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Vancouver, British Columbia – (June 4, 2021) – Battery Mineral Resources Corp. (TSXV:BMR) ("Battery" or the "Company") is pleased to announce that it has completed a transaction for 58 unpatented federal mining claims from International Cobalt Corp. (CSE:CO, OTCMKTS:COBAF) ("International Cobalt") that make up part of the Bonanza Project, located within the Idaho Cobalt Belt, Idaho, USA. Battery now controls 100% of the Bonanza Project area, with 288 contiguous claims covering 2,440 hectares.
The Bonanza Project encloses an area of widespread cobalt mineralization and is adjacent to the former Blackbird Cobalt Mine (Noranda Inc.), immediately to the southeast, that produced approximately 17 million tonnes of ore grading 0.7 percent cobalt ("% Co"), 1.4 percent copper ("% Cu"), and 1 grams per tonne gold ("g/t Au") from 1950-1985. The Bonanza Project is approximately 80 kilometers west of Salmon Idaho.
Historic exploration and drilling from the Bonanza area in the 1950's reportedly intercepted several mineralized drill intersections ranging up to 1.5 m containing 0.76% Co and 5.15% Cu, and rock samples reaching from 1.1% - 4.57% Co in underground workings.
Renewed activity in the Idaho Cobalt Belt includes First Cobalt's Iron Creek project, which hosts an Indicated Resource of 2.2 million tonnes of 0.26% cobalt and 0.61% copper for 12.3 million pounds of contained cobalt and Jervois Mining's Ram Deposit, at the former Blackbird Cobalt Mine, which hosts a Reserve of 2.5 million tonnes of 0.55% Co, 0.8% copper, and 0.64 g/t Au for 30 millions pounds of contained cobalt.
In early 2016, Battery recognized that previous claims in the Bonanza Project area had lapsed and the Company staked the primary mineral showings. A portion of the Bonanza Project area was over-staked by a third party in late 2016 and the over-staked area was later acquired by International Cobalt.
In August of 2020, the ownership issue was settled with Battery's acquisition of 58 unpatented mining federal from International Cobalt for 200,000 restricted common shares of the Company, with 100,000 shares becoming unrestricted and freely trading as of February 22, 2022, and the remaining 100,000 shares becoming unrestricted and freely trading as of February 22, 2023. As part of the transaction, International Cobalt's claim to ownership was dismissed by the United States District Court, District of Idaho, supporting Battery's assertion to a free-and-clear legal title of the land and minerals.
Battery's technical work on the Bonanza Project and other mineral sites within the Idaho Cobalt Belt led to its staking and acquisition of the East Fork Project, and continues to express excitement for the district's potential to produce significant mineral discoveries. Figure 1.
Commenting on the events, Mr. Kostuik stated: "Our 100%-owned Bonanza Project is an under-explored battery metals opportunity sitting adjacent to Noranda's former Blackbird cobalt-copper mine, within the most productive cobalt belt in North America. Our team recognized and laid claim to an area having unparalleled location, exposed surface mineralization and historic exploration. We look forward to continuing our objective of providing our investors with exposure to the expanding global trend towards electrification through the development of our battery minerals assets."
Figure 1: Battery Claims in the Idaho Cobalt Belt
The technical information contained in this press release has been reviewed and approved by Scott Close, M.Sc, P.Geo, and a Qualified Person as defined by National Instrument 43-101.
Information in this release regarding resources within First Cobalt's Iron Creek project were sourced from Technical Report with Updated Estimate Of Mineral Resources for The Iron Creek Cobalt-Copper Project, Lemhi County, Idaho, USA, November 27, 2019.
Information in this release regarding resources within Jervois Mining's Ram Deposit at the former Blackbird Cobalt Mine were sourced from Form 43-101F1 Technical Report Feasibility Study, Idaho, USA, January 20, 2020.
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.
Battery is a multi-commodity resource company which provides investors with exposure to the world-wide trend towards electrification. Battery 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 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 cobalt resource at MaCara by testing over 50 high-grade primary cobalt silver-nickel-copper targets. In addition, Battery owns 100% of ESI Energy Services, Inc., a pipeline equipment rental and sales company with operations in Leduc, Alberta and Phoenix, Arizona. Finally, Battery 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.
For further information, please contact:
Battery Mineral Resources Corp.
Phone: +1 (604) 229 3830
Forward Looking Statements
This news release contains forward-looking statements, which reflect the Company's current expectations regarding future events, including with respect to the Company's business, operations and condition, and management's objectives, strategies, beliefs and intentions. The forward-looking statements involve risks and uncertainties. Actual events and future results, performance or achievements expressed or implied by such forward-looking statements could differ materially from those projected herein including as a result of a change in the trading price of the common shares of the Company, the interpretation and actual results of current exploration activities, changes in project parameters as plans continue to be refined, future prices of cobalt, silver and/or other metals, possible variations in grade or recovery rates, failure of equipment or processes to operate as anticipated, the failure of contracted parties to perform, labor disputes and other risks of the mining industry, delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the Company's publicly filed documents. The foregoing list is not exhaustive, and investors and others should consult the Company's ongoing quarterly and annual filings, as well as any additional documentation comprising the Company's public disclosure record, for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. Subject to applicable law, the Corporation disclaims any obligation to update these forward-looking statements.