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Timberline Identifies Major New IP Anomalies at the Windfall Target, Eureka Project, Nevada

COEUR D’ALENE, ID / ACCESSWIRE / September 22, 2021 / Timberline Resources Corporation (OTCQB:TLRS)(TSXV:TBR) ("Timberline" or the "Company") released…

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COEUR D'ALENE, ID / ACCESSWIRE / September 22, 2021 / Timberline Resources Corporation (OTCQB:TLRS)(TSXV:TBR) ("Timberline" or the "Company") released results of an Induced Polarization/Resistivity (IP) survey at its 100%-controlled Eureka Gold Project in Nevada. The 2021 IP survey focused on the Windfall Trend in the northeast part of the property (Figure 1). The data have identified two major structural zones that appear to control strong chargeability anomalies that could be linked to the extensive gold and polymetallic systems in this part of the project.

Between 1975 and the early 1980s, the Windfall Mine produced approximately 112,000 oz of gold from oxidized ore from three open pits along a 2.5-kilometre (km) trend on claims owned by Timberline. Previous drilling and rock sampling by Timberline and other operators has encountered significant gold mineralization in and around the historic pits (see Company news releases dated August 8, 2018 and April 20, 2015). Zonge Geosciences, Inc. surveyed six lines of dipole-dipole IP totaling 25.2 line-km along the Windfall Trend. The 2021 IP survey complemented the 2020 IP survey, which focused on the Lookout Mountain Trend but included one line through the middle of the Windfall Trend.

The resistivity and chargeability data derived from the IP survey paint a clear picture of two parallel fault zones oriented generally north-south. These structures correspond well with existing geological mapping in the area, but the extent of the chargeable zones as well as a new target corridor to the west of historic mining are new information (Figure 2). IP chargeability anomalies are suggestive of the presence of sulfide minerals and/or organic carbon, both of which are commonly associated with Carlin-type gold deposits.

Dr. Steven Osterberg, Timberline's Vice President Exploration, remarked on the 2021 geophysical program, "We are very appreciative of the quality work by Zonge Geosciences and consulting geophysicist Jim Wright on our 2021 IP survey at Windfall. These IP anomalies at the Lookout Trend and the Windfall Trend are very large cohesive targets. They occur in similar settings, both occupying large-scale structural troughs and having significant mineralization flanking the chargeability highs on both the east and west. These large-scale geophysical anomalies may indicate significant sulfide mineralization associated with these large structures, demonstrating potential drivers or roots to the gold systems of which we are already aware. All of these targets reinforce our view of the huge potential of the Eureka Project, and we look forward to the remainder of our 2021 drill program, which is set to recommence in October."

Interpretation of Geophysical Results

Resistivity data at Windfall reveals consistent patterns that facilitate mapping of rock types, dip attitudes, and structures. The major structures in this area are termed the Windfall Structural Zone (WSZ) and the Windfall East Structural Zone (WEZ), and they are continuous for at least 2.5km along strike. The WSZ is interpreted as dipping steeply to the east and it correlates well with the historic gold mining trend. It separates steeply east-dipping sedimentary units to the west, from moderately east-dipping rocks to the east (Figure 3). Dolomite of the Hamburg Dolomite (Ch) and Eldorado Dolomite (Ce) formations is among the most resistive rocks in the district, and the Prospect Mountain (Cpm) and Eureka Quartzite (Oe) are also highly resistive. This is opposed to the Dunderberg Shale (Cd) and other thinly bedded units, which show up as less resistive.

The WEZ correlates well with the previously mapped Hoosac Fault, which generally has a westward dip, but the WEZ is also sometimes associated with a near-flat lying thrust or detachment structure in the northern part of the district. A number of significant historic gold, silver, and base metal occurrences are aligned with the WEZ and the Hoosac Fault system.

A strong chargeability anomaly occurs parallel to and between the WSZ and the WEZ in an apparent structural trough. The chargeability feature is best developed in the southern part of the survey area, but it has continuity to the north, though tending to narrow on the more northerly lines (Figure 4). This central anomaly is up to 300 metres (m) wide and extends to within 100m of the surface locally within its +3km footprint. A second chargeability anomaly occurs immediately east of the WEZ where Timberline geologists have noted significant hydrothermal alteration in numerous historic prospects. These chargeability anomalies are of a character that is suggestive of unoxidized sulfide minerals at depth.

Another strong chargeability anomaly occurs in the northwest corner of the survey area where little modern exploration has been conducted (Figure 5). The magnitude of the anomaly is very strong and measures up to 400m wide. This chargeable feature is apparently hosted by the Eldorado Dolomite and is interpreted to lie within 230m of the surface. There is another weaker chargeability anomaly in this northwestern area to the west of the WSZ. This anomaly trends to the northeast and can be traced for more than 2km (Figure 2). It is also apparently associated with the Eldorado Dolomite, but it may be linked to an unrecognized fault or fold structure.

The Eldorado Dolomite was the primary host of the silver-gold-lead-zinc mineralization that prompted the mining boom in Eureka in the late 19th century. Timberline geologists have just begun reconnaissance mapping and sampling in the northwest part of the survey area, where the Eldorado occurs at surface and dips east towards the Windfall Trend.

Conclusions and Follow-up Exploration Plans

The new geophysical data has been integrated into Timberline's 3D geological model, where it can be assessed relative to geologic and drill hole databases. The chargeability features correlate from section to section, indicating that the Windfall Trend is underlain by an interpreted hydrothermal system at least 3km long and 1.75km wide, striking almost north-south. As shown in these figures, the primary chargeable features are aligned in a structural trough that is bounded by faults, but the anomalies are also heavily influenced by other faults and the dip of host rocks. The fault zones bounding the trough at Windfall are associated with historic gold production, small-scale polymetallic mining and prospects, and widespread hydrothermal alteration. The large volume of chargeable rock associated with such a highly mineralized trend may be an indication of sulfides (or potentially organic carbon) that form the heart or roots of the Windfall Trend.

The Timberline database includes several hundred drill holes in and around the footprint of the historic gold mines, and there are numerous targets based on historic gold intercepts that have not been followed-up. Since many of these targets lie on patented claims owned by Timberline, the team expects to bring a drill to the Windfall Trend for the first time in several years.

A careful review of Timberline's significant historic drill hole database indicates that the central IP anomaly between the WSZ and the WEZ is very likely not tested by previous drilling. The Timberline team is currently finalizing the remainder of the 2021 drill program. While the Water Well Zone, adjacent to the Lookout Mountain Resource, will be the priority, the significant geophysical anomalies at the Windfall Trend make compelling targets. One reverse circulation and one diamond core drill rig are expected to return to the Eureka Project during October, and the Company intends to drill the balance of its program during the fourth quarter.

Qualified Person

Steven Osterberg, PhD, P.G., Timberline's Vice President of Exploration, has acted as the Qualified Person, as defined in NI 43-101, with respect to the disclosure of the scientific and technical information contained in this news release.

Corporate Update

The Company is also pleased to report that it has selected a new transfer agent for the maintenance of its share capital treasury and related business. Pursuant to notice given to its current transfer agent, Equiniti, Timberline will engage on or about October 21, 2021 with Nevada Agency and Transfer Company as its primary transfer agent. TSX Trust Company remains the Company's co-transfer agent in Canada.

About Timberline Resources

Timberline Resources Corporation is focused on delivering high-grade Carlin-Type gold discoveries at its district-scale Eureka Project in Nevada. The Eureka Property includes the historic Lookout Mountain and Windfall mines in a total property position of approximately 24 square miles (62 square kilometers). The Lookout Mountain Resource was reported in compliance with Canadian NI 43-101 in an Updated Technical Report on the Lookout Mountain Project by Mine Development Associates, Effective March 1, 2013, filed on SEDAR April 12, 2013.

Resource Category

Tonnage

(million short tons)

Grade

(oz/ton)

Grade

(grams/tonne)

Contained Au

(troy oz)

Measured

3.04

0.035

1.2

106,000

Indicated

25.90

0.016

0.6

402,000

Inferred

11.71

0.012

0.41

141,000

The Company is also operator of the Paiute Joint Venture Project with Nevada Gold Mines in the Battle Mountain District. These properties all lie on the prolific Battle Mountain-Eureka gold trend. Timberline also controls the Seven Troughs Project in northern Nevada, which is one of the state's highest-grade former gold producers. Timberline controls over 43 square miles (111 square kilometers) of mineral rights in Nevada. Detailed maps and mineral resources estimates for the Eureka Project and NI 43-101 technical reports for its projects may be viewed at http://timberlineresources.co/.

Timberline is listed on the OTCQB where it trades under the symbol "TLRS" and on the TSX Venture Exchange where it trades under the symbol "TBR".

On behalf of the Board of Directors,

"Patrick Highsmith"

President and CEO
Tel: 208-664-4859

Forward-looking Statements: Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These include, but are not limited to, statements regarding the advancement of projects, the commencement and extent of drilling, and exploration potential. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "target", "intend", "growth opportunity" and "expect" and similar expressions, as they relate to Timberline Resources Corporation, its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause or contribute to risks involving forward-looking statements include, but are not limited to contractor availability, weather, equipment failure and other changes in the Company's business and other factors, including risk factors discussed in the Company's Form 10-K for the year ended September 30, 2020. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

Cautionary Note to U.S. Investors: The terms "mineral resource," "measured mineral resource," "indicated mineral resource" and "inferred mineral resource," as used on Timberline's website and in its news releases are Canadian mining terms that are defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). These Canadian terms are not defined terms under United States Securities and Exchange Commission ("SEC") Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC by U.S. registered companies. The SEC permits U.S. companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Accordingly, note that information describing the Company's "mineral resources" is not directly comparable to information made public by U.S. companies subject to reporting requirements under U.S. securities laws. U.S. investors are urged to consider closely the disclosure in the Company's Form 10-K which may be secured from the Company, or online at http://www.sec.gov/edgar.shtml.

SOURCE: Timberline Resources Corp.



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Today’s News

Silver Elephant Announces Filing of Preliminary Economic Assessment for the Gibellini Vanadium Project, Nevada, USA

VANCOUVER, BC / ACCESSWIRE / October 14, 2021 / Silver Elephant Mining Corp. ("Silver Elephant" or the "Company") (TSX:ELEF)(OTCQX:SILEF)(Frankfurt:1P2N)…

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VANCOUVER, BC / ACCESSWIRE / October 14, 2021 / Silver Elephant Mining Corp. ("Silver Elephant" or the "Company") (TSX:ELEF)(OTCQX:SILEF)(Frankfurt:1P2N) is pleased to announce that, further to its press release dated August 30, 2021, it has filed its independent Technical Report titled "Gibellini Vanadium Project, Eureka County, Nevada, NI 43-101 Technical Report on Preliminary Economic Assessment Update" (the "Report") with a report date of October 8, 2021 and an effective date of August 30, 2021. The Report was prepared by Wood Group USA, Inc (Wood) and Mine Technical Services Ltd. (MTS). The report has been filed under the Company's profile on the System for Electronic Document Analysis and Retrieval at www.sedar.com.

About Silver Elephant

Silver Elephant Mining Corp. is a premier mining and exploration company in nickel, silver, and vanadium.

Further information on Silver Elephant can be found at www.silverelef.com.

SILVER ELEPHANT MINING CORP

ON BEHALF OF THE BOARD

"JOHN LEE"
CEO and Chairman

For more information about Silver Elephant, please contact Investor Relations: +1.604.569.3661 ext. 101 [email protected], www.silverelef.com.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the 11 / 12 Silver Elephant Mining Corp https://www.silverelef.com policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

Forward-looking statements in this news release relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events and include, but are not limited to, statements with respect to: (i) the 2021 PEA representing a viable development option for the Gibellini project; (ii) construction of mining project operations and related actions; (iii) estimates of the capital costs of constructing mine facilities and bringing a mine into production, of sustaining capital and the duration of financing payback periods; (iv) the estimated amount of future production, both produced and metal recovered; and (vi) life of mine estimates and estimates of operating costs and total costs, cash flow, net present value and economic returns including internal rate of return estimates from an operating mine constructed at the Gibellini project. All forward-looking statements are based on Silver Elephant's or its consultants' current beliefs as well as various assumptions made by them and information currently available to them. The most significant assumptions are set forth above, but generally these assumptions include: (i) the presence of and continuity of vanadium mineralization at the Gibellini project at estimated tonnages and grades; (ii) the geotechnical and metallurgical characteristics of rock conforming to sampled results; (iii) infrastructure construction costs and schedule; (iv) the availability of personnel, machinery and equipment at estimated prices and within the estimated delivery times; (v) currency exchange rates; (vi) vanadium sale prices; (vii) appropriate discount rates applied to the cash flows in the economic analysis; (viii) tax rates applicable to the proposed mining operation; (ix) the availability of acceptable financing on reasonable terms; (x) projected recovery rates and use of a process method, that although well-known and proven on other commodity types such as copper, has not been previously brought into production for a vanadium project; (xi) reasonable contingency requirements; (xii) success in realizing proposed operations; and (xiii) assumptions that project environmental approval and permitting will be forthcoming from county, state and federal authorities. The economic analysis is partly based on Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the2021 PEA based on these Mineral Resources will be realized. Currently there are no Mineral Reserves on the Gibellini property. Although the Company's management and its consultants consider these assumptions to be reasonable based on information currently available to them, such assumptions may prove to be incorrect. Many forward-looking statements are made assuming the correctness of other forward-looking statements, such as statements of net present value and internal rates of return, which are based on most of the other forward-looking statements and assumptions herein. The cost estimate and economic analysis information was prepared using current values, but the time for incurring the costs will be in the future and it is assumed costs will remain stable over the relevant period. These factors should be considered carefully, and readers should not place undue reliance on Silver Elephant's or its consultants' forward-looking statements. Silver Elephant and its consultants believe that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although Silver Elephant and its consultants have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Silver Elephant and its consultants undertake no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law. Powered by TCPDF (www.tcpdf.org)

SOURCE: Silver Elephant Mining Corp.



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Today’s News

Falcon Doubles the Size at Hope Brook to 41,500 Hectares, Adjacent to Benton-Sokoman’s Lithium Discovery

VANCOUVER, BC / ACCESSWIRE / October 14, 2021 / FALCON GOLD CORP. (TSXV:FG)(GR:3FA)(OTCQB:FGLDF); ("Falcon" or the "Company") is pleased to announce it…

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VANCOUVER, BC / ACCESSWIRE / October 14, 2021 / FALCON GOLD CORP. (TSXV:FG)(GR:3FA)(OTCQB:FGLDF); ("Falcon" or the "Company") is pleased to announce it has doubled the size of the Hope Brook project making us one of the larger land holders in the Hope Brook Camp. Falcon has now staked a total of 1660 claims totaling 41,500 hectares which are strategically located and contiguous to First Mining Gold, Benton-Sokoman, and Marvel Discovery Corp. Of paramount importance Sokoman made recent headlines on its lithium pegmatite discovery at Hope Brook less than 400 meters from our newly expanded property boundary. The highly prospective ground held by Falcon shows various lithium clusters that may extend onto our ground. Falcon is currently evaluating the data from the government reports which include high resolution radiometric and magnetic surveys previously completed.

Falcon's Chief Executive Officer, Karim Rayani commented, "This newly expanded ground could not have happened at a more precise time, Benton- Sokoman just announced today 2.2 km long .85 km- wide meter dyke system called the "Kraken Pegmatite System Swarm". Identifying fine grain spodumene in several key areas. Of key importance they note the area is wide open for expansion, less than 400 meters from our property boundary and looks to be a parallel structure. This speaks to the multi-commodity nature of the large land package we have acquired. Falcon's land is situated in a very active structural corridor giving us a tremendous opportunity for finding the next potential discovery in this camp. We now have 41,500 Hectares under Falcon's control at Hope Brook."

Figure 1. Regional location of Falcon's Hope Brook gold property.

Within this immediate area, the most significant deposit is the Hope Brook gold mine which was in production from 1987 to 1997 producing 752,163 ounces of gold. The Hope Brook now owned by First Mining has since been optioned to Big Ridge Exploration who have outlined an additional 6.33 million tonnes at an average grade of 4.68 g/t Au for 954,000 ounces of gold in the indicated and inferred categories (https://firstmininggold.com/projects/partnerships/hope-brook-project/).

Falcon's land position straddles both the eastern and western extents of recent land acquisitions by the Benton-Sokoman JV partnership with Falcon now controlling areas of considerable structural complexity marked by large scale fold and fault structures which provide important structural controls (traps) for gold mineralization within this area and potentially lithium now.

Figure 2. Location of Falcon's Hope Brook gold property contiguous to First Mining, Matador and the Sokoman-Benton joint venture.

Qualified Person

Mr. Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed, and approved the technical contents of this news release on behalf of the Company.

The QP has not completed sufficient work to verify the historic information on the properties comprising the Hope Brook property, particularly regarding historical exploration, neighboring companies, and government geological work. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.

Falcon's Hope Brook Gold Property

Falcon's new land acquisition is hosted within the Exploits Subzone of the central Newfoundland gold belt. The property covers extensions or is proximal to two major structures linked to significant gold prospects (Cape Ray, Matador Mining) and deposits (Hope Brook, First Mining) in southern Newfoundland (Figure 2). Rock lithologies and structures on the property are also related to those associated with Marathon Golds Valentine Gold Deposits, Sokoman's

About Falcon Gold Corp.

Falcon is a Canadian mineral exploration company focused on generating, acquiring, and exploring opportunities in the Americas. Falcon's flagship project, the Central Canada Gold Mine, is approximately 20 km southeast of Agnico Eagle's Hammond Reef Gold Deposit which has currently estimated 3.32 million ounces of gold (123.5 million tonnes grading 0.84 g/t gold) mineral reserves, and 2.3 million ounces of measured and indicated mineral resources (133.4 million tonnes grading 0.54 g/t gold). The Hammond Reef gold property lies on the Hammond shear zone, which is a northeast-trending splay off the Quetico Fault Zone ("QFZ") and may be the control for the gold deposit. The Central Gold property lies on a similar major northeast-trending splay of the QFZ.

The Company holds 8 additional projects. The Esperanza Gold/Silver/Copper mineral concessions located in La Riojo Province, Argentina. The Springpole West Property in the world-renowned Red Lake mining camp; a 49% interest in the Burton Gold property with Iamgold near Sudbury Ontario; and in B.C., the Spitfire-Sunny Boy, Gaspard Gold claims; and most recently the Great Burnt, Hope Brook, and Baie Verte acquisitions adjacent to First Mining, Benton-Sokoman's JV, and Marvel Discovery in Central Newfoundland.

CONTACT INFORMATION:

Falcon Gold Corp.

"Karim Rayani"

Karim Rayani
Chief Executive Officer, Director
Telephone: (604) 716-0551
Email: [email protected]

Cautionary Language and Forward-Looking Statements

This news release may contain forward looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, etc. Forward looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

This news release may contain forward looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, etc. Forward looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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.

SOURCE: Falcon Gold Corp.



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Today’s News

Battery Mineral Resources Announces Punitaqui Drilling Update Continues to Deliver Encouraging Copper Results

Vancouver, British Columbia–(Newsfile Corp. – October 14, 2021) – Battery Mineral Resources Corp. (TSXV: BMR) ("Battery" or "BMR" or the "Company") is…

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Vancouver, British Columbia--(Newsfile Corp. - October 14, 2021) - Battery Mineral Resources Corp. (TSXV: BMR) ("Battery" or "BMR" or the "Company") is pleased to announce further encouraging drill core assay results from the on-going 2021 exploration and in-fill drill program at the Punitaqui mine complex ("Punitaqui") in Chile. Punitaqui is an advanced stage copper mining complex with recent production history. The Company is focused on bringing the mine back into production by mid to late 2022.

Highlights

  • Partial assay results from drillholes SAS-21-11, 12, 13, 19, and 21 (see Table 1) have been returned with encouraging results as follows:
    • Drillhole SAS-21-12: 7 meters ("m") at 1.81% Copper ("Cu") from 176m downhole and a second intercept of 2m grading 1.04% Cu from 162m downhole.
    • Drillhole SAS-21-13: 3m at 1.96% Cu from 217m downhole, 3m grading 0.87% Cu from 199m and a third interval of 1.8m at 0.83% Cu from 211m downhole.
    • Drillhole SAS-21-21: 13m at 0.96% Cu from 106m downhole and 4m grading 1.19% Cu from 115m downhole.
    • Drillhole SAS-21-19: 3m at 1.50% Cu from 75m downhole.
    • Drillhole SAS-21-11: 2m at 0.91% Cu from 53m downhole.
  • Currently, four drills are operating on-site with two at San Andres.
  • Sample results have been received for 17 drill holes. Samples for an additional five drill holes have been submitted to ALS for geochemical analysis and more are being prepared for shipment.
  • The San Andres drill program is designed to confirm resources identified by previous drilling programs and expand these resources north and south along strike and at depth.
  • Earlier results from the current program (see Table 2) included:
    • SAS-21-07: 3.4m at 2.10% Cu and a second interval of 4m at 1.56% Cu.
    • SAS-21-05: 9m at 2.06% Cu.
    • SAS-21-03: 11m at 1.39% Cu including 8m at 1.63% Cu.
    • SAS-21-08: 5.25m at 1.39% Cu and a second interval of 3.75m at 1.85% Cu.
    • SAS-21-01: 3m grading 1.52% Cu.
    • SAS-21-04: 16.7m grading 1.37% Cu including 11.7m at 1.64% Cu and a second interval of 9m at 1.75% Cu.
  • The San Andres target is one of several historic zones within BMR's Punitaqui project with partially delineated resources and established underground access.
  • San Andres is the "normal" fault displaced upper portion of the adjacent Cinabrio copper deposit that is part of Punitaqui which produced between 20 and 25 million pounds of copper annually for nine plus years by Glencore and Xiana Mining.

Battery CEO Martin Kostuik states: "We are pleased to announce these new encouraging copper intercepts from our Punitaqui drilling program. Earlier wide-spaced historic drilling has identified an 800m long zone that is open at depth and in both directions along strike at San Andres. These new assays further demonstrate the extent and high-grade nature of the mineralization over significant sample intervals. We believe these new results demonstrate that this drilling program has the potential to provide the Company with an additional source of copper ore along with existing ore at the adjacent Cinabrio mine. We look forward to providing further exciting updates for the drill program as we progress towards a potential near term resumption of operations and cashflow at Punitaqui."

San Andres Drill Program

Sample assay results, reported herein, are from five drill holes and are in addition to the results reported previously from the first eight drillholes completed at San Andres (see Tables 1 and 2 below). These results are only partial assays and additional significant intervals may be reported from these same holes when complete results are received.

Drillhole SAS-21-11 was designed to test the San Andres targeted stratigraphic unit ("TSU") at shallow depths just below the oxide-sulphide transition in the northern part of the San Andres target. The drill hole intersected 3m of the TSU that hosted the disseminated pyrite-chalcopyrite mineralization and the interval from 53m to 55m yielded a 2m interval grading 0.91% copper Cu.

Drillhole SASA-21-12 targeted the TSU 60m down-dip from drillhole SAS-21-01 which encountered a significant amount of post mineralized dykes at the target depth but intersected 3.0m at 1.52% Cu. This follow-up drillhole intersected a 34m wide section of the mineralized horizon consisting of interbedded shales, sandstones and tuff breccia. Two sulphide intercepts were reported between 162m and 183m downhole. The upper intercept was 2m grading 1.04% Cu from 162m and a lower second wider interval cut 7m at 1.81% Cu from 176m. This successful down-dip step-out outside the dykes confirms both lateral continuity and grade of the mineralization.

Drillhole SAS-21-13 was planned to test the TSU 60m up-dip from the SAS-21-09. The drillhole intersected a 21m interval from 199m to 220m of the TSU consisting of dark shales, volcanoclastic sandstones and conglomerates with abundant syngenetic pyrite and chalcopyrite. Three significant mineralized intervals were reported within the TSU and included 3m of 0.87% Cu from 199m; 1.m at 0.83% Cu from 211m and 3m grading 1.96% Cu from 217m.

Drillhole SAS-21-19 was designed as a step-out exploration hole from SAS-21-11 to test the TSU 60m south and down-dip. The drillhole intersected a 26m section of the targeted stratigraphic unit with weak disseminated chalcopyrite mineralization throughout. A 3m mineralized interval returned 1.50% Cu from 75m downhole.

Drillhole SAS-21-21: tested the targeted stratigraphic unit up-dip of historic drillholes SAS-19-09 and SAS-20-01. The TSU was intercepted from 221.7m - 236.7m of shale-sandstone with variable chalcopyrite and bornite as disseminated sulphides and copper bearing veinlets. The mineralized horizon produced a significant result of 13m at 0.96% Cu from 106m including 4m at 1.19% Cu from 115m.

Table 1: San Andres Drilling Latest Significant Assays Results - October 2021

Drillhole
Number
From
(m)
To
(m)
Sample
Interval
(m)
Copper
Cu (%)
SAS -21-1153.055.02.00.91
SAS-21-12162.0164.02.0 1.04
and 176.0183.07.01.81
SAS-21-13199.0202.03.00.87
and211.0212.81.80.83
and217.0220.03.01.96
SAS-21-1975.078.03.01.50
SAS-21-21106.0119.013.00.96
including115.0119.04.01.19

 
Note: All Intercepts reported as downhole core intervals

Table 2: San Andres 2021 Drill Program Significant Drillhole Intercepts

Drillhole
Number
From
(m)
To
(m)
Sample
Interval
(m)
Copper
Cu (%)
SAS-21-01180.2183.23.01.52
SAS-21-02185.0 188.0 3.0 0.04
SAS-21-03
including
198.0209.011.01.39
201.0209.08.001.63
SAS-21-04
including
and
185.0201.716.71.37
190.0201.711.71.64
223.0232.09.01.75
SAS-21-05
including
and
200.0210.010.00.52
203.0207.04.00.87
220.0229.09.02.06
SAS-21-07
and
244.65248.053.42.10
257.0261.04.01.56
SAS-21-08
and
221.75227.05.251.39
232.9236.653.751.85

 
Note: All Intercepts reported as downhole core intervals


Figure 1: Cinabrio - San Andres Area Geology And Targets Map

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Figure 2: San Andres Drillhole Location Map

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Background - San Andres Target

The San Andres target is part of the Punitaqui project which is situated within a 25km long mineralized district that is a classic IOCG and mantos-style copper belt that is comprised of mantos and structural controlled copper-gold-silver veins. San Andres is a zone of copper mineralization located 500m southwest of the high-grade Cinabrio deposit mined by Glencore and Xiana Mining.

Prior to 1998, only limited extraction of high-grade copper oxides was undertaken at San Andres by small groups of local miners. In 2000, a Chilean national company La Empressa Nacional de Mineria ("ENAMI") developed two underground exploration drives targeting copper sulphides. In 2005, via an option process, San Andres became part of the Punitaqui mine complex.

In 2007, a ground geophysical induced polarization ("IP") survey was completed on 250m - 500m spaced lines across the San Andres-Cinabrio area. The results of the IP survey line across the southern end of the San Andres zone identified a strong chargeability anomaly interpreted to represent potential extensions of the copper sulphide mineralization at depth and along strike. Historic wide-spaced drilling completed by the previous operators between 2011- 2017 totaled 58 holes for 5,927m.

San Andres is a tabular sedimentary horizon within a volcanic sequence. This sedimentary horizon is variably mineralized and has a variable width ranging from 5m - 30m. It consists of an interlayered volcano-sedimentary sequence composed of dark colored laminated and unlaminated shales, volcanoclastic sandstone, conglomerates and breccias and tuff breccias. There is a variable component of syngenetic pyrite. The horizon dips 40 to 50 degrees to the east and is cut-off at depth by the moderately west dipping San Andres fault.

Mineralization consists of veinlets and irregular disseminations in both the fine 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 other faults with a wide range of orientations. The fundamental orientations identified to date include:

  • moderately west dipping splays of the San Andres fault, generally with downward and westward movement
  • steep dipping northeast to northwest trending faults with both sinistral and dextral offsets
  • Faults parallel and sub-parallel to stratigraphy

Quality Control

Sample preparation, analysis and security procedures applied on the BMR exploration projects is aligned with industry best practice. BMR has implemented protocols and procedures to ensure high quality collection and management of samples resulting in reliable exploration assay data. BMR has implemented formal analytical quality control monitoring for all field sampling and drilling programs by inserting blanks and certified reference materials into every sample sequence dispatched.

Sample preparation is performed ALS Global - Geochemistry Analytical Lab in La Serana, Chile and sample analyses by ALS in Lima, Peru. ALS analytical facilities are commercial laboratories and are independent from BMR. All BMR samples are collected and packaged by BMR staff and delivered upon receipt at the ALS Laboratory. Samples are logged in a sophisticated laboratory information management system for sample tracking, scheduling, quality control, and electronic reporting. Samples are dried then crushed to 70% < -2 millimeters and a riffle split of 250 grams is then pulverized to 85% of the material achieving a size of <75 microns. These prepared samples are then shipped to the ALS Laboratory in North Vancouver for analyses by the following methods:

  • ME-MS61: A high precision, multi-acid digest including Hydrofluoric, Nitric, Perchloric and Hydrochloric acids. Analysed by inductively coupled plasma ("ICP") mass spectrometry that produces results for 48 elements.
  • ME-OG62: Aqua-Regia digest: Analysed by ICP-AES (Atomic Emission Spectrometry) or sometimes called optical emission spectrometry (ICP-OES) for high levels of Co, Cu, Ni and Ag.

Certified standards are inserted into sample batches by ALS. Blanks and duplicates are inserted within each analytical run. The blank is inserted at the beginning, certified standards are inserted at random intervals, and duplicates are analysed at the end of the batch.

Additional Information

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.

Scientific and technical information pertaining to the cobalt resource at McAra was extracted from the Company's NI 43-101 "Technical report on Cobalt Exploration Assets in Canada" dated as of May 26, 2020 with an effective date of March 31, 2020, prepared by Glen Cole (P. Geo) of SRK Consulting (Canada) Inc.

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. BMR is currently developing the Punitaqui Mining Complex and pursuing the potential near term resumption of operations 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. BMR is engaged in the discovery, acquisition, and development of battery metals (cobalt, lithium, graphite, nickel & 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 Mineral Resources 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 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]

The securities offered pursuant to the Private Placement have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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.

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