Battery Mineral Resources Corp. Provides Update Gowganda Silver Tailings Project Ontario
Battery Mineral Resources Corp. Provides Update
Gowganda Silver Tailings Project Ontario
Vancouver, British Columbia – (October 28th, 2025) – Battery Mineral Resources Corp. (TSXV:
BMR) (OTCQB: BTRMF) (“ Battery” or “ BMR” or the “ Company”) is pleased to update its
shareholders regarding the Gowganda silver tailings project that is located about 125
kilometers northeast of Sudbury, Ontario.
BMR Reviewing Strategic Options for Gowganda Silver Project
BMR is reviewing several alternatives with respect to its Gowganda silver tailings project in
order to maximize value for our shareholders. The tailings historical resource estimate was
classified as an indicated resource at a silver cut -off grade of 10.0 grams per tonne ("g/t")
and was historically estimated to contain approximately 1,940,000 tonnes grading 47.5 g/t
silver (“Ag”), containing an estimated 2,960,000 oz Ag (per the Gowganda Silver Technical
Report, July 8, 2011).
As per NI 43 -101 Standards of Disclosure Section 2.4 - the above resource estimate is
considered historical in nature and is not treated as current mineral resources by the
Company. The 2011 historical resource is relevant in that the historic work program and
estimation confirmed the tailings contained silver mineralization that could be potentially
recoverable. There have been no resource estimates for the project since 2011 historic
resource. Since acquiring the project, BMR has not undertaken an updated estimate of this
historical resource. The Gowganda Silver tailings project was referenced as a historical
resource in the Company’s NI 43 -101 “Technical Report on Cobalt Exploration Assets in
Canada” dated as of May 26, 2020 with an effective date of March 31, 2020, prepared by
Glen Cole (P.Geo) of SRK Consulting (Canada) Inc. (the " Cobalt Technical Report, March 31,
2020").
Laz Nikeas, CEO of BMR, stated, “ Our Gowganda silver tailings project has been historically
estimated to contain approximately 2.96 million oz of silver resources and is located within
Canada’s prolific cobalt and silver district in northeastern Ontario. BMR is actively reviewing
various project options with the objective of enhancing shareholder value.”
The Gowganda mining camp was one of three historic silver-cobalt districts in Canada’s Cobalt
Embayment situated in northeastern Ontario approximately a six-hour drive north of Toronto.
Estimated historic production from the Gowganda camp (1910 -1969) was 6 0 million oz of
silver and 1.3 million pounds of cobalt. This production was sourced from high-grade silver-
cobalt veins hosted in Proterozoic Nipissing diabase intrusions.
The Gowganda project totals 630 mining claims and four mining leases covering 9,452
hectares. Thirty-seven mineral occurrences are present within BMR’s Gowganda concessions
which have an extensive exploration and mining history dating back to 1908 when silver was
first discovered at Miller Lake (McIlwaine, 1978). In the Gowganda camp most of the
polymetallic silver-cobalt-nickel vein occurrences are hosted in the Nipissing diabase and near
the Archean and/or Huronian sediment contact. Most of the productive veins were hosted in
the upper half, or hangingwall, of the Nipissing diabase sill. Mineralized quartz -calcite veins
are typically vertical to steeply dipping. Vein widths range from millimetre-scale to one metre
in width. Silver mineralization is present as native silver.
The core holdings at Gowganda are the four mining leases covering approximately 225
hectares that encompass four of the five past producing mines in the Gowganda Camp
including the Capitol, Bonsall, Millerett, and Miller Lake-O’Brien mines. The mine leases host
the historic tailings from all four historic producers.
In the early 1980s, it was recognized that the tailings contained silver grades that were
potentially recoverable. Several programs tested this opportunity, focusing on the potential
extraction of silver without testing for cobalt. Between 1981 and 2011 , the tailings were the
focus of several evaluation efforts that included auger and sonic drilling and sampling as well
as gravity and limited metallurgical testwork.
In 2011, TEMEX Resources Corp. commissioned GeoVector Management Inc. to complete an
NI-43-101-compliant resource estimate and technical report on the tailings. The 2011 mineral
resource estimate was based on 764 auger, drive pipe, and sonic drill holes (3,012 metres)
and 2,039 assay values that included results from earlier drilling in 1981, 1987, and 2000.
The historic tailings resource estimate was categorized as an indicated resource at a silver
cut-off grade of 10.0 g/t and is estimated to contain 1,940,000 tonnes grading 47.5 g/t silver
containing an estimated 2,960,000 oz Ag. Results at various silver cut -off grades were
tabulated below (per the Gowganda Silver Technical Report July 8, 2011).
The above resource estimate is considered historical in nature and is not treated as current
mineral resources by the Company. A Qualified Person has not completed sufficient work to
classify the historical estimate as current mineral resources. BMR is not treating the historical
estimate as current mineral resources or mineral. The 2011 historical resource is relevant in
that the historical work program and estimation confirmed the tailings contained silver
mineralization that could be potentially recoverable. There have been no resource estimates
for the project since the 2011 historic resource. Since acquiring the project, BMR has not
undertaken an updated estimate of this historical resource. The Gowganda silver tailings
project was referenced as a historical resource in the Company’s NI 43-101 “Cobalt Technical
Report March 31, 2020”, prepared by Glen Cole (P.Geo) of SRK Consulting (Canada) Inc.
Any update of the resource estimate would include all available historical drilling, and assays.
Additional Infill drilling ( including selected number of “twin holes”) and a program of check
assays of any available historic samples are recommended as part of any new resource
estimate program.
2011 TEMEX RESOURCES CORP. INDICATED MINERAL RESOURCE ESTIMATE
FOR THE GOWGANDA TAILINGS AT VARIOUS SILVER CUT-OFF GRADES
BY GEOVECTOR MANAGEMENT INC.
Cut-off Grade
g/t Ag Tonnes Silver Grade
g/t Ag
Silver
Contained Ounces
oz Ag
5.00 1,946,465 47.30 2,961,665
10.00 1,937,520 47.50 2,959,487
20.00 1,903,081 48.10 2,941,810
30.00 1,743,690 50.10 2,806,483
40.00 1,112,423 58.20 2,083,075
NOTES: Please see the Technical Report on the Gowganda Silver Project Including a Resource Estimate of the Surface Tailings
Deposit Gowganda, Ontario, Canada with an effective date of July 8, 2011 , prepared by Joe Campbell, P. Geo., Alan Sexton,
P.Geo, M.Sc . and Allan Armitage, Ph.D., P.Geo of GeoVector Management Inc . Table 4, page 31. The above resource
estimates are considered historical in nature and are not being treated as current mineral resources by the Company. A
Qualified Person has not completed sufficient work to classify the historical estimate as current mineral resources. As per NI
43-101 Standards of Disclosure Section 2.4c historic resource parameters.
• Historical Mineral Resource Estimate for the Gowganda project - Resource grades were
total in situ assay results.
• Assay values used in the resource estimate were verified against assays on drill logs
contained in historic drill reports and assay certificates.
• A site visit was carried out by Alan Sexton, P.Geo. and Vice President of GeoVector to
verify drill collar locations, tailings extent, and mine infrastructure.
• Digital data files of hole collar locations and down-hole surveys were checked and
verified.
• The mineral resource was estimated using 1.5-metre sample composites (2,504
composites) of assay values (2,039 assays) from 764 auger and sonic drillholes totaling
3,012 metres.
• For the resource, metallurgical recoveries were assumed to be 100%.
• A block model, with the origin at 518550E, 5280050N, 430 metres elevation, and oriented at
300°, was constructed using 4m x 4m x 1m blocks in the X, Y, Z direction respectively.
Grades for silver were interpolated into the blocks by the inverse distance sq uared
method using between four and twenty composites in a minimum of 2 drillholes to
generate block grades. Based on a statistical analysis of the composite database from
each resource model, it was decided that no capping was required on the composite
populations to limit high values.
• The size of the search ellipse was set at 42 x 42 x 3 metres in the X, Y, Z direction
respectively for the indicated resource. The principal azimuth is oriented at 155º (trend of
the tailings piles), the principal dip is oriented at 0° and the Intermediate azimuth is
oriented at 65°.
• Specific gravity (SG) testing was previously carried out on 11 representative samples of
tailings and the calculated average SG value of 2.12 was applied to all blocks within the
updated block model.
Qualified Person
P. J. Doyle, FAusIMM (#208850), a Qualified Person as defined by NI 43 -101 and the Vice
President Exploration of BMR, has reviewed and approved the scientific and technical
information contained in this press release.
The Gowganda silver tailings project was referenced as a historical resource in the Company’s
NI 43-101 “Technical Report on Cobalt Exploration Assets in Canada” dated as of May 26,
2020 with an effective date of March 31, 2020, prepared by Glen Cole (P.Geo) of SRK
Consulting (Canada) Inc. (the "Cobalt Technical Report, March 31, 2020").
The historical mineral resource estimate for the Gowganda Silver tailings project was derived
from the Technical Report entitled "NI 43 -101 Technical Report on the Gowganda Silver
Tailings Project, Ontario, Canada" dated July 8, 2011, prepared by GeoVector Management
Inc. (the "Gowganda Silver Technical Report, July 8, 2011").
About Battery Mineral Resources Corp.
Battery Mineral Resources’ mission is to build a mid -tier copper producer. The Company has
recently initiated mine and mill operations at the Punitaqui Mining Complex, a historic copper
-, gold and silver -producing mine in the Coquimbo region of Chile. The Company’s portfolio
also includes 100%-owned ESI Energy Services Inc. and North American mineral exploration
assets. The Company is focused on providing shareholders with accretive exposure to copper
and the global mega -trend of electrification while targeting growth through cash flow,
exploration, and acquisitions in favorable mining jurisdictions. Further information about BMR
and its projects can be found on www.bmrcorp.com.
For more information, please contact:
Lazaros Nikeas, CEO
Phone: +1 (604) 628-1110
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 contains statements that constitute “forward -looking statements.” Such
forward looking statements involve known and unknown risks, uncertainties and other factors
that may cause the Company’s actual results, performance or achievements, or developments
to differ materially from the anticipated results, performance , or achievements expressed or
implied by such forward-looking statements. Forward-looking statements are statements that
are not historical facts and are generally, but not always, identified by the words “expects,”
“plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential ,” and similar
expressions, or that events or conditions “will,” “would,” “may,” “could ,” or “should” occur.
Forward-looking statements in this news release include, among others, statements that BMR
is reviewing several alternatives with respect to its Gowganda silver tailings project in order to
maximize value for its shareholders; that the Gowganda Silver Project is estimated to contain
approximately 1,940,000 tonnes grading 47.5 g/t silver, containing an estimated 2,960,000
oz Ag; that the Company continues to look for opportunities to generate shareholder value
from the Gowganda tailings project, that BMR is actively reviewing various project options with
the objective of enhancing shareholder value; and other s tatements that are not historical
facts.
By their nature, forward-looking statements involve known and unknown risks, uncertainties,
and other factors which may cause our actual results, performance or achievements, or other
future events, to be materially different from any future results, performance, or achievements
expressed or implied by such forward -looking statements. Such factors and risks include,
among others: uncertainty and variation in the historical estimation of mineral resources on
the Gowganda tailings project; risks related to explorat ion, development, and operation
activities; exploration and development of the Gowganda tailings project will not be
undertaken as anticipated; the historical estimate on the Gowganda tailings project will prove
to be unreliable and inaccurate; the Company may require additional financing from time to
time in order to continue its operations which may not be available when needed or on
acceptable terms and conditions; the economic performance of the Gowganda tailings project
may not be consistent with management’s expectations; the Company’s exploration work may
not deliver the results expected; compliance with extensive government regulation; delays in
obtaining or failure to obtain governmental permits, or non -compliance with permits;
environmental and other regulatory requirements; risks related to natural disasters, terrorist
acts, health crises, and other disruptions and dislocations; global financial conditions;
uninsured risks; climate change risks; competition from other companies and individuals;
conflicts of interest; outside contractor risks; the stock markets have experienced volatility
that often has been unrelated to the performance of companies, and these fluctuations may
adversely affect the price of the Company’s securities, regardless of its operating
performance; and other risks associated with executing the Company’s objectives and
strategies as well as those risk factors discussed in the Co mpany’s continuous disclosure
documents filed under the Company’s SEDAR+ profile at www.sedarplus.ca.
The forward-looking information in this news release is based on management’s reasonable
expectations and assumptions as of the date of this news release. Certain material
assumptions regarding such forward -looking statements were made, including without
limitation, assumptions regarding: the Company's expectations regarding the Gowganda
tailings project will prove to be accurate; the Company will be successful in creating
shareholder value with respect to the Gowganda tailings project; anticipated costs an d the
Company’s ability to fund its programs; the Company’s ability to carry on exploration,
development and mining activities; prices for energy inputs, labour, materials, supplies , and
services; the timing and results of drilling programs; that the historical mineral resource
estimate on the Gowganda tailings project will be updated and verified; that the historical
mineral resource estimate on the Gowganda tailings project is reliable and accurate; mineral
resource estimates and the assumptions on which they are based; the Company’s ability to
operate in a safe, efficient, and effective manner; that the Company’s exploration work will
deliver the results expected; and that there will be no material adverse change or disruptions
affecting the Company or its properties. The forward -looking information contained in this
news release represents the expectations of the Company as of the date of this news release
and, accordingly, is subject to change after such date. There can be no assurances that such
statements will prove to be accurate and actual results and future events could differ
materially from those anticipated in such statements. Readers should not pla ce undue
importance on forward-looking information and should not rely upon this information as of any
other date. The Company undertakes no obligation to update these forward -looking
statements in the event that management’s beliefs, estimates or opinions , or other factors,
should change.