Battery Mineral Resources drills 2.6% CuT over 18.3 metres at Punitaqui, Chile

Battery Mineral Resources Corp. [TSXV-BMR; OTCQB-BTRMF] reported encouraging drill core assay results from the new 2024 underground exploration and infill drill program at the Punitaqui mine complex in Chile.

Highlights: Assay results from drill holes have returned with encouraging results as follows – Drill hole CM-24-11: 18.3 metres grading 2.6% copper total (CuT) and 11 g/t silver, including 14.9 mettres at 3.1% CuT and 13 g/t silver drilled as an infill hole delineated the extent of the mineralization intercepted in historic drill holes CM-0-19-05 and CM-0-19-07.

CM-24-12: 6.4 metres grading 0.9% CuT and five g/t Ag drilled as an extensional hole defined the northern strike extent of the planned extraction area.

CM-24-13: 23.1 metres at 2.0% CuT and 14 g/t Ag drilled as an infill hole confirmed the extent of the mineralization intercepted in historic drill holes CM-0-19-05 and CM-0-19-07.

CM-24-14: 1.5 metres at 0.6% CuT and one g/t Ag and 2.9 metres at 0.5% CuT and 14 g/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 four drill holes totalling 173.6 metres of diamond core drilling were completed.

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. These drill results have been added to the three-dimensional geology and resource models which Battery Mineral Resources’ 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 drill holes over 1,300.4 m, including 18 holes over 770.2 m at Cinabrio.

Drilling is continuing and assay results for the remaining 11 Cinabrio drill holes are pending.

Battery Mineral Resources’ 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; this permits the drilling to be shifted between the Cinabrio mine and the adjacent San Andres underground.

Sample assay results reported herein are from the second target tested as part of the underground drilling at the Cinabrio mine. These four Battery Mineral Resources drill holes are infill holes designed to verify and better delineate mineralization for the Level 160 target.

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 25-kilometre-long mineralized district that is a classic IOCG (iron oxide copper/gold) and manto-style copper belt that comprises manto and structural controlled copper-silver veins.

On Oct. 3, 2022, Battery Mineral Resources published a NI 43-101 resource for Cinabrio at a 0.70%-copper 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% copper cut-off are as follows: 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.

The Cinabrio historic workings encompass about 700 vertical metres 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-metre interval.

Mineralization consists of veinlets and irregular disseminations in both the fine-grained 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 dikes with a wide range of orientations.

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%-owned subsidiary, ESI Energy Services Inc., a renewable energy equipment rental and sales company.