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Battery Mineral Resources Provides Corporate Development Update

Vancouver, British Columbia–(Newsfile Corp. – November 24, 2021) – Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) ("Battery" or "BMR" or the…

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Vancouver, British Columbia–(Newsfile Corp. – November 24, 2021) – Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) (“Battery” or “BMR” or the “Company“) is pleased to provide an update regarding business activities and outline steps towards potential near term cash generation. The recently acquired Punitaqui mine in Chile is slated for resumption of copper production in mid to late-2022.

Battery is an investor focused company with high-quality assets providing shareholder exposure to the global mega-trend of electrification via our assets and the commodities they represent – namely cobalt, graphite, lithium and copper. BMR is determined to provide value growth through cash-flow, exploration and acquisitions in top mining jurisdictions.

Punitaqui Copper Mine
Punitaqui is a former producing copper mine located in the Coquimbo region of Chile with an eight-plus year operating history within which it produced up to 25 million pounds of copper in concentrate annually. Punitaqui was recently acquired by BMR via a private placement equity financing announced on July 13, 2021. BMR began developing the project immediately by initiating a drilling program, operating as well as environmental permit modifications and engineering studies.

Exploration and Infill Drill Program

  • Currently, four drills are operating at Punitaqui – one at San Andres, two at Dalmacia and one at Cinabrio Norte.
  • San Andres and Dalmacia, along with Cinabrio, which was the primary feed to the mill over the eight-plus years of operating history, have existing underground workings and are being developed for upcoming resource updates and potential sources of copper mineralized feed to the mill, Cinabrio Norte is a new target to be developed in the nearby future;
  • 6,484 meters of diamond core drilling in 31 drill holes have been completed at San Andres (See Figure 1 and Figure 2).

Sample assay results, reported herein, are from the first thirteen drillholes completed at San Andres (see Table 1 and Table 2 below). These results are only partial and additional significant intervals may be reported from these same holes when complete results are received.

Environmental and Social Permitting Activity

  • Consolidation of several operating and exploration permits to a lesser number of permits;
  • Modifications to allow for higher extraction rate than previously permitted;
  • Modification of tailings deposition permit to allow for the use of tailings filters and a transition from thickened to dry-stack tailings in the future to secure long term deposition of tailings;
  • Update of social base line study to identify enhancements for continuation of positive and mutually beneficial community relationships;
  • Ongoing interaction with local and national authorities regarding BMR developments.

Engineering Studies

  • Trade-off studies for mine operations regarding owner versus contractor;
  • Trade-off studies for mineral processing and tailings storage regarding thickened versus dry-stack tailings deposition;
  • Metallurgical testing to determine opportunity for higher recovery of certain finely disseminated copper ores through finer grinding prior to flotation;
  • Updated mine designs and optimized development and production schedules for up to four mine production areas.

Northern Ontario Cobalt

BMR is continuing its efforts to build on its prior success of outlining a new high-grade cobalt resource at its McAra property near the town of Cobalt, Ontario. This resource was announced on April 22, 2021, and defines an NI 43-101 compliant Measured and Indicated resource of 1,124,000lbs Co-Eq that includes 1,102,000 pounds of cobalt. On the heels of two successful flow through financings which raised an aggregate gross proceeds of $2,306,800, BMR is initiating a winter drilling program designed to follow up on three prior successful cobalt drilling campaigns. In addition to the recent achievements at McAra, Battery has designed drill programs intended to build on prior successes at the Fabre property with drill intercept values such as 1.3 meters of 1.6% cobalt and at Bald Rock with values such as 3.0 meters of 0.6% cobalt. Drilling has commenced at Fabre and will follow with Bald Rock and McAra in the coming months, with results expected in Q1 2022.

Funding

In order to support ongoing development efforts in Chile and Ontario, BMR also announces that it has, through ESI Energy Services Inc. – a BMR subsidiary company – entered into a loan agreement with USMT 18 LLC for a secured loan (the “Loan”) in the amount of US$1,200,000. The Loan is repayable one year from closing with an option to extend for an additional one year and bears interest at a rate of 8.5% per annum, with interest payable monthly. In addition, a 1.5% origination fee and a 2% exit fee is payable in connection with the Loan. In the event the loan is repaid prior to June 30, 2022, yield maintenance will be payable by the borrower through June 30, 2022. The Loan will be secured by certain real property owned by two subsidiaries of Battery, including the borrower.

On the heels of some very positive drill results at the Punitaqui mine site, this non-dilutive financing allows BMR to keep up the pace and activity to move this project to full production as soon as possible in 2022.

Battery CEO, Martin Kostuik, states; “There are very few companies around the world that have the opportunity to transition from development into potential resumption of copper in the second half of 2022 and we are thrilled be one of them. Our recent acquisition of the former producing Punitaqui copper mine in Chile will give our investors an opportunity to participate in a potentially significant re-rating in BMR’s valuation as we transition from development to operations and positive cash-flowing. The development of Punitaqui towards a restart is progressing well on all fronts such as drilling, engineering and permit modifications and we look forward to presenting the restart plan for the mine in Q1 2022. We look forward to providing further exciting updates as we progress towards a potential near term resumption of operations and cashflow at Punitaqui”.

Table 1: Punitaqui Mine – San Andres Drilling Significant Assays Results – November 2021

Drillhole
Number
From
(m)
To
(m)
Sample
Interval
(m)
Copper
Cu (%)
Silver
Ag (g/t)
SAS-21-14 203.2 239.0 35.8 0.98 3.3
including 203.2 216.0 12.8 1.44 1.4
including 207.0 216.0 9.0 1.83 5.9
and 227.0 239.0 12.0 1.24 3.4
SAS-21-15 116.0 119.0 3.0 0.50 8.3
and 133.0 136.0 3.0 0.48 6.0
and 139.0 141.0 3.0 0.51 0.4
SAS-21-17 241.4 245.0 3.6 1.04 1.0
SAS-21-19 74.0 79.0 5.0 1.08 2.0
including 74.0 78.0 4.0 1.24 2.2
SAS-21-20 266.9 269.3 2.4 0.70 0.1
SAS-21-21 106.0 131.0 25.0 0.88 14.9
including 106.0 119.0 13.0 0.96 21.8
including 115.0 119.0 4.0 1.19 20.1
and 136.0 138.0 2.0 1.12 18.2
SAS-21-23 194.0 196.75 2.8 1.00 8.7
SAS-21-24 231.0 234.0 3.0 0.82 1.7

 

Note: All Intercepts reported as downhole core intervals

Table 2: San Andres Drilling Significant Assays Results – November 2021 – Continued

Drillhole
Number
From
(m)
To
(m)
Sample
Interval
(m)
Copper
Cu (%)
SAS-21-01 180.2 183.2 3.0 1.52
SAS-21-02 185.0 188.0 3.0 0.04
SAS-21-03
Including
198.0 209.0 11.0 1.39
201.0 209.0 8.0 1.63
SAS-21-04
Including
and
185.0 201.7 16.7 1.37
190.0 201.7 11.7 1.64
223.0 232.0 9.0 1.75
SAS-21-05
Including
and
200.0 210.0 10.0 0.52
203.0 207.0 4.0 0.87
220.0 229.0 9.0 2.06
SAS-21-07
and
244.65 248.05 3.4 2.10
257.0 261.0 4.0 1.56
SAS-21-08
and
221.75 227.0 5.25 1.39
232.9 236.65 3.75 1.85
SAS -21-11 53.0 55.0 2.0 0.91
SAS-21-12
and
162.0 164.0 2.0 1.04
176.0 183.0 7.0 1.81
SAS-21-13
and
and
199.0 202.0 3.0 0.87
211.0 212.8 1.8 0.83
217.0 220.0 3.0 1.96

 

Note: All Intercepts reported as downhole core intervals

Figure 1: Cinabrio – San Andres Area Geology and Targets Map

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6076/105089_1073477e84295b0f_002full.jpg

Qualified Persons

Michael Schuler, Battery Mineral Resources Corp. Chile Exploration Manager, supervised the preparation of and approved the scientific and technical information in this press release pertaining to the Punitaqui Exploration Drill Program. Mr. Schuler is a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

Technical reports filed by the Company under the Company’s profile at www.sedar.com: “Technical Report on Cobalt Exploration Assets in Canada” dated as of May 26, 2020 with an effective date of March 31, 2020, prepared by SRK Consulting – G Cole PGeo (APGO#1416).

RSU Grant

The Company announces it has granted an aggregate of 6.25 million restricted share units (the “RSUs”) to its directors, officers, employees, and consultants, pursuant to the RSU plan. The RSU will vest over the next 1 to 3 years. The Company’s RSU and stock-based option plans are aimed to compensate and reward its directors, officers and employees for working towards the Company’s long term objectives and in alignment with the shareholders’ best interest.

ESI Energy Services Inc.

ESI is a pipeline equipment rental and sales company with principal operations in Leduc, Alberta and Phoenix, Arizona. The company currently operates in most provinces in western Canada as well as in the United States of America and Australia. The Company, through its operating divisions, Ozzie’s Pipeline Padder (Canada) and Ozzie’s Pipeline Padder (US) and Ozzie’s Pipeline Padder (Australia), supplies (rentals and sales) backfill separation machines (utility padding machines) with customers including contractors for mainline pipeline and utilities, oilfield pipeline and construction, wind and solar farm construction and communications. BMR wholly owns ESI and related subsidiaries. ESI has generated positive EBITDA historically and is forecasted to generate $4-$5 million in EBITDA for the 2021 fiscal year. For more information on the business of Ozzie’s Pipeline Padder, see www.ozzies.com.

About Battery Mineral Resources Corp.

A battery mineral company with high-quality assets providing shareholders exposure to the global mega-trend of electrification and focused on growth through cash-flow, exploration and acquisitions in the world’s top mining jurisdictions. Battery is currently developing the Punitaqui Mining Complex and pursuing the potential near term resumption of operations for second half of 2022 at the prior producing Punitaqui copper-gold mine. The Punitaqui copper-gold mine most recently produced approximately 21,000 tonnes of copper concentrate in 2019 and is located in the Coquimbo region of Chile.

Battery is engaged in the discovery, acquisition, and development of battery metals (cobalt, lithium, graphite, nickel and copper), in North and South America and South Korea with the intention of becoming a premier and sustainable supplier of battery minerals to the electrification marketplace. Battery is the largest mineral claim holder in the historic Gowganda Cobalt-Silver Camp, Canada and continues to pursue a focused program to build on the recently announced, +1-million-pound high grade cobalt resource at McAra by testing over 50 high-grade primary cobalt silver-nickel-copper targets. In addition, Battery owns 100% of ESI Energy Services, Inc., also known as Ozzie’s, a pipeline and utilities equipment rental and sales company with operations in Leduc, Alberta and Phoenix, Arizona.

For further information, please contact:

Battery Mineral Resources Corp.
Martin Kostuik
Phone: +1 (604) 229 3830
Email: [email protected]

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

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 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/105089












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Tarku Closes $750,000 Private Placement Financing

MONTREAL, QC / ACCESSWIRE / December 6, 2021 / Tarku Resources Ltd (TSXV:TKU)( FRA:7TK)(OTCQB:TRKUF) (the "Company" or "Tarku") announces that it has closed…

MONTREAL, QC / ACCESSWIRE / December 6, 2021 / Tarku Resources Ltd (TSXV:TKU)( FRA:7TK)(OTCQB:TRKUF) (the “Company” or “Tarku”) announces that it has closed on December 3rd, 2021, a non-brokered private placement (the “Private Placement”) for aggregate gross proceeds of $750,000. This Private Placement is comprised of 7,500,000 Flow-Through Shares of the Company at a price of $0.10 per share.

In addition, the Company expects closing a second Private Placement before December 17, 2021, that will consist of a maximum 2,500,000 units at a price of $0.10 per unit, for a maximum of $250,000. Each unit will consist of one common share and one-half (1/2) common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to acquire one common share at a price of $0.15 per common share for a period of 24 months after the closing.

All securities issued pursuant to the Private Placement will be legended with a hold period of four (4) months and one day from the date of issuance. The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

The Company paid finder’s fees in a cash commission equal to 7% of aggregate proceeds from the sale of Units sourced by the finder totaling $38,500, as well as finder’s warrants (the “Finder’s Warrants”) in an amount of 385,000 which is equal to 7% of the aggregate number of Units sourced by the finder pursuant to the Private Placement. Each Finder’s Warrant is exercisable to purchase one Common Share at an exercise price of $0.15 until December 3rd, 2023.

The net proceeds of the Private Placement will be used to fund the Company’s precious metals exploration projects in Quebec (Apollo, Atlas Apollo and Admiral). The Private Placement has been conditionally accepted by the TSX Venture Exchange.

About Tarku Resources Ltd. (TSX.V: TKU – FRA: 7TK – OTCBQ: TRKUF)

Tarku is an exploration company focused on new discoveries in favourable mining jurisdictions such as Quebec and Arizona. In Quebec, Tarku owns 100% of the “Three A‘s” exploration projects, (Apollo, Admiral and Atlas Projects), in the Matagami Greenstone belt, which has been interpreted by management as the eastern extension of the Detour Belt, and which has seen recent exploration successes by Midland Exploration Inc., Wallbridge Mining Company Ltd., Probe Metals Inc. In Arizona, in the Tombstone district, Tarku owns the option to acquire 75% on 20km2 in the Silver Strike Project.

Tarku Contact Information:

Email: [email protected]
Website: www.tarkuresources.com

Please follow @TarkuResources on LinkedIn, Facebook, Twitter and Instagram.

Neither 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.

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results and activities to vary materially from targeted results and planning. Such risks and uncertainties include those described in Tarku’s periodic reports including the annual report or in the filings made by Tarku from time to time with securities regulatory authorities.

SOURCE: Tarku Resources ltd.

View source version on accesswire.com:
https://www.accesswire.com/675814/Tarku-Closes-750000-Private-Placement-Financing





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West Oak Gold Corp. Discovers New Targets at Hedgehog; Samples Include 0.22% Copper in Soils, Claim Block Expanded

Vancouver, B.C. – TheNewswire – Dec 6, 2021 – Eastfield Resources Ltd. (TSXV:ETF) (OTC:ETFLF) (“Eastfield”) and West Oak Gold Corp. (CSE:WO) (“West…

Vancouver, B.C. – TheNewswire – Dec 6, 2021 – Eastfield Resources Ltd. (TSXV:ETF) (OTC:ETFLF) (“Eastfield”) and West Oak Gold Corp. (CSE:WO) (“West Oak”) are pleased to provide an update on 2021 exploration completed at the Hedgehog project (located near Barkerville, BC).

 

Highlights of the current work include a multitude of sporadic single point anomalous occurrences of gold, copper, zinc and arsenic and a cohesive cluster of anomalous arsenic and lead values (250 m in length, width unknown) on the southeast edge of the 2021 grid that compelled Eastfield to stake additional ground to expand the claim group by staking 1,000 meters to the east.   Single point soil anomalies reach 819 ppb gold, 444 ppm arsenic and 2,210 ppm copper (0.22%). The company is particularly intrigued by soil sample L899E, 8775N with 2,210 ppm copper and 8.45% iron.  Interest in this sample is is inspired by previous float samples collected further south on the property including a massive sulfide boulder grading 24.3% copper and 19.6 g/t silver collected in 1999 and five chalcopyrite rich massive boulders with an average grade of 8.0% copper, 8.9 g/t silver collected by Hudson Bay Exploration and Development in 2000 (as reported in their report filed with the BC Ministry of Mines).

 

In 2013, Eastfield discovered the Golden Sky showing, a new area of mineralization in the northern region of the claims where quartz veins hosted in sheared rhyolite returned grab samples to 1.51 g/t gold, 1.37% zinc, 0.48% lead, 1,203 ppm arsenic and 1,313 ppm antimony. A small soil grid was established at Golden Sky in 2014 but no follow up or further work was completed until 2021 (the current program) when 596 soil and rock samples were collected.

The Hedgehog Project is located approximately 12 kilometers north of the community of Barkerville, BC. Exploration models at Hedgehog include lode gold and (“Cyprus Style”) massive sulfides with most historic work having taken place for the latter.  No follow up of this year’s anomaly has yet been attempted.  Other companies active in the area include Osisko Gold Royalties Ltd.) (TSX: OR) who are currently conducting a major exploration program for gold ten kilometers to the south in and around the former operating Barkerville  Mine (the Cariboo Gold Project).

 

West Oak Gold Corp. may earn a 60% interest in the Hedgehog property by completing $1,750,000 in exploration and making $377,500 in cash and or share payments by the fourth anniversary.

 

This news release has been reviewed by J.W. Morton P.Geo who is the Qualified Person within the context of NI43-101 and who takes responsibility for its content.    

J.W. Morton, P. Geo.

President and CEO

  

Contact:        (604) 681-7913 or Toll Free: 888-656-6611

 

About Eastfield Resources:

Eastfield Resources is a well-funded Canadian mineral exploration company focused on the discovery of precious metal and copper deposits. Eastfield also holds a strategic position in Consolidated Woodjam Copper consisting of approximately 10% of its outstanding shares.  A summary of active projects is as follows:

 

Zymo: copper-gold porphyry, located 70 km west of Smithers, BC and 100% owned. Results include drill holes ZY08-07 with 0.72% copper and 0.66 g/t gold over 72 meters and hole ZY11-20 with 0.28% copper and o.34 g/t gold over 126 m. Peripheral precious metal veins have returned up to 10.78 g/t gold. Work completed in 2021 included expansions to the induced polarization and soil grids at a cost of approximately $400,000. Zymo is fully permitted.

Iron Lake: copper-gold- palladium-platinum-cobalt, located 40 kilometers northeast of 100 Mile House, BC. The project is optioned to Tech-X Resources Inc. (a private company headed by Haig Farris). Targets include ultramafic copper-gold- palladium-platinum-cobalt and porphyry copper-gold. Tech-X may earn an 80% interest in Iron Lake by completing a total of $12,000,000 in work and paying a total of $1,000,000 in option payments by December 31, 2027. Work competed in 2021 included an airborne MobileMT survey flown by Expert Geophysics Limited In June and extensive geological reconnaissance and sampling later in the season. Drilling is planned for 2022.

Indata: copper-gold porphyry and precious vein, located 120 km north of Fort St. James, BC, optioned to Prophecy Potash Corp who may earn 60% by completing $2,000,000 in exploration and  paying $450,000 (cash and/or shares)over a five year term. A number of very prospective untested induced polarization targets exist and are fully permitted. Results from previous drilling include DDH88-11 with 47.26 g/t gold over 4 m and DDH98-4 with 0.20% copper over 148 m including 0.37% copper over 24 m at the bottom. In 2019 new mineralization was exposed by logging activities in the southern region of the claims with samples returning up to 3.64% copper and 5.95 g/t gold. The Kwanika and Stardust deposits, owned by Northwest Copper Corp., are located immediately north of Indata and share similar geology.

  

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 news release.

    

For more information, please visit the company’s website at www.eastfieldresources.com.

Copyright (c) 2021 TheNewswire – All rights reserved.




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Royal Road Minerals Receives Environmental, Social and Governance (ESG) Exploration and Developer Award During Ceremony at Mines and Money Event, London

Toronto, Ontario–(Newsfile Corp. – December 6, 2021) – Royal Road Minerals Limited (TSXV: RYR) ("Royal Road" or the "Company") is pleased to announce…

Toronto, Ontario–(Newsfile Corp. – December 6, 2021) – Royal Road Minerals Limited (TSXV: RYR) (“Royal Road” or the “Company”) is pleased to announce that it has received the Environmental, Social and Governance (ESG) Exploration and Developer Award at the Mines and Money event which took place in London on December 1 – 2, 2021.

The Company also received the Economic Development Award at the Colombia Gold Symposium which was held in Medellin on November 16 – 17, 2021.

These awards recognize the efforts made by the company to promote Environmental Excellence at all of its exploration sites, sustainable development through its community programs and innovative “Accelerator” initiatives and transparency and engagement amongst its key local, regional and international stakeholders.

“This recognition would not have been possible without the support and trust of our community partners and the dedicated efforts of our on-ground specialists,” said Raul Farfan, Royal Road Minerals, Executive Director, Sustainability. “ESG is at the core of our business, and we are convinced that exemplary performance will be crucial in order to maintain engagement with the financial community, unlock world class mineral bodies that are necessary for the transition to a decarbonized economy and meet the United Nations Sustainable Development Goals”.

Cautionary statement:

This news release contains certain statements that constitute forward-looking information and forward-looking statements within the meaning of applicable securities laws (collectively, “forward-looking statements”) describing the Company’s future plans and the expectations of its management that a stated result or condition will occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or developments in the Company’s business or in the mineral resources industry, to differ materially from the anticipated results, performance, achievements or developments expressed or implied by such forward-looking statements. Forward-looking statements include all disclosure regarding possible events, conditions or results of operations that is based on assumptions about, among other things, future economic conditions and courses of action, and assumptions related to government approvals, and anticipated costs and expenditures. The words “plans”, “prospective”, “expect”, “intend”, “intends to” and similar expressions identify forward looking statements, which may also include, without limitation, any statement relating to future events, conditions or circumstances. Forward-looking statements of the Company contained in this news release, which may prove to be incorrect, include, but are not limited to the Company’s exploration plans.

The Company cautions you not to place undue reliance upon any such forward-looking statements, which speak only as of the date they are made. There is no guarantee that the anticipated benefits of the Company’s business plans or operations will be achieved. The risks and uncertainties that may affect forward-looking statements include, among others: economic market conditions, anticipated costs and expenditures, government approvals, and other risks detailed from time to time in the Company’s filings with Canadian provincial securities regulators or other applicable regulatory authorities. Forward-looking statements included herein are based on the current plans, estimates, projections, beliefs and opinions of the Company management and the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change.

For further information please contact:

Dr. Timothy Coughlin
President and Chief Executive Officer
USA-Canada toll free 1800 6389205
+44 (0)1534 887166
+44 (0)7797 742800
[email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106816



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