Battery Mineral Resources Cobalt Exploration Update: Follow-Up Drilling to Commence at the Fabre West Prospect, Quebec

Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) ("Battery" or "BMR" or the "Company") announces the commencement of phase 2 diamond drilling at the Fabre West prospect. The current program of 1,500 meters ("m") will follow-up earlier successful cobalt-silver mineralized intercepts and test the southwest extension of a coincident geophysical anomaly.

The Fabre project is located in the Ontario-Quebec cobalt embayment which has historical production of 525 Moz of silver and 50Mlbs of Cobalt and 30 kilometres southeast of the historic mining and refining town of Cobalt, Ontario.

Highlights

• A 2020 detailed review of exploration work on the Fabre West prospect resulted in the decision to complete a follow-up high resolution three dimensional induced polarization ("3D-IP") survey focused on the area southwest of the 2019 drilling where a second chargeability anomaly was identified at the edge of the 2018 survey.
• Historic (1947 - 2010) high-grade cobalt ("Co")-silver ("Ag") drill intercepts include (drill hole ID: grade, interval length):
  • 1947-40: 1.6% Co and 59.9g/t Ag over 1.3m and 2.5% Co and 8.7g/t Ag over 0.9m;
  • FV95-1: 2.7% Co and 714.2g/t Ag over 1.1m and 303.3g/t Ag over 5.6m including 8.0% Co over 0.5m;
  • TRS-F002-10: 68.4g/t Ag over 30m.
• In early 2019, a BMR diamond drill program (18 holes/2,917 meters) targeted Archean rocks for cobalt-silver mineralization. Significant silver zones intercepted include:

• FAW19-001: 37.6g/t Ag over 8.0m from 37.0m;
• FAW19-003: 419.3g/t Ag over 3.0m from 64.4m,
• FAW19-004: 123.8g/t Ag over 7.5m from 77.6m including 0.5m of 0.74% Co and 1,740.0g/t Ag at 79.3m,
• FAW19-011: 191.2g/t Ag over 4.0m from 4.0m.

• The 2019 drilling also produced several anomalous base metal values (zinc- Zn, copper- Cu, lead- Pb) associated with the silver zones that included:

• FAW19-002: 0.50% Zn over 23.8m from 4.2m, and 0.18% Zn over 49.8m from 84.2m;
• FAW19-004: 0.17% Cu, 0.15% Pb and 0.09% Co over 7.5m from 77.6m;
• FAW19-006: 1.20% Zn, 0.49% Pb and 8.65g/t Ag over 11m from 7m, hole.

Battery CEO Martin Kostuik comments; "This drill program is a follow-up and continuation of previously successful exploration campaigns at Fabre which displayed very good values of cobalt and silver. Previous drilling coupled with geophysics indicate the Fabre West target is open along strike to the southwest. We are very excited because this is how our 1 million plus pound and 1.47% McAra cobalt resource began. We look forward to drill testing this prospective high-grade cobalt-silver target beginning immediately."

About the Fabre West program:
The Fabre project is in Northwestern Quebec, about 150 kilometres northeast of Sudbury, Ontario (Figure 1) and about 30 kilometres southeast of the historic Cobalt Camp. It comprises 1,813 hectares (18.1 square kilometres) in one semi-contiguous block.

The property is underlain by Neoarchean intermediate to felsic metavolcanic rocks, metasedimentary rocks, and older granitoid basement of the Abitibi Subprovince. These rocks are cut by shear zones and regional faults. The Archean basement units are unconformably overlain by sandstones, feldspathic sandstones, and polymictic conglomerates of the Proterozoic Huronian Supergroup that have been assigned to the Coleman member of the Cobalt Formation. A large northeast-trending Nipissing diabase intrusion occurs in the central and eastern parts of the Fabre property.

Extensive historic work took place on the Fabre West claim blocks following the discovery of high-grade silver veins near Cobalt, Ontario. In 1947, hole No. 40 drilled on Fabre West intersected a 1.4-metre interval grading 1.58% cobalt, 59.90g/t silver, 3.09g/t gold and 1.40% copper, at a depth of 207.4 metres. Mineralization is described as 0.2m of massive sulphides. A second intercept of 0.9 metres, graded 2.54% cobalt and 8.71g/t gold.

In 1995, a follow-up drillhole FV-95-1 by Sementiou Inc produced assays of 714.20g/t silver, over 0.57 metres from 114.73m and 8.00% cobalt and 600.00g/t silver over 0.49 metres from 131.41m. Mineralization consisted of up to 15% sulphides, composed of pyrite, sphalerite, chalcopyrite, locally smaltite, and possibly cobaltite, that occur in veinlets, lenses, and disseminations.

In 2010, Tres-Or Resources collected a rock sample from a workings muck pile near the main prospecting shaft that assayed 0.99% cobalt, 23.30g/t silver and 0.33g/t gold. The company also drilled two holes targeting the historic mineralization reported from holes 40 and FV 95 1. The best drill intercept was 201g/t silver over 9 metres from 85.00m in hole TRS-F002-10.

BMR has explored the property since 2016. Work do date includes rock sampling, geological mapping and prospecting as well as geophysical data collection. BMR's exploration focused on locating historical workings, understanding the bedrock geology, and to conduct and interpret geophysical data to generate drill-targets. Airborne geophysical surveys included a 2016 property wide airborne magnetics and radiometrics. Historic surface and drill core samples confirmed the area contained anomalous amounts of cobalt-silver, and geological mapping by BMR showed that the host rocks are somewhat like those at the McAra cobalt deposit.

In mid 2018, BMR completed an exploration program that included prospecting, geological mapping and rock sampling. Additional grid-based geophysical surveys, ground magnetics and a high-resolution 3D-IP survey. The 3D-IP survey grid was spatially constrained due to several cultural features and access issues resulting in only partial coverage of the planned survey area. The magnetic data map the Archean bedrock but do not outline the overlying, non-magnetic Huronian sediments. Comparison of the magnetics to the Fabre West geology confirm that the magnetics data differentiate the less magnetic felsic tuff unit and the adjacent, more magnetic porphyry unit. The magnetic low that outlines the felsic tuff unit was interpreted to represent a potential hydrothermal alteration within these more permeable host rocks, that coincides with the cobalt and base metal mineralized zones.

Inversion modelling of the 3D-IP data was correlated with the underlying geology and historic exploration results to develop drill targets. Drillhole targeting was based on bedrock geology, historic drill cobalt-silver results, proximity to the historic surface workings as well as two structural trends identified in the magnetics; north-south and northeast-southwest. A coincident high-amplitude chargeability anomaly was also targeted.

In early 2019, diamond drilling by BMR (18 holes for a total of 2,917m) targeted the cobalt-silver mineralized zones (Figure 2). Significant intercepts include:

• FAW19-001: 18.51g/t Ag over 6.25m from 9.75m
• FAW19-001: 37.63g/t Ag over 8m from 37m
• FAW19-001: 15.60g/t Ag over 4.95m from 81.05m
• FAW19-001: 136.77g/t Ag over 21.13m from 90.87m
• FAW19-003: 419.33g/t Ag over 3.00m from 64.44m
• FAW19-004: 123.83g/t Ag over 7.45m from 77.57m including 0.5m at 0.74% Co and 1,740.00g/t Ag from 79.3m
• FAW19-007: 34.09g/t Ag over 2.40m from 4m.
• FAW19-010: 46.03g/t Ag over 8m from 5m
• FAW19-010: 17.69g/t Ag over 3.25m from 87m
• FAW19-011: 191.21g/t Ag over 4m from 4m

(All intercepts quoted as downhole core lengths)

The drilled area covers a strike length of 600m, and over that distance rock types vary widely. Volcanoclastic and felsic rocks are common in the drilled area around the cobalt-silver zone, whereas gabbro, porphyry and mafic volcanic rocks dominate to the east of the main zone, in hole FAW19-005. The volcanoclastic and felsic rocks around the cobalt-silver zone could mark synvolcanic faults that focused mineralizing fluids into the upper crust and may also have been part of a larger caldera system.

The Fabre West target hosts anomalous cobalt-silver mineralization. Cobalt strongly correlates with arsenic and copper, which reflects the elemental composition and type of the ore mineralogy as well as the host rock environment (VMS setting). Silver correlates moderately with arsenic, cobalt, bismuth, and copper.

A 2020 detailed review of the Fabre West prospect resulted in the decision to complete a follow-up high resolution 3D IP survey focussed on the area southwest of the 2019 drilling where a second chargeability anomaly was identified at the edge of the 2018 survey. A re-interpretation of the structural controls for the mineralization at Fabre West indicates that the better silver intercepts maybe related to a series of folds and several of the planned drillholes will test the interpreted fold closures.

In December 2020, a follow-up 3D induced polarization survey was completed. An integrated 3D IP inversion model that combined all the available data from 2018 and 2020 was developed and interpreted. The new 3D inversion model confirmed the high-amplitude chargeability anomaly southwest of the 2019 BMR drilling and near the historic high-grade cobalt-silver drill intercepts.

Figure 1: Fabre Project Location Map - Datum is UTM NAD83 Z17N

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6076/102377_c752994dc4e9aa10_002full.jpg.

Figure 2: Fabre West Drill Plan with BMR 2019 Drillholes and Planned 2021 Drillholes

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/6076/102377_c752994dc4e9aa10_003full.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 insure high quality collection and management of samples resulting in reliable exploration assay data. BMR has implemented formal analytical quality control monitoring for all of its field sampling and drilling programs by inserting blanks and certified reference materials into every sample sequence dispatched.

Sample preparation was performed by ALS Minerals Laboratories ("ALS") in Sudbury, Ontario and sample analyses by ALS in North Vancouver, British Columbia. ALS analytical facilities are commercial laboratories and are independent from BMR. All BMR samples were bagged by BMR staff and delivered Upon receipt at the ALS Laboratory in Sudbury, samples were logged in a sophisticated laboratory information management system for sample tracking, scheduling, quality control, and electronic reporting. Samples were dried in special drying ovens prior to crushing. The samples were 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 produced results for 48 elements.
• ME-OG62: Aqua-Regia digest: Analysed by ICP Atomic Emission Spectrometry or sometimes called optical emission spectrometry for high levels of Cobalt, Copper, Nickel and Silver.
• Ag-GRA21: Silver by fire assay and gravimetric finish; 30-gram charge weight used when samples contain greater than 1,500 parts per million silver.
• Au-AA25: Gold was analysed by a 30-gram fire assay method, followed by atomic absorption spectroscopy.

Note that 48 element ICP trace element data was also collected and reported by the laboratory. Certified international standards were inserted into sample batches by ALS. Blanks and duplicates are inserted within each analytical run. The blank is inserted at the beginning, internationally certified standards are inserted at random intervals, and duplicates are analysed at the end of the batch.

Qualified Persons
P. J. Doyle, FAusIMM (#208850), Battery Mineral Resources Corp. - Vice President Exploration supervised the preparation of and approved the scientific and technical information in this press release pertaining to the Canada Exploration Program.

Technical reports filed by the Company under the Company's profile at www.sedar.com: "Technical Report on Cobalt Exploration Assets in Canada" dated as of May 26, 2020 with an effective date of March 31, 2020, prepared by SRK Consulting - G Cole PGeo (APGO#1416).

Issuance of Stock Options
The Company has granted 250,000 stock options to a Consultant of the Company at an exercise price of $0.75 per share. The option will vest over the next 12 months and will expire after 5 years, ending November 1, 2026.

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 acquisitions in the world's top mining jurisdictions. Battery 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 copper-gold mine most recently produced approximately 21,000 tonnes of copper concentrate in 2019 and is located in the Coquimbo region of Chile.

Battery 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. Battery 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, Battery owns 100% of ESI Energy Services, Inc., also known as Ozzie's, a pipeline equipment rental and sales company with operations in Leduc, Alberta and Phoenix, Arizona.

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 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, 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 as a result of new information or future events or otherwise, except as may be required by law.

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