Battery Mineral Resources Continues Drilling Program and Announces Encouraging Drill Results from Its Punitaqui Copper MINE IN Chile
BATTERY MINERAL RESOURCES CONTINUES DRILLING PROGRAM AND ANNOUNCES
ENCOURAGING DRILL RESULTS FROM ITS PUNITAQUI COPPER MINE IN CHILE
Vancouver, British Columbia – (July 22, 2024) – 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 new 2024 underground exploration and in-fill drill program at
the Punitaqui mine complex (“Punitaqui”) in Chile.
The Company announced on May 13th, 2024, that it had resumed mill operations and
production of copper concentrates at Punitaqui and subsequently announced it had made the
first shipments of copper concentrates . Coincident with these activities, exploration drilling
has resumed with an underground drilling campaign in the San Andres and Cinabrio mines.
Highlights
• Assay results from drilling performed in the Cinabrio mine (see Table 1) has returned
with encouraging results as follows:
o Drillhole CM-24-01: 3.0 meters (“m”) at 2.0% (“CuT”) total copper and 2.3g/t
grams per tonne (“Ag”) silver.
o CM-24-02: 5.7m grading 1.6% CuT & 0.5g/t Ag.
o CM-24-03: 5.6m at 0.9% CuT & 0.3g/t Ag including 1.9m at 1.9% Cu and
0.4g/t Ag.
• This drilling confirmed the modelled copper grades and better delineated the extent of
the mineralization in the lower shale unit and footwall andesite within and adjacent to
the planned extraction area.
• The 2024 Cinabrio drill program is designed to confirm resources identified by previous
drilling programs and expand these resources north and south along strike and at
depth.
• This initial underground Cinabrio drilling targeted three scheduled production area s,
the first area being the Level -30 target where 3 drillholes totaling 154.8 meters of
diamond core drilling were completed (see Table 2 and Figure 1).
• These drill results have been added to the three -dimensional geology and resource
models which BMR’s mining engineers will use to update the current mine designs and
optimize mining schedules.
• Assay results for a further 14 Cinabrio drillholes are pending.
Peter Doyle, Vice President of Exploration , stated, “This drilling has confirmed the copper
grades which exist in the current geological model , and has better delineated the extent of
the mineralization. We look forward to providing further exciting updates for the 2024
Cinabrio – San Andres drill program in the coming weeks.”
During the current operational ramp-up period, the underground drilling programs in both the
Cinabrio and San Andres mines is focused on accessible targets within existing Inferred
Resource to upgrade the resources to a higher resource category as well as t argeting areas
adjacent to Inferred Resource to potentially add new resources.
The 2024 drill plan allows for some flexibility in terms of timing and sequencing of target areas
which permits the drilling to be shifted between the Cinabrio mine and the adjacent San
Andres underground.
Cinabrio Mine
Sample assay results , reported herein, are from the first three underground drill holes
completed at Cinabrio as part of the 2024 drilling program. These first 3 drill holes are infill
holes designed to verify and better delineate mineralization targeted for production between
levels -45 and -70. One historical hole, CM -0-14-27, previously tested this target area
returning 5.8m at 1.8% Cu and 1.2g/t Ag.
Drillhole CM-24-01: was designed to test the contact between the footwall andesite and the
lower shale unit within the Cinabrio “Targeted Stratigraphic Unit” (“TSU”) in the southern part
of the scheduled extraction area. The drill hole crossed the target contact zone 40 meters
southeast of the mineralized intercept in historical drill hole CM-0-14-27 and terminated in a
undocumented historical mine working. The bottom 3.0 meters of the hole returned 3.0m at
2.0% CuT and 2.3g/t Ag.
These results confirm both the modelled geology and extent of the mineralization within the
southern part of the planned extraction area.
Drillhole CM-24-02: tested the contact between the footwall andesite and the lower shale unit
within the Cinabrio TSU 75 meters northwest of CM-24-01. The hole intersected 5.7m at 1.6%
CuT and 0.5g/t Ag along the targeted contact zone. This intersection is 12 meters southeast
of a previously mined area.
Drillhole CM-24-03: tested the contact between the footwall andesite and the lower shale unit
within the Cinabrio TSU 24 meters northwest of CM-24-01. The hole intersected 5.6m at 0.9%
CuT and 0.3g/t Ag in the targeted contact zone.
The intercepts drilled in all three holes have confirmed the modelled geology and better
delineated the grade and extent of the copper mineralization.
Figure 1: Cinabrio Drilling Hole Location Plan- Level -30
Table 1: Cinabrio Level -30 Significant Drillhole Intercepts
Drillhole
Number
Downhole
Interval
From
(m)
Downhole Interval
To
(m)
Downhole
Sample
Interval
(m)
Sample
Estimated True
Interval Width
(m)
Total Copper
CuT
(%)
Silver
Ag
(Grams per
tonne)
(g/t)
CM-24-01 34.20 37.30 3.10 3.00 2.00 2.34
CM-24-02 56.30 65.40 9.10 5.70 1.60 0.54
CM-24-03
22.6 31.6 9.00 8.40 0.71 0.27
Including:
24.60 30.60 6.00 5.60 0.92 0.29
And Including:
24.60 26.60 2.00 1.90 1.87 0.38
Note: All Intercepts reported as estimated true widths intervals
Table 2: Cinabrio Level -30 Drillhole Summary
Hole
Number
Collar UTM
Easting (m)
Collar UTM
Northing (m)
Collar
Elevation
(mASL)
Depth
EoH
(m)
Hole
Inclination
(Dip)
Azimuth Hole
Type & Size
CM-24-01 289068.10 6599568.20 -45.40 37.30 22.50 N 213.30o E Diamond HQ Core
CM-24-02 289036.90 6599576.20 -45.30 69.95 20.00 N 261.10o E Diamond HQ Core
CM-24-03 289037.40 6599574.80 -45.50 47.60 25.50 N 200.70o E Diamond HQ Core
Background – Cinabrio Deposit
The Cinabrio copper deposit mined by Glencore and Xiana Mining was the main ore source for
the BMR’s processing plant for over 10 years . Cinabrio is the largest deposit mined to date
and is part of the Punitaqui project which is situated within a 25km long mineralized district
that is a classic IOCG and manto style copper belt that is comprised of manto and structural
controlled copper-silver veins.
On October 3, 2022, BMR published an NI 43-101 resource for Cinabrio at a 0.70 Cu% cut -
off.
• Indicated Sulphide Resource of 378,000 tonnes grading 1.55% CuT.
• Inferred Sulphide Resource of 90,000 tonnes at 0.98% CuT
In addition, Indicated resources for Cinabrio ’s potentially recoverable pillars at a 0.70 Cu%
cut-off.
• Undiluted Indicated resources of 1,027,000 tonnes at grading 1.51% CuT
• Diluted Indicated resources of 1,312,000 tonnes at 1,27% CuT
Note: Scientific and technical information pertaining to the San Andres Resource was extracted from the
Company’s NI 43-101 “Technical report on Punitaqui Copper Complex Coquimbo, Chile” dated as of September
30,2022 with an effective date of August 16, 2022, prepared by Garth Kirkham (Kirkham Geosystems Ltd.) an
Independent Qualified Person in accordance with NI 43-101.
The Cinabrio site has been intermittently worked since 1968 by local miners focused on the
exploitation of copper oxides.
The Cinabrio deposit is a tabular sedimentary horizon known as the “Targeted Stratigraphic
Unit” (“TSU”) within a volcanic sequence. This sedimentary horizon is variably mineralized and
has a variable width ranging from 5m - 30m. It consists of an interlayered volcano-sedimentary
sequence composed of dark colored laminated and unlaminated shales, volcanoclas tic
sandstone, conglomerates and breccias and tuff breccias. Most of the copper mineralization
is hosted in the shale units within the TSU package. The horizon dips 40 to 50 degrees to the
east.
Mineralization consists of veinlets and irregular disseminations in both the fine and coarse -
grained clastic rocks and locally within the volcanic rocks above and below the host unit. The
host horizon is also cut and offset by other faults with a wide range of orientations.
Quality Control
Sample preparation, analysis and security procedures applied on the BMR exploration
projects are 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 BMR Los Mantos Preparation Lab. Samples are dried then
crushed to 70% < -2 millimeters and a riffle split of 250 grams is then pulverized to 85% of
the material achieving a size of <75 microns. Sample pulps & rejects were then delivered to
ALS Global - Geochemistry Analytical Lab in La Serana, 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 sta ff 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.
These prepared samples are then shipped to the ALS Laboratory in North Vancouver for
analyses by the following methods:
• 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 high 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.
Qualified Persons
Peter Doyle, Vice President of Exploration and Michael Schuler, Chile Exploration Manager for
Battery Mineral Resource s Corp., supervised the preparation of and approved the scientific
and technical information in this press release pertaining to the Punitaqui exploration drill
program. Mr. Doyle and Mr. Schuler are qualified persons as defined by National Instrument
43-101 - Standards of Disclosure for Mineral Projects.
Scientific and technical information pertaining to the Punitaqui Resource was extracted from
the Company’s NI 43-101 “Technical Report on Punitaqui Copper Complex Coquimbo, Chile”
dated as of September 30,2022 with an effective date of August 16, 2022, prepared by Garth
Kirkham (Kirkham Geosystems Ltd.) an Independent Qualified Person in accordance with NI
43-101.
All mineral resources have been estimated in accordance with Canadian Institute of Mining
and Metallurgy and Petroleum (“CIM”) definitions, as required under NI 43-101. Cut-off grades
are based on a price of US$3.50/lb copper, US$20/oz silver and several o perating costs,
metallurgical recoveries, and recovery assumptions, including a reasonable contingency
factor.
About Battery Mineral Resources Corp.
Battery Mineral Resources’ mission is to build a mid -tier copper producer and it has recently
initiated mine and mill operations at the Punitaqui Mining Complex, a historic copper -gold-
silver producer, in the Coquimbo region of Chile. Battery Mineral Resources is unique because
it leverages the inherent value from its 100% owned subsidiary, ESI Energy Services Inc., a
renewable energy equipment rental and sales company. Battery Mineral Resources’ portfolio
also consists of two cobalt assets and one graphite asset located in North America, South
America and South Korea. The Company is focused on providing shareholders accretive
exposure to copper and the global mega-trend of electrification while being focused on growth
through cash-flow, exploration, and acquisitions in favorable mining jurisdictions.
For more information about Battery Minerals, please visit our website at
https://bmrcorp.com/, or email us at [email protected].
Martin Kostuik, CEO
Twitter: @BMRcorp_
Facebook: Battery Mineral Resources Corp. | Facebook
LinkedIn: Battery Mineral Resources Corp.: My Company | LinkedIn
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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 t hose 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 differe nt 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.