Battery Mineral drills 1.35% copper over 34.1 metres at Punitaqui mine, Chile

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Battery Mineral Resources Corp. [BMR-TSXV; BTRMF-OTCQB] reported encouraging drill core assay results from the continuing 2021 to 2022 exploration and infill drill program focused on extensions of the Cinabrio orebody, Dalmacia target and San Andres target within the Punitaqui mine complex in the Coquimbo region of Chile. These drilling results continue to highlight the strong copper grades and the growing vertical extent of the Cinabrio Norte target.

Punitaqui is slated for resumption of copper concentrate production in Q4-2022. The Cinabrio Norte target represents a potential northern extension of the main Cinabrio mine orebody, which historically was the primary source of ore feed to the Punitaqui copper ore concentration plant for eight-plus years.

New assay results for Cinabrio Norte include drill hole CNN-22-08 that retruned 33.4 metres of 1.08% copper, including 18.9 metres at 1.23% copper. Hole CNN-22-21 returned 34.1 metres at 1.35% copper, including 19.5 metres at 1.60% copper. CNN-22-16 returned 22.5 metres at 1.15% copper. CNN-22-13 returned 4.9 metres at 1.25% copper. CNN-22-10 returned 3.3 metrres at 0.82% copper.

At Cinabrio Norte, 41 holes have been completed for 9,472 metres and drilling is ongoing with two diamond drills. Significant visual copper mineralization has been recorded in 30 of the 41 holes.

To date, the drilling has outlined a significant zone of high-grade mineralization in the northern portion of the target area which remains open at depth. The initial phase 1 program of step-out holes has been expanded from 24 holes (3,600 m) to 45 holes, totaling 11,000 metres which will test 400 metres of strike length to a depth of 330 metres.

Martin Kostuik, CEO, stated, “We are continuing to produce encouraging results from the identified targets at our former producing Punitaqui copper mine in Chile. These recent drillhole results at the Cinabrio Norte target have produced very positive copper grades and further highlighted the down-dip extent and thickness. Cinabrio Norte is about 100 metres north of the original Cinabrio deposit which was the primary source of copper ore feed to the Punitaqui mill for eight-plus years. This new target has the potential to provide the company with an additional source of copper mineralization as ore feed for the Punitaqui processing plant.”

Kostuik added, “The development of Punitaqui towards a restart is progressing well on all fronts, including drilling, engineering and permit modifications. We look forward to the potential of these latest assay results for the Cinabrio Norte Target contributing to the forthcoming restart plan and cash flow at Punitaqui later this year.”

The Cinabrio Norte phase 1 drill testing will continue to follow-up on a limited number of historic drill holes that targeted the northern extension of the Cinabrio orebody. The current drilling was planned as a series of step-out holes to test the TSU 400 metres along strike (north-south) to a depth below surface (down-dip) of 330 metres. The current BMR drilling has outlined a significant zone of high-grade mineralization in the northern portion of the target zone which remains open at depth. The remaining planned holes will test “drilling gaps between the existing underground workings and the northern zone as well as further test the mineralization at depth.

Battery Mineral Resources is currently developing the Punitaqui Mining Complex, a past copper-gold producer and pursuing a potential near-term resumption of operations in late 2022.

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