Global Battery Metals Announces Possible Source Identification at North-West Leinster Lithium Project; Confirms Additional Surface Sampling Assay Results Anticipated in December
Company Provides Update on Full Portfolio of Project Exploration Activities
Vancouver, British Columbia--(Newsfile Corp. - December 1, 2022) - Global Battery Metals Ltd. (TSXV: GBML) (OTCQB: REZZF) (FSE: REZ) (the "Company" or "GBML"), an exploration and development company focused on growth oriented battery metals including lithium, copper and nickel, announces the Company has completed a geochemical characterization survey on the Knockeen - Carriglead prospect, which may be the source of the six previously announced surface samples returning values between 0.70% Li2O to 2.95% Li2O (see news release of October 19, 2022), at its North-West Leinster Lithium Project.
To date, a total of 46 rock samples and 233 deep overburden samples along with 13 QAQC samples have been submitted to ALS Laboratories for analysis. GBML confirms that assay results, with a particular focus on the Knockeen - Carriglead prospect located on Prospecting Licence Area ("PLA") 1597 A, are anticipated to be returned before the end of the year.
"This is an exciting time for Global Battery Metals as all five of our active battery metal projects continue to advance and we anticipate sharing more catalyst project results prior to year-end," said Michael Murphy, President and CEO of GBML. "The Company's strategy of acquiring prospective properties for minimal upfront cost is working, as we see that the vast majority of spending actually goes into the ground where both project and shareholder value can truly be unlocked. North-West Leinster is a great example of this strategy in action as the team has identified a dyke formation believed to be the source of some earlier tested samples that were very encouraging."
Additionally, the Company is also pleased to provide a progress report on each of its other battery metal prospective projects - having advanced all projects over the course of 2022.
Key updates include:
Lithium King (Lithium), Utah - the Company anticipates drilling to begin in Q1 2023. Late summer drill plans were delayed due to unusually high rain fall creating property access challenges. The project jurisdiction and size remain appealing, as shallow sampling suggests favourable grade potential as per USGS shallow (<8 m) drill samples which had grades as high as 1200ppm. (Shallow samples may not reflect the basin brine's composition and drilling with brine sampling is needed to confirm the presence of Lithium in the basin brines.)
La Poile (Lithium), Newfoundland - Initial Fall exploration program consisting of prospecting and sampling has been completed on this hard rock lithium project covering 80 sq. km in the south of Newfoundland and Labrador. Phase I sample gathering now complete with assay results expected by mid-January 2023 or earlier.
Sawyer Camp (Nickel-Copper), Michigan - located approximately 50 kilometres to the south of the Eagle mine owned by Lundin Mining Corporation, GBML has completed two scout drill holes, confirming the presence of an ultramafic body situated below Palaeozoic cover rocks. A surface electromagnetic survey of approximately 7 line-km along with two horehole electromagnetic surveys to test for conductivity potential related to Ni-Cu-PGE mineralization were recently completed, with interpretation pending. These results will help inform drilling considerations and next steps.
Central (Nickel-Copper) - Michigan - located approximately 90 kilometres to the south of the Eagle mine owned by Lundin Mining Corporation, GBML has completed a surface electromagnetic survey of approximately 10 line-km, with interpretation pending.
Lara (Copper), Peru - 55% owned by GBML, an option was granted to Minsur (a large, private Peruvian mining company operating a nearby copper mine) with staged acquisition payments, of which the first two payments have already been made. Minsur continues to work on the property, with GBML retaining a 0.75% royalty.
All scientific and technical information in this press release has been prepared under the supervision of Cameron Bell, P. Geo., a consultant and Director of the Company, and a "qualified person" within the meaning of National Instrument 43-101.
An updated version of the Company's Investor Presentation is now available for download from the GBML website.
About Global Battery Metals Ltd.
GBML is an international mineral exploration and development company with a focus on metals that comprise and support the rapid evolution to battery power. GBML currently maintains economic interests in five battery metal projects: (1) an option to lease agreement to facilitate exploration of the Sawyer Camp Ni/Cu Property in the Upper Peninsula region of the State of Michigan, (2) an option to acquire up to a 90% in the North-West Leinster lithium property in Ireland, (3) a 100% interest in the Lithium King property in Utah, (4) an option to acquire up to a 100% interest in the Lapoile lithium project in Newfoundland, and (5) a 55% stake in Peru-based Lara copper property, which has over 10,000 metres of drilling. As previously disclosed, Minsur S.A., a Peruvian mining company, entered into an option agreement with GBML and Lara Exploration Ltd. to acquire the Lara copper property for staged payments of USD$5.75 million. GBML will retain a 0.75% net smelter royalty. GBML's common shares are listed on the TSX Venture Exchange (TSXV: GBML); Frankfurt Stock Exchange (FSE: REZ); and are quoted on the OTC (OTCQB: REZZF).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding "Forward-Looking" Information
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operations and activities of the Company, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this news release relate to, among other things, the Company's exploration plans at its properties and assay or other exploration results anticipated therefrom. 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 reflect the beliefs, opinions, and projections 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 to complete proposed exploration work given the global COVID-19 pandemic, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Readers are urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects. The Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
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