Battery Mineral Resources Drills High Grade Copper Intercepts from the Cinabrio MINE at Its Punitaqui Copper Complex IN Chile
BATTERY MINERAL RESOURCES DRILLS HIGH GRADE COPPER INTERCEPTS FROM THE
CINABRIO MINE AT ITS PUNITAQUI COPPER COMPLEX IN CHILE
Vancouver, British Columbia – (September 12, 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.
Highlights
• Assay results from drillholes (see Table 1) have returned with encouraging results as
follows:
o Drillhole CM-24-11: 18.3 meters (“m”) grading 2.6 percent (“%”) copper total (“CuT”)
and 11 grams per tonne (“g/t”) silver (“Ag”) including 14.9m at 3.1% CuT & 13g/t Ag
drilled as an infill hole delineated the extent of the mineralization intercepted
in historic drillholes CM-0-19-05 and CM-0-19-07
o CM-24-12: 6.4m grading 0.9% CuT and 5g/t Ag drilled as an extensional hole
defined the northern strike extent of the planned extraction area
o CM-24-13: 23.1m at 2.0% CuT & 14g/t Ag drilled as an infill hole confirmed
the extent of the mineralization intercepted in historic drillholes CM-0-19-05
and CM-0-19-07
o CM-24-14: 1.5m at 0.6% CuT & 1g/t Ag and 2.9m at 0.5% CuT & 14g/t Ag
drilled as an extensional hole confirmed the southern strike extent of the
planned extraction area
• The 2024 Cinabrio drill program is designed to confirm resources identified by previous
drilling programs and expand these resources along strike and at depth. All holes
reached target depth and have intersected the targeted shale-mudstone horizon that
hosts the copper mineralization.
• This phase of Cinabrio underground drilling targeted the Level 160 scheduled
production area where 4 drillholes totaling 173.6 meters of diamond core drilling were
completed (see Table 2 and Figure 1).
• The four holes were designed to confirm the modelled geology, mineralization and
probe the contact zone between the lower mineralized shale unit and the underlying
andesites within and adjacent to the planned extraction area (CM-24-11, CM-24-12.
CM-24-13 and CM-24-14).
• This drilling confirmed 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.
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• 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.
• As of mid-August, the Cinabrio-San Andres underground drill program had resulted in
the completion of 31 drillholes / 1,300.4m including 18 holes / 770.2m at Cinabrio.
• Drilling is ongoing and a ssay results for the remaining 1 1 Cinabrio drillholes are
pending.
Battery Vice President of Exploration Peter Doyle stated, “These new, high-grade copper infill
drill results not only confirm the copper grades predicted by our current geological model but
also provide a more detailed understanding of the Level 160 target mineralization. The
ongoing underground drilling continues to demonstrate encouraging results that highlight the
potential of the Cinabrio mine.”
During the current operational ramp-up period, the underground drilling program is focused
on accessible targets within existing Inferred Resource to upgrade the resources to a higher
resource category as well as targeting 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 second target tested as part of the
underground drilling at Cinabrio. These four BMR drillholes are infill holes designed to verify
and better delineate mineralization for the Level 160 target. Historic drillholes CM -0-19-05
and CM-0-19-07 drilled by Xiana Mining Inc. were both collared from a working above and to
the north of the Level 160 planned production area and drilled sub -parallel the stratigraphy.
Hole CM-0-19-05 intersected 1.2m at 0.5% CuT and 2.3g/t Ag from 30m and 4.4m at 1.9%
CuT and 4.9g/t A g. Drillhole CM -0-19-07 is interpreted to have drilled from the footwall
andesite into the lower part of the overlying sedimentary sequence and then back into the
footwall andesites. This hole intersected a mineralized zone in the shales in the lower part of
the sedimentary sequence that yielded an intercept of 3m at 6.6% CuT and 46.9g/t Ag.
All four of the BMR drillholes were drilled from the footwall andesite upward through the TSU
sedimentary unit and terminated at the old mine workings above the target area.
Drillhole CM-24-11 was designed to test the north -central part of the Level 160 planned
production area. The drillhole encountered weakly mineralized andesite near the contact of
the TSU sedimentary unit and then a well mineralized sequence of shales and sandstones
near the bottom of the hole which was stopped prior to encountering an old underground
working. Assay results reported included 18.3m grading 2.6% CuT and 11g/t Ag from 15.0m
including 14.9m at 3.1% CuT & 13g/t Ag from 18.6m. The drill hole confirmed the presence
of a significant zone of copper mineralization in the planned extraction area.
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Drillhole CM-24-12 was planned to test the northern end of the planned extraction area. The
drillhole encountered footwall andesite from 0m to 30.9m which was weakly mineralized at
the top adjacent to the overlying TSU sedimentary sequence. F rom 30.9m to the bottom of
the hole (44.0m), this drillhole encountered variably mineralized sandstones and shales.
Assay intervals reported include 6.4m grading 0.9% Cu and 5g/t Ag from 34.9m. The drillhole
confirmed the northern limit of mineralization within the planned extraction area.
Drillhole CM-24-13 tested the south-central part of the planned extraction area. The drillhole
encountered footwall andesite from 0 m to 13.3m which is well mineralized . From 13.3m to
27.1m the section intersected consisted of a sequence of mixed shales and andesitic
volcanoclastics with variable mineralization. From 27.1 m to the bottom of the drill hole
(42.5m), the interval intersected well mineralized shales cut by an andesite dyke from 38.6m
to 42.4 m. Assay results include 23.1m at 2% CuT & 14g/t Ag from 12m . The drill hole
confirmed the presence of a significant high-grade zone of mineralization in the planned
extraction area.
Drillhole CM-24-14 was designed to test the southern extent of the planned extraction area.
This drillhole intersected footwall andesite from 0m to 30.3m followed by a section of
sandstones, shales and volcanoclastics from 30.3m to the bottom of the drillhole at 54.8m.
The hole yielded two weakly anomalous intercepts; 1.5m at 0.6% Cu & 1g/t Ag from 17m
and 2.9m at 0.5% CuT & 14g/t Ag from 44.5m. Drill hole CM-24-14 confirmed the southern
margin of mineralization in the planned extraction area.
Figure 1: Cinabrio Drilling Hole Location Plan- Level 160
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Table 1: Cinabrio Level 160 Significant 2024 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-24-11
Including
15.00 34.30 19.3 18.30 2.57 10.50
18.60 34.30 15.70 14.90 3.06 12.6
CM-24-12
including
30.90 44.00 13.10 9.30 0.69 4.00
34.90 44.00 9.10 6.40 0.87 4.90
CM-24-13
including
12.00 39.00 27.00 23.10 1.97 14.00
13.25 16.20 2.95 2.50 1.89 9.00
CM-24-14
and
16.96 19.25 2.29 1.50 0.58 0.80
44.45 49.00 4.55 2.90 0.45 13.90
Note: All Intercepts reported as estimated true widths intervals
Table 2: Cinabrio Level 160 - 2024 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-24-11 288607.63 6599531.45 177.89 34.30 27.26o N35.94oE Diamond HQ Core
CM-24-12 288607.62 6599531.48 177.82 44.00 24.00 o N007.94oE Diamond HQ Core
CM-24-13 288610.55 6599529.60 178.11 42.5 24.01 o N069.43oE Diamond HQ Core
CM-24-14 288609.37 6599530.32 177.86 54.75 19.32 o N098.96oE Diamond HQ Core
Background – Cinabrio Deposit
The Cinabrio copper deposit mined by Glencore and Xiana Mining was the main ore source for
the Los Mantos 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 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
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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 historic workings encompass about 700 vertical meters from the ridge-top oxide
workings to the lowest level of underground development. Within the underground mine level
development is spaced vertically at about a 30 meter interval.
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 faults and dykes 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 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.
These prepared samples are then shipped to the ALS Laboratory in No rth 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.
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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.
Further Disclosure
The press release of the Company dated September 9, 2024 (the “ September 9 Press
Release”) disclosed a loan (the “ Loan”) made by Weston Energy II LLC (“ Weston II”) to the
Company in the principal amount of US$750,000 (approximately C$1,019,925). The
September 9 Press Release inadvertently referred to the date of issuance of a previous loan
made by Weston II on June 26, 2024. The Company wishes to clarify that the Loan is separate
from the June 26, 2024 loan and represents new funds to the Company. The Loan was
advanced on September 6, 2024. As disclosed in the September 9 Press Release, the Loan
matures on December 5, 2024 and accrues interest at a rate per annum equal to eight
percent (8%). The Loan is unsecured and no bonus securities were issued for the Loan. The
proceeds from the Loan will be applied towards the operations at the Company’s Punitaqui
copper project in Chile.
The Loan is subject to acceptance by the TSX Venture Exchange.
Exchange Rates
All USD amounts for which CAD equivalent amounts are given in this news release were
calculated at CAD/USD exchange rate of 1.3599, the exchange rate published by the Bank of
Canada on September 10, 2024.
MI 61-101 Matters
1406-6813-0063, v. 3
Weston II is a “related party” to BMR pursuant to pursuant to Multilateral Instrument 61-101
– Protection of Minority Security Holders in Special Transactions (“MI 61-101“). Prior to giving
effect to the transactions disclosed in this news release, Weston II and its affiliates own or
control (directly or indirectly) 107,578,740 BMR Common Shares on an undiluted basis and
193,011,575 BMR Common Shares on a diluted basis assuming conversion of all outstanding
debentures (representing approximately 59.43% and 70.93%, respectively, of the outstanding
BMR Common Shares).
The Loan constitutes a “related party transaction” for the purposes of MI 61 -101. The Loan
is exempt from the formal valuation requirements of MI 6 -101 as BMR is not listed on a
specified market that would require compliance with such formal valuation requirements (as
set forth in Section 5.5(b) of MI 61 -101). The Loan is further exempt from the minority
shareholder approval requirements of MI 61 -101 by virtue of the value of the Loan
constituting less than 25% of the market capitalization of the Company, and being less than
$2,500,000 in any case (as set forth in Sections 5.7(1)(a) and 5.7(1)(b) of MI 61-101).
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% owne d 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 Compa ny 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 further information, please contact:
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
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 th ose anticipated
in such statements. Forward-looking statements reflect the beliefs, opinions and projections
1406-6813-0063, v. 3
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 uncert ainties 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, the ability of the Company to meet its anticipated development schedule,
government regulation and flu ctuating 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.