Base Metals

Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) ("Battery" or "BMR" or the "Company") is pleased to announce encouraging drill core assay results from the recently completed Phase 1 2021-2022 exploration and infill diamond drill program focused on extensions of the Cinabrio orebody, the Dalmacia target and the San Andres target within the Punitaqui mine complex ("Punitaqui") in Chile. The Punitaqui mine is slated for resumption of mine operations in the second half of 2022.

The Cinabrio Norte target represents a potential northern extension of the main Cinabrio mine orebody, which was historically the primary source of ore feed to the Punitaqui copper ore concentration plant for eight-plus years. These drill results continue to highlight the presence of strong copper mineralization and the significant vertical extent of the Cinabrio Norte target (see Figure 1).

Highlights

  • At Cinabrio Norte the Phase 1 drill program consisted of 53 diamond drill holes with a total of 13,731 meters ("m").
  • To date, the drilling has outlined a significant zone of high-grade mineralization in the northern portion of the target area and remains open at depth.
  • The initial Phase 1 program of step-out holes was expanded from the planned 24 holes (for approximately 3,600m) to 53 holes to further test the down-dip extent of the copper ("Cu") mineralization ultimately reaching a depth of 350m below surface.
  • The results of the North Zone at Cinabrio Norte include:
    • CNN-22-30: 164m at 0.80% Cu including 48.0m at 1.31% Cu, 12.5m at 0.91% Cu and 19.4m at 1.15% Cu
    • CNN-22-40: 14m at 1.62% Cu
    • CNN-22-41: 9m at 1.15% Cu
    • CNN-22-19: 4.1m at 1.38% Cu
    • CNN-22-19A: 16.6m at 0.85% Cu including 5.4m at 1.16% Cu
  • Results from the South and Central Zones at Cinabrio Norte include:
    • CNN-22-33: 14.9m at 1.79% Cu including 2.8m at 3.66% Cu
    • CNN-22-25: 4m at 0.48% Cu including 18.9m at 1.23% Cu
    • CNN-22-26: 4m at 1.18% Cu
    • CNN-22-29: 14m at 0.76% Cu including 5m at 1.01% Cu
    • CNN-22-32: 9m at 0.43% Cu
    • CNN-22-38: 4.3m at 1.09% Cu

Battery CEO Martin Kostuik states; "We are very pleased to report these encouraging results from Cinabrio Norte at our former producing Punitaqui copper mine in Region IV of Chile. Cinabrio Norte began as a collection of a few interesting holes to the immediate north of the original Cinabrio mine. Cinabrio, until May of 2020, produced feed to the Punitaqui copper concentrator for nine-plus years. Today's reported drillhole results conclude the initial drill program at Cinabrio Norte and, together with the previously reported results, clearly demonstrate a new extension of Cinabrio to the north. These new targets have the potential to provide the Company with an additional source of copper mineralization as feed for the Punitaqui processing plant."

Furthermore, CEO Kostuik remarks: "The development of Punitaqui towards a restart of mine operations, followed by a re-start of the copper concentrating plant, is progressing well on all fronts. Efforts are multi-faceted and include drilling, engineering, metallurgical test work and permit modifications. We look forward to the potential of these latest assay results for the Cinabrio Norte target contributing significantly to the forthcoming resource report and subsequent restart plan for the mine."

Cinabrio Norte Drill Program

The Cinabrio Norte Phase 1 drilling was designed to follow-up on a limited number of historic drillholes that targeted the northern extension of the Cinabrio orebody. The historic exploration drilling confirmed that the favorable TSU that hosts the copper mineralization within the Cinabrio orebody extends to the north. The TSU has been mapped along a north-south strike from the Cinabrio mine. Of note, the Cinabrio Norte target is only 110m north of the Cinabrio underground workings on level 200m. Historic hole CNS-20-01, drilled in 2020 by the prior operators, was drilled completely within the TSU resulting in multiple mineralized intercepts and, most notably, confirmed the presence of TSU for over 200m of strike length with significant copper sulphide mineralization (CNS-20-01: 48m at 0.64% Cu, 3m at 0.47% Cu and 6m at 0.45% Cu).

The 20221-2022 Phase 1 drilling at Cinabrio Norte consisted of a series of step-out holes to test the TSU along a 400m strike length (north-south) to a depth below surface, or down-dip, of 350m. The current BMR drilling has outlined a significant zone of high-grade mineralization in the northern portion of the target zone which remains open down-dip.

Complete assay results were recently received for all 18 remaining drill holes from the Phase 1 campaign at Cinabrio Norte (see Figure 1 and Table 1). As of this press release, all assays from the entire Phase 1 program (Cinabrio Norte, San Andres and Dalmacia) have now been reported.

Table 1: Current Cinabrio Norte Exploration Drill Intercepts


Drillhole
Number

From
 (m)
To
 (m)
Interval
(m)
Copper
(Cu %)
Silver
 (Ag g/t)
Northern Zone of Cinabrio Norte Target
CNN-22-19310.0314.14.11.3822.6
and342.0345.03.00.687.7
CNN-22-19A184.8201.416.60.851.5
including196.0201.45.41.160.8
CNN-22-30209.0373.0164.00.809.9
including209.0257.048.01.316.4
including248.0254.06.01.836.3
and285.0297.512.50.9110.5
and315.6335.019.41.1534.6
and370.0373.03.01.257.0
CNN-22-35191.6195.03.40.374.76
and329.7334.04.30.053.2
and359.5361.01.50.377.9
and363.0367.44.40.431.7
CNN-22-39324.0329.05.00.5010.60
CNN-22-40279.0293.014.01.625.0
and386.0395.09.00.123.31
and397.0402.05.00.1712.40
CNN-22-41133.0135.02.00.631.20
and219.0221.52.50.732.80
and237.1240.13.00.878.37
including237.1239.01.91.2010.89
and281.0290.09.01.1512.00
including283.0288.05.01.7016.60
South and Central Zones of Cinabrio Norte Target
CNN-22-25357.0361.04.00.489.5
CNN-22-26208.0212.04.01.20.80
CNN-22-27210.0212.02.00.401.51
CNN-22-28128.0131.03.00.382.33
and136.0138.02.00.383.50
and148.0149.71.70.501.00
CNN-22-29183.0197.014.00.762.86
including183.0185.02.00.972.00
including192.0197.05.01.014.20
CNN-22-31202.2203.51.30.411.00
and213.0218.05.00.072.08
CNN-22-32253.0262.09.00.435.44
CNN-22-33301.9316.814.91.796.47
including314.0316.82.83.660.40
CNN-22-34234.3242.07.70.074.12
and244.0249.05.00.223.20
CNN-22-3794.098.04.00.472.81
CNN-22-38141.8146.04.31.096.53
and146.0149.03.00.200.60

 


Note: All intervals are downhole length

Significant intercepts reported earlier from the phase 1 drilling include:

  • CNN-21-02: 13m at 1.36% Cu including 7.6m at 2.08%Cu
  • CNN-21-06: 53m at 0.91% Cu including 20.8m at 1.14% Cu
  • CNN-21-07: 9.7m at 0.70% Cu
  • CNN-21-11: 7m at 1.21% Cu
  • CNN-22-01: 26m at 1.28% Cu
  • CNN-22-06: 15m at 1.24% Cu
  • CNN-22-07: 41.5m at 1.36% Cu
  • CNN-22-08: 33.4m at 1.08% Cu including 18.9m at 1.23% Cu
  • CNN-22-09: 25m at 0.65% Cu
  • CNN-22-10: 3.3m at 0.82% Cu
  • CNN-22-13: 4.9m at 1.25% Cu
  • CNN-22-16: 22.5m at 1.15% Cu
  • CNN-22-21: 34.1m at 1.35% Cu including 19.5m at 1.60% Cu

Please refer to news releases dated December 29, 2021, March 15, 2022 and April 26, 2022 for previous drill assays.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/6076/129142_5906d917a4c2893b_002.jpg

Figure 1: Cinabrio Norte Drill Collar Plan (2021-22 completed holes in green, historic holes in grey)

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6076/129142_5906d917a4c2893b_002full.jpg.

Quality Control

Sample preparation, analysis and security procedures applied on the BMR exploration projects is aligned with industry best practices. 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 by 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-ICP61: 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 analysed 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.

Battery Mineral Resources ("BMR") is a battery minerals company providing shareholders exposure to the global mega-trend of electrification while being focused on growth through cash-flow, exploration, and acquisitions in favourable mining jurisdictions. Battery Mineral's mission is the discovery, acquisition, and development of battery metals (namely cobalt, lithium, graphite, and copper), in North America, South America and South Korea, to become a premier and responsible supplier of battery minerals to the electrification marketplace. BMR is currently pursuing a potential near-term resumption of mine operations, followed by copper production in late 2022, of the Punitaqui Mining Complex, a past copper-gold producer located in the Coquimbo region of Chile. Punitaqui, operating as recently as April of 2020, has a 9+ year operating history and produced between 20 and 25 million pounds of copper annually. BMR is the largest mineral claim holder in the historic Gowganda Cobalt-Silver Camp in Ontario, Canada, and continues to pursue a focused program to build on the recently announced, +1-million-pound high-grade cobalt resource at McAra. In addition, Battery Mineral owns 100% of ESI Energy Services, Inc., and its US subsidiary Ozzie's, Inc. (http://ozzies.com), a profitable mainline pipeline and renewable energy equipment rental and sales company with operations in Alberta, Canada and Arizona, USA. Battery Mineral Resources is based in Canada and its shares are listed on the Toronto Venture Exchange under the symbol "BMR" and on the OTCQB under the symbol "BTRMF". Further information about BMR and its projects can be found on our website, www.bmrcorp.com.

For more information, please contact:

Martin Kostuik, CEO
Martin Kostuik
Phone: +1 (604) 229 3830
info@bmrcorp.com

Mars Investor Relations
+1 (604) 335-1976
bmr@marsinvestorrelations.com

Harbor Access Corp.
475-477-9402
jody.kane@harbor-access.com

Twitter: @BMRcorp_
www.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 and are based upon a number of 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, the ability of the Company to complete the Debenture offering, risks related to share price and market conditions, the inherent risks involved in the mining, exploration and development of mineral properties, the ability of the Company to meet its anticipated development schedule, 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 new 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/129142

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