Vancouver, British Columbia-(Newsfile Corp.-November 24, 2021)-Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) ("Battery" or "BMR" or "Company") is pleased to provide Up-to-date information on business activities and outline the steps to achieve potential cash generation in the near future. The recently acquired Punitaqui mine in Chile plans to resume copper production in mid-to-late 2022.
Battery is an investor-centric company with high-quality assets. Through our assets and the commodities it represents (ie cobalt, graphite, lithium, and copper), it allows shareholders to access the global electrification trend. BMR is determined to provide value growth through cash flow, exploration and acquisitions in top mining jurisdictions.
Punitaqui Copper Mine Punitaqui is a former production copper mine located in the Coquimbo region of Chile. It has more than eight years of operating history and produces up to 25 million pounds of copper concentrate each year. Punitaqui was recently acquired by BMR through a private equity financing announced on July 13, 2021. BMR immediately began to develop the project by initiating drilling plans, operations, and environmental permit modification and engineering studies.
Exploration and infill drilling plan
Currently, Punitaqui has four exercises-one in San Andres, two in Dalmatia, and one in Sinabrio North.
San Andres and Dalmatia and Cinabrio, which has been the main feedstock for the plant for more than eight years of operating history, have existing underground operations and are being developed for the upcoming resource renewal and the plant’s copper mine Potential source of chemical feed, Cinabrio Norte is a new target to be developed in the near future;
San Andres has completed 6,484-meter diamond core drilling for 31 holes (see Figures 1 and 2).
The sample analysis results reported in this article are from the first 13 drill holes completed in San Andres (see Table 1 and Table 2 below). These results are only partial results, and when the complete results are received, additional important intervals may be reported from these same holes.
Environmental and social permit activities
Combine multiple operating and exploration licenses into a smaller number of licenses;
Modifications to allow a higher extraction rate than previously allowed;
The modification of tailings deposition allows the use of tailings filters, and the transition from concentrated tailings to dry tailings in the future to ensure long-term deposition of tailings;
Update the social baseline study to determine improvement measures to continue positive and mutually beneficial community relations;
Continue to interact with local and national authorities on the development of BMR.
Study on the trade-offs of mine operations between the owner and the contractor;
Mineral processing and tailings storage: A study on the trade-off between thickened tailings deposits and dry pile tailings deposits;
Metallurgical testing to determine the improvement of the recovery rate of some finely dispersed copper ore by finer grinding before flotation;
The mine design was updated and the development and production plans for up to four mine production areas were optimized.
BMR is continuing its efforts to build on its previous success to outline a new high-grade cobalt resource in the McAra mine near Cobalt Town in Ontario. This resource was announced on April 22, 2021, and defines 1,124,000 pounds of Co-Eq as measurement and indication resources that meet the NI 43-101 standard, including 1,102,000 pounds of cobalt. After two successful financing flows raised total proceeds of US$2,306,800, BMR is launching a winter drilling program aimed at following up the previous three successful cobalt drilling activities. In addition to recent achievements at McAra, Battery has also designed a drilling plan that aims to establish a drilling intercept value at the Fabre Mine (e.g. 1.6% cobalt at 1.3 meters) and a drilling intercept value at Bald Rock (e.g. 0.6 at 3.0 meters). % Cobalt). Drilling has started in Fabre and will be carried out with Bald Rock and McAra in the coming months, with results expected in the first quarter of 2022.
To support ongoing development work in Chile and Ontario, BMR also announced that it has entered into a secured loan ("loan") loan agreement with USMT 18 LLC through BMR's subsidiary ESI Energy Services Inc. with an amount of USD 1,200,000. The loan must be repaid within one year after completion, with an option to extend for another year, and the interest will be calculated at an annual interest rate of 8.5%, and interest will be paid monthly. In addition, there is a 1.5% origination fee and 2% exit fee related to the loan. If the loan is repaid before June 30, 2022, the borrower will pay the income maintenance fee before June 30, 2022. The loan will be secured by certain real estate owned by Battery's two subsidiaries (including the borrower).
After the Punitaqui mine obtained some very positive drilling results, this non-dilutive financing allowed BMR to keep up with the pace and activities, enabling the project to be fully operational in 2022 as soon as possible.
Martin Kostuik, Chief Executive Officer of Battery, said: “There are few companies in the world that have the opportunity to transition from development to potential recovery of copper mines in the second half of 2022, and we are very happy to be one of them. Our recently acquired Punitaqui copper produced in Chile The mine will give our investors the opportunity to participate in a potentially significant revaluation of BMR valuations when we transition from development to operations and positive cash flow. Punitaqui's development to restart is progressing smoothly in all aspects of drilling, engineering, and licensing. We look forward to presenting the mine’s restart plan in the first quarter of 2022. As we progress towards the possibility of resuming Punitaqui’s operations and cash flow in the near future, we look forward to providing further exciting updates.”
Table 1: Punitaqui Mine-Important Analysis Results of San Andres Drilling-November 2021
Note: All intercepts are reported as downhole core interval
Table 2: Significant inspection results of San Andres Drilling-November 2021-continued
Note: All intercepts are reported as downhole core interval
Figure 1: Cinabrio-San Andres area geology and target map To view an enhanced version of Figure 1, please visit: https://orders.newsfilecorp.com/files/6076/105089_1073477e84295b0f_002full.jpg
Battery Mineral Resources Corp. Chile Exploration Manager Michael Schuler is responsible for overseeing the preparation and approval of scientific and technical information related to Punitaqui's exploration and drilling program in this press release. Mr. Schuler is a qualified person as defined by National Instrument 43-101-Mineral Project Disclosure Standard.
The company’s technical report submitted on www.sedar.com according to the company profile: "Canadian Cobalt Exploration Assets Technical Report", dated May 26, 2020, effective date of March 31, 2020, prepared by SRK Consulting-G Cole PGeo (APGO#1416).
The company announced that it has granted a total of 6.25 million restricted stock units ("RSU") to its directors, officers, employees and consultants under the RSU plan. RSU will be vested in the next 1 to 3 years. The company's RSU and stock-based option plans are designed to compensate and reward its directors, officers and employees for their efforts to achieve the company's long-term goals and are in the best interests of shareholders.
ESI is a plumbing equipment leasing and sales company with main operations in Leduc, Alberta and Phoenix, Arizona. The company currently operates in most provinces in Western Canada, as well as the United States and Australia. The company, through its operating units Ozzie's Pipeline Padder (Canada) and Ozzie's Pipeline Padder (USA) and Ozzie's Pipeline Padder (Australia), supplies (rents and sells) backfill separators (utility filling) to customers including mainline pipeline contractors Machine) and public utilities, oil field pipeline and construction, wind and solar power farm construction and communication. BMR wholly owns ESI and related subsidiaries. ESI has historically generated positive EBITDA, and it is estimated that EBITDA in fiscal year 2021 will generate between US$4 and 5 million. For more information about Ozzie's Pipeline Padder business, please visit www.ozzies.com.
About Battery Mineral Resources Corporation
A battery mining company with high-quality assets exposes shareholders to the general trend of global electrification and focuses on growth through cash flow, exploration and acquisitions in the world's top mining jurisdictions. Battery is currently developing the Punitaqui Mining Complex and is seeking the possibility of resuming operations at the previously produced Punitaqui copper-gold mine in the second half of 2022. The Punitaqui copper-gold mine recently produced approximately 21,000 tons 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 America, South America and Korea, aiming to become a major and sustainable battery mineral supplier market for electrification. Battery is the largest mineral claim holder in Canada's historic Gowganda Cobalt-Silver Camp, and continues to implement a key plan to pass the test of more than 50 primary cobalt-silver-nickel-copper targets. In addition, Battery owns 100% of ESI Energy Services, Inc. (also known as Ozzie's), a plumbing and utility equipment leasing and sales company with operations in Leduc, Alberta and Phoenix, Arizona .
For more information, please contact:
Battery Mineral Resources Corp. Martin Kostuik Tel: 1 (604) 229 3830 Email: info@bmrcorp.com
Neither TSXV nor its regulated service providers (as the term is defined in TSXV's policies) is responsible for the adequacy or accuracy of this press release.
This press release includes certain "forward-looking statements" under applicable Canadian securities legislation. There is no guarantee that such statements will prove to be accurate, and actual results and future events may differ materially from the expectations in such statements. Forward-looking statements reflect the company’s beliefs, opinions and forecasts on the date of making the statement, and are based on certain assumptions and estimates. Although the company believes that these assumptions and estimates are reasonable, they are essentially affected by major business, economic, competition, political and social Uncertainty and unexpected events. Many known and unknown factors may cause actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, and all parties have made assumptions and estimates based on or are based on these factors. Many factors are related. These factors include, but are not limited to, the company's ability to obtain sufficient financing to complete exploration and development activities, risks related to stock prices and market conditions, inherent risks involved in mining, exploration and development of minerals, government regulation and metal price fluctuations. Therefore, readers should not place undue reliance on forward-looking statements. Battery assumes no obligation to publicly update or otherwise modify any forward-looking statements contained herein, whether due to new information or future events or other reasons, unless required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105089
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