BATTERY MINERAL RESOURCES INITIATES NEW DRILLING PROGRAM AND ANNOUNCES ENCOURAGING DRILL RESULTS FROM ITS PUNITAQUI COPPER MINE IN CHILE
Source: EQS
NEWS RELEASE BY Download PDFDownload multimedia The Company announced on May 13th, 2024, that it had resumed mill operations and production of copper concentrates at Punitaqui. Coincident with these activities, exploration drilling has resumed with an underground drilling campaign in the Sand Andres and Cinabrio mines. Highlights
Battery CEO On the heels of a very successful surface drill program of 33,000 meters, which culminated in BMR reporting resources of 6.172 million tonnes of Indicated at 1.14% CuT and 3.07 million tonnes of Inferred at 0.93% CuT (see press release August 16th, 2022), BMR initiated this new underground drill program. As a reference, the Punitqui mill is planned to consume approximately 1 million tonnes per annum. 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. Sample assay results, reported herein, are from the first five underground drill holes completed on Level 448 at San Andres as part of the 2024 drilling program. Drillhole SAM-24-01: was designed to test the San Andres “Targeted Stratigraphic Unit” (“TSU”) within the central part of a scheduled extraction area located above Level 448. The hole began in the upper part of the TSU and finished in the andesite above. The hole intersected the mineralized intervals in the upper shale unit between 0m – 27.8m, copper intercepts included 1.4m at 0.9% CuT & 24g/t Ag and 1.8m at 0.9% CuT & 15.6g/t Ag. The lower shale unit was intersected between 35m – 45m and produced a 4.3m at 1.4% CuT & 4.4g/t Ag result before terminating in andesite at 54m. These results confirm both the modelled geology and extent of the mineralization within the central part of the planned extraction area. Drillhole SAM-24-02: tested the TSU unit within the northern part of the same scheduled extraction area. The hole started in the upper part of the TSU and finished in the andesite. The hole intersected a mineralized interval within the upper shale unit between 0m – 29.2m; 2.2m at 0.9% CuT & 23.7g/t Ag. The lower shale was cut downhole between 37.7m to 43.4m and intercepted 4.0m at 1.1% CuT and 7.8g/t Ag. These intercepts confirm the geological modelling of the shale units that host the copper mineralization as well as the extent and the grade of the mineralization within the modelled shales. Drillhole SAM-24-03: was designed as a step-out hole to test targeted stratigraphic unit TSU to the north of the planned extraction area. Hole started in the upper part of the TSU and finished in the andesite. The hole tested the targeted shale horizons but intersected weakly anomalous copper mineralization in both the upper and lower shale units. Drillhole SAM-24-04: was designed as a step-out hole and tested the targeted stratigraphic unit TSU south of the same scheduled extraction area. The hole started in the upper part of the TSU and finished in the andesite. The drill hole intersected mineralized intervals in the upper shale unit between 0m – 51m; 2.0m at 1.4% CuT & 41.5g/t Ag and 3.5m at 1.0% CuT and 23.3g/t Ag. The lower shale unit was intercepted between 37.7m to 43.4m downhole and produced 1.0m at 0.9% CuT and 9.5g/t Ag. The resulting intercepts may contribute to additional resources because the intercepts confirmed the modelled geology and copper grade and extended the copper mineralization. Drillhole SAM-24-05: was designed to test San Andres TSU within the southern part of the scheduled extraction area. The hole began in the upper part of the TSU and finished in the footwall andesite. The hole intersected the mineralized intervals in the upper shale unit between 0m – 32.2m; 1.8m at 0.7% CuT & 19.5 g/t Ag and 2.4m at 0.6% CuT & 19.4g/t Ag and within the lower shale unit from 39.8m to 45.8m; 4.3m at 1.2% CuT & 19.2 g/t Ag. These intercepts have confirmed the modelled geology and better delineated the grade and extent of the copper mineralization. Figure 1: San Andres Drilling Hole Location Plan- Level 448
Table 1: San Andres Level 448 Significant Drillhole Intercepts
Note: All Intercepts reported as estimated true widths intervals Table 2: San Andres Drillhole Summary
Background – San Andres Deposit The San Andres resource 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. San Andres is a zone of copper mineralization located 500m southwest of the high-grade Cinabrio deposit mined by Glencore and Xiana Mining. Prior to 1998, only limited extraction of high-grade copper oxides was undertaken at San Andres by small groups of local miners. In 2000, a Chilean national company La Empressa Nacional de Mineria (“ENAMI”) developed two underground exploration tunnels targeting copper sulphides. In 2005, via an option process, San Andres became part of the Punitaqui mine complex. Historic wide-spaced drilling completed by the previous operators between 2011- 2017 totaled 58 holes for 5,927m. During 2021 – 2022 BMR completed 38 diamond drillholes totalling 8,212m. On
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 San Andres 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, volcanoclastic sandstone, conglomerates and breccias and tuff breccias. Most of the copper mineralization is hosted in the shale units within the TSU package. There is a variable component of syngenetic pyrite. The horizon dips 40 to 50 degrees to the east and is cut-off at depth by the moderately west dipping San Andres fault. 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
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 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 All mineral resources have been estimated in accordance with About Battery Mineral Resources’ mission is to build a mid-tier copper producer and it has recently initiated mine and mill operations at the 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 include statements relating to drilling results and their impact on potential future mine production, statements relating to future drilling campaigns and statements relating to future mine operations, and in each case 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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