complex ('Punitaqui") in Chile. Drilling continues at the Cinabrio Norte target where two diamond drills are in operation. The Punitaqui mine is slated for resumption of copper concentrate production in mid to late-2022.

The Dalmacia target is located in the southern portion of the Punitaqui area about six kilometers ("km") south of the Punitaqui copper processing plant. The Dalmacia target has underground mining access, partially delineated mineralized zones and is targeted as a potential new source of ore feed to the Punitaqui plant (see Figure 1).

Keep reading... Show less
Battery Mineral Resources Closes Fourth Tranche of Oversubscribed Unsecured Convertible Debenture Financing

Battery Mineral Resources Closes Fourth Tranche of Oversubscribed Unsecured Convertible Debenture Financing

Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) ("Battery" or "BMR" or the "Company") is pleased to announce that it has closed a fourth, and final, tranche (the "Fourth Tranche") of its non-brokered private placement of 8% unsecured convertible debentures (the "Debentures") previously announced in the Company's news releases of January 14, 2022, January 24, 2022, February 14, 2022, March 1, 2022 and March 17, 2022 (the "Offering").

Gross proceeds for the Fourth Tranche total C$2,560,600, which was oversubscribed. Together with the first tranche of the Offering, which closed on January 24, 2022 for gross proceeds of C$3,250,000, the second tranche of the Offering, which closed on February 14, 2022 for gross proceeds of $698,960, and the third tranche of the Offering, which closed on March 17, 2022 for gross proceeds of C$3,865,900, the Company raised an aggregate of C$10,375,460 under the Offering, up from the previously announced $10,000,000 Offering.

Keep reading... Show less
Canada Silver Cobalt Works

Canada Silver Cobalt Announces Airborne VTEM Geophysical Survey at Its Lowney-Lac Edouard Property East of La Tuque in Central Quebec

The VTEM Plus survey will be flown via helicopter later in June, and aims to identify discrete conductive anomalies near surface.

Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTCQB: CCWOF) (FSE: 4T9B) (the "Company" or "Canada Silver Cobalt") is pleased to announce it is planning an airborne VTEM Plus geophysical survey at its Lowney-Lac Edouard property south of the historical Lac Edouard Ni-Cu-Co mine in Central Quebec.

The property is of particular interest to the technical team due to several important factors:

Keep reading... Show less

Sherritt Reminds Noteholders of Upcoming Initial Expiration Date in Connection with Its Previously Announced Offers to Purchase Notes

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Sherritt International Corporation (" Sherritt " or the " Corporation ") (TSX:S) reminds holders (the " Noteholders ") of the Corporation's outstanding (i) 8.50% senior second lien secured notes due 2026 (the " Secured Notes ") and (ii) 10.75% unsecured PIK option notes due 2029 (the " Junior Notes ", and collectively with the Secured Notes, the " Notes ") of the initial expiration date of June 1, 2022 (the " Initial Expiration Date ") for the Corporation's previously announced modified Dutch auction in respect of the Secured Notes (the " Secured Notes Dutch Auction ") and fixed price tender offer in respect of the Junior Notes (the " Junior Notes Fixed Price Tender Offer " and, together with the Secured Notes Dutch Auction, the " Offers " or the " Transaction ") for aggregate cash consideration of up to $50 million (the " Maximum Consideration Amount "), exclusive of accrued and unpaid interest on the purchased Secured Notes. The Initial Expiration Date and additional related information with respect to the Offers was previously announced by the Corporation in its news release issued on May 11, 2022 (the " May 11 News Release ").

Keep reading... Show less
electric vehicle charging

Electric Vehicles Overtake Phones as Top Cobalt Demand Driver

Cobalt demand grew an unprecedented 22 percent last year, with electric vehicles (EVs) overtaking other battery applications for the first time to become the top end-use segment.

Demand rose by 32,000 tonnes in 2021 alone, with EVs accounting for 59,000 tonnes, or 34 percent of demand, according to a report released by the Cobalt Institute.

“As EVs continue to revolutionize green and sustainable mobility, cobalt-containing batteries are a technology of choice for many car manufacturers in Europe, North America and China,” President Adam McCarthy said.

Keep reading... Show less

Upper Salmon projects with Idaho Conservation League advanced

(TheNewswire)

Jervois Global Limited

May 17, 2022 TheNewswire - Jervois Global Limited (" Jervois " or the " Company ") (ASX:JRV) (TSXV:JRV) (OTC:JRVMF) is pleased to announce US$150,000 funding for three restoration projects through a partnership between 100% owned United States subsidiary Jervois Mining USA Limited and Idaho Conservation League (" ICL "), which is now in its second year.

Keep reading... Show less

Cobalt Uses: Batteries and More

Cobalt, whose name is derived from a German word meaning “evil spirits,” has been valued by humans since the Egyptians used it as a coloring agent.

Today, this critical metal is considered an essential element. Cobalt is best known as a raw material in lithium-ion batteries, but its high melting point and ability to maintain strength even at raised temperatures make it useful in cutting tools, superalloys, surface coatings, high-speed steels and many other materials.

Below is an overview of those and other cobalt uses that investors should know about.

Keep reading... Show less
Fortune Minerals Engages Haywood as Financial Advisor

Fortune Minerals Engages Haywood as Financial Advisor

Haywood engaged to assist Fortune in raising the funds needed to advance the NICO Critical Minerals Project through to a construction decision

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Keep reading... Show less

Latest Press Releases

Related News

×