BTRMF - Battery Mineral Resources Corp. Announces Facility Increase and Maturity Extension of Bridge Loan Exploration Update on Cinabrio Concessions and Publication of Inaugural ESG Report
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Battery MineralResources Corp. ( TSXV: BMR ) ( OTCQB: BTRMF )(“ Battery ” or “ BMR ” or the “ Company ”)announces that it has entered into an amendment to its existing bridgeloan facility provided by Weston Energy LLC (the “ Lender ”).The amendment increases the facility size from USD$4,000,000 toUSD$5,300,000 and extends the maturity date to September 15, 2023. Allother terms remain unchanged.
Martin Kostuik, BMR CEO and Director stated,“Battery is very pleased that our largest shareholder continues todemonstrate their strong support of the company and provide anadditional USD$1,300,000 in funding on favorable terms. This fundingwill assist in the development of the Punitaqui project until projectfinancing for the restart of production at Punitaqui is procured. TheCompany intends to use the proceeds of the expanded loan to continueadvancing Punitaqui towards restarting sustainable copper concentrateproduction, and for additional working capital. We look forward toannouncing the funding of the restart of the Punitaqui mine in thenear term.”
TheLender has control or direction over securities of the Companycarrying more than 10% of the voting rights attached to all of theCompany’s outstanding voting securities. Accordingly, the Loan isconsidered a related party transaction under the policies of the TSXVenture Exchange (the “ TSXV ”). The Company is exempt fromthe formal valuation requirement under Multilateral Instrument 61-101Protection of Minority Security Holders in Special Transactions(“ MI 61-101 ”) as its securities are listed for trading onthe TSXV. The Company is also exempt from the minority approvalrequirement under MI 61-101 as the Loan has been provided onreasonable commercial terms that are not less advantageous to theCompany than if it were obtained from an arm’s length party.Further, the Loan is not convertible into or repayable in securitiesof the Company.
Exploration Update – Cinabrio Concessions Ground MagneticsSurvey
BMRrecently completed a detailed ground magnetics survey of 620 line-kmover the Cinabrio concessions at the Punitaqui Mine Complex. Theseconcessions host the historic Cinabrio mine, the San Andres resource,and the Cinabrio Norte resource. The principal goal of the survey wasto characterize the magnetic signature of the formerly producingCinabrio mine, and the San Andres and Cinabrio Norte resources.intends to use this magnetic signature information to explore thegreater property area to attempt to discover potential newmineralization.
The magnetic survey clearly delineated a magnetic signature forthe known deposits and significantly enhanced the understanding ofseveral prospective targets on BMR claims.
Details of Program
Argali Geofisica Chile E.I.R.L completed the fieldwork in two phases, the eastern grid in June 2022 (301.7 line-km)followed by the adjacent western block in February 2023 (317.8line-km). Both survey grids consisted of east-west lines and somenorth-south tie-lines with a spacing of 50m (see Figure 1: RTPMagnetics plot with known mineral deposits and exploration targets).Magnetic data was acquired as a continuous profile once every secondthat yielded a station spacing of approximately 0.5m to 1.5m. Surveycontrol was maintained with an internal high-quality GPS system.Complete UTM coordinates and elevation data were simultaneouslyacquired with each magnetic reading. A GEM-19 magnetometer was used asa base station and a second unit as the mobile survey unit. Duringdata processing all of the magnetic responses identified during thefield survey attributable to physical features such as mineinfrastructure, power lines, fences, houses and pipelines weredeleted. The following magnetic products were generated from thedata:
- TotalField Map (TMI)
- Pole-Reduced (RTP) Map (Upward continued 10,50, and 100 m)
- Analytic Signal of Vertical Integration ofTMI
- Analytic Signal of TMI
- Vertical Derivative ofTMI
- Elevation (Shaded and contours)
Figure 1: RTPMagnetics Plot With Known Mineral Deposits (Cinabrio mine, San Andres,Cinabrio Norte) and Exploration Targets (Campo Velado, La Higuera, StElvira, Inferillo)
DataAnalysis
Analysis of the data indicates that remanent magnetism islikely present in some areas. Consequently, the data were modelledwith both the UBC MAG3D and the Magnetic Vector Inversion (MVI). TheMVI inversions were provided by Ellis Geophysical Consulting of RenoNevada. Both inversions generated a 3D model of the magneticsusceptibility that fit the observed total field magnetic data. Themagnetic susceptibility is directly related to the magnetite contentof most rocks, so the 3D susceptibility model provides a strong modelof the subsurface magnetite distribution.
At the Cinabrio mine, (see Figure 2: CinabrioMVI Inversion Plot) a moderately strong magnetic response wasidentified on the west side of the main deposit that correlates withmapped east dipping magnetic sedimentary horizons which host thecopper mineralization. The 3D inversions also confirm the strongestobserved magnetic anomalies are at surface and weaken to the east dueto the steep dip of the magnetic zones. Similar magnetic signatureswere identified at the San Andres and Cinabrio Norte resources. TheSan Andres magnetic signature is shallow with limited depth extentaround 200m that correlates well with the geological interpretationthat San Andres is the off-faulted upper portion of the Cinabriodeposit.
Severalmagnetic anomalies appear similar in size and amplitude to theCinabrio Mine magnetic signature. These magnetic anomalies correlatewith local historic copper oxide mine workings and with explorationtargets that had been identified by earlier surface geologicalmapping, prospecting, and rock sampling by BMR prior to the magneticsurvey. Much of the mapped and prospected areas had not previouslybeen explored by previous operators on the Cinabrio concessions.Battery technical staff identified several surface anomalies includingLa Higuera, Salguera, St. Elvira and Campo Velado.
The La Higuera target,located east of Cinabrio, hosts the largest and strongest magneticanomalies that consist of a larger response in the center flanked byanomalies to the west and east. Each magnetic target is composed ofmultiple smaller anomalies indicting both widespread and concentratedmagnetite distribution. Additional ground follow-up is being plannedby BMR geologists.
North of La Higuera, is the Salguera target where NW to NNWtrending magnetic anomalies correlate well with mapped sedimentarystratigraphy, particularly the northern part of Salguera which hadbeen previously identified by BMR as an exploration target. Thestronger anomalies detected south of the road have not been previouslyidentified as exploration targets. These strong, east dipping magneticlineaments are interpreted to be associated with the same magneticsedimentary unit. Further detailed field investigations areplanned.
In thenorthern part of the survey grid, the Campo Velado target isassociated with relatively narrow magnetic anomalies with limiteddepth extent. These magnetic responses are weaker and lesswell-defined but there is an interesting NNE trending structuraltarget that BMR geologists believe warrants further investigation.
The St Elviratarget situated in the southwest part of the grid hosts multiplestrong anomalies typically striking from NW to NS. The character ofthis anomaly is somewhat different from the Cinabrio area, indicatingthat the magnetic source and bedrock lithology may be different. Thismagnetic target coincides with a number of historic oxide copperworkings. The regional NW trending fault, locally known as theInferillo Fault, coincides with a strong magnetic linear feature.Another magnetically anomalous zone, “Inferillo”, is observed tothe NW of the fault. Some of the linear anomalies in this arearesemble the anomalies near Cinabrio, so it is possible that thefavourable sedimentary sequence is present. Shallow colluvium coversmany of the anomalous areas.
Figure 2: Cinabrio Deposit MVI InversionPlot
Summary
The magneticsurvey has clearly delineated a magnetic signature for the knowndeposits (Cinabrio, San Andres and Cinabrio Norte) and significantlyenhanced the prospectivity of the La Higuera, Salguera, Campo Veladoand St Elvira Inferillo targets.
Peter Doyle, Vice President of Exploration stated“We were very pleasantly surprised by how well the 3D inversions ofthe magnetic surveys corresponded with the known resources delineatedby resource drilling. This leads us to believe that following up onthe known surface targets (La Higuera, Salguera, St. Elvira and CampoVelado) with the most similar magnetic signatures to the Cinabriomine, and the San Andres and Cinabrio Norte resources could lead tonew zones that deserve to be further investigated and eventuallydrilled. Additionally, the 3D inversion of the magnetic surveyproduced a new blind target called Inferillo that we intend to explorefurther. We look forward to following up on these targets andreporting significant results to the market”.
Inaugural ESG Report
BMR is alsopleased to announce it has published its inaugural ESG (Environmental,Social and Governance) report on the BMR website and found here: CorporateGovernance | Battery Mineral Resources Corp. (bmrcorp.com) . TheCompany will publish a Spanish language version on its websiteshortly.
BMR iscommitted to the principles of ESG as a means of enhancing long-termenterprise value and addressing the societal priorities enshrined inthe United Nations’ Sustainable Development Goals. In April 2023,the Company made a commitment to commence reporting on the ESGdisclosures of the Stakeholder Capitalism Metrics (SCM) of the WorldEconomic Forum (WEF).
BMR looksforward to keeping stakeholders appraised of its progress and meetingits ESG-related goals.
AboutBattery Mineral Resources Corp.
Battery Mineral Resources is a battery mineralscompany providing shareholders exposure to the global mega-trend ofelectrification while being focused on growth through cash-flow,exploration, and acquisitions in favourable mining jurisdictions.Battery Mineral’s mission is the discovery, acquisition, anddevelopment of battery metals (namely cobalt, lithium, graphite, andcopper), in North America, South America and South Korea and to becomea premier and responsible supplier of battery minerals to theelectrification marketplace. BMR is currently pursuing a near-termresumption of operations of the Punitaqui Mining Complex, a pastcopper-gold-silver producer, in the Coquimbo region of Chile. BMR isthe largest mineral claim holder in the historic GowgandaCobalt-Silver Camp in Ontario, Canada, and continues to pursue afocused program to build on the recently announced, +1-million-poundhigh-grade cobalt resource at McAra. In addition, Battery Mineral owns100% of ESI Energy Services, Inc. (including ESI’s wholly owned USAoperating subsidiary, Ozzie’s, Inc.), a profitable mainline pipelineand renewable energy equipment rental and sales company withoperations in Alberta, Canada and Arizona, USA. Battery MineralResources is based in Canada and its shares are listed on the TorontoVenture Exchange under the symbol “BMR” and on the OTCQB under thesymbol “BTRMF”. Further information about BMR and its projects canbe found on www.bmrcorp.com .
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Forward Looking Statements
This news release includes certain “forward-lookingstatements” under applicable Canadian securities legislation. Therecan be no assurance that such statements will prove to be accurate,and actual results and future events could differ materially fromthose anticipated in such statements. Forward-looking statementsreflect the beliefs, opinions and projections of the Company on thedate the statements are made and are based upon a number ofassumptions and estimates that, while considered reasonable by theCompany, 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 theresults, performance or achievements that are or may be expressed orimplied by such forward-looking statements and the parties have madeassumptions and estimates based on or related to many of thesefactors. Such factors include, without limitation, the ability of theCompany to obtain sufficient financing to complete exploration anddevelopment activities, risks related to share price and marketconditions, the inherent risks involved in the mining, exploration anddevelopment of mineral properties, the ability of the Company to meetits anticipated development schedule, government regulation andfluctuating metal prices. Accordingly, readers should not place unduereliance on forward-looking statements. Battery undertakes noobligation to update publicly or otherwise revise any forward-lookingstatements contained herein, whether as a result of new information orfuture events or otherwise, except as may be required by law.
Contact Details
Battery MineralResources
Martin Kostuik, CEO
+1 604-229-3830
CompanyWebsite
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