Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) has obtained encouraging drill core assay results from the on-going 2021 exploration and in-fill drill program at the Cinabrio, Dalmacia and San Andres targets within the Punitaqui mine complex in Chile.
Punitaqui is slated for resumption of copper concentrate production in mid to late-2022.
Dalmacia is located in the southern portion of the Punitaqui area about six km south of the Punitaqui copper processing plant. The San Andres target is located 500m west of the Cinabrio mine while the Cinabrio Norte and Cinabrio Sur targets represent potential extensions of the Cinabrio orebody to the north and south.
Highlights
At Dalmacia, a total of 5,346m in 27 holes completed and drilling continues. New assay results include the following drillholes:
- DS-21-04: 6.0m grading 0.71% Copper (Cu) including 4.0m at 0.87% Cu, and 13m at 0.64% Cu including 2m at 1.24% Cu;
- DS-21-05: 6m at 1.16% Cu;
- DS-21-07: 33m at 1.77% Cu, including intervals of 9.0m at 3.44% Cu, and 7.0m at 2.54% Cu, and 10m at 0.84% Cu, and 6m at 2.19% Cu.
- At San Andres, the Phase 1 programme resulted in the completion of 8,156m of drilling in 38 holes. All samples have been dispatched for analysis with assay results pending for the final six holes. An update of the 3D geological model is being completed which will be followed by a resource estimate by JDS Energy and Mining. New assay results include the following drillholes:
- SAS-21-27: 11m at 2.16% Cu;
- SAS-21-29: 16m at 1.49% Cu;
- SAS-21-30: 5m at 1.39% Cu including 3.0m at 1.89% Cu.
- At Cinabrio Norte, nine holes have been completed for 1,443m and drilling is ongoing. This initial program is planned as 18 holes totalling 3,000m which will test 400m of strike length to a depth of 200m. Visual copper mineralisation has been recorded in six of the first nine holes. Nine holes have been sampled and dispatched for analysis and results are awaited.
- At Cinabrio Sur, 860m in eight holes have been completed. This drilling targeted the immediate southern extensions of the Cinabrio mine orebody just beyond the workings on the 440m level and progressively moved to the south. An additional 200m in four holes of drilling is planned as a follow-up program. Initial assay results include the following drillholes:
- CNV-21-02: 14.3m at 0.98% Cu including 10m at 1.17% Cu;
- CNV-21-03: 2.0m at 0.65% Cu;
- CNV-21-07: 6m at 1.73% Cu.
CEO, Martin Kostuik, said the main Cinabrio mine orebody, which historically was a source of ore feed to the Punitaqui ore concentration plant for eight-plus years, is currently being re-assessed with an update of the geological model to be followed by an update of the resource potential.
“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,” Mr Kostuik said.
“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 addition, as the drilling programme progresses across the various mineralised zones, we are excited about these latest assay results for Dalmacia and San Andres as well as the providing an update on the drilling at Cinabrio Norte and Cinabrio Sur.
“This programme has the potential to provide the company with multiple sources of copper mineralization as ore feed for the Punitaqui processing plant.”
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 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 programme, operating and environmental permit modifications and engineering studies.
Dalmacia Drill Programme
The Dalmacia target is located in the southern portion of the Punitaqui area about six km south of the Punitaqui processing plant. The first drilling occurred in 1993-1994 when 49 reverse circulation (RC) holes totalling 9,972m were completed. Historic exploration drilling at Dalmacia North has been completed at a grid spacing of 25m x 25m and 15m x 15m at Dalmacia South. Prior to the 2021 programme, 229 drill holes (98 RC holes and 131 diamond core holes) have been drilled for a total of 53,294m.
The geological setting of the Dalmacia target is different from both the Cinabrio orebody and San Andres target which are located 20 km to the north. Dalmacia is situated within a roof-pendant of volcanic rocks, with minor calcareous intercalations of Middle to Upper Jurassic age. This volcano-sedimentary complex is intruded by younger aged granites located in a reverse fault.
Copper-gold mineralisation is related to regional structures and deformation zones, developed mainly in the contacts between granite and volcano-sedimentary rocks
The upper portion of the Dalmacia target is accessed via a portal and a limited underground ramp and level development.
The current Phase 1 drill programme is designed to infill and confirm the continuity of mineralization between previous drilling and includes a series of step-out holes to test the potential adjacent to the main zone of copper-gold-silver mineralisation as defined by historic drilling.
To date, a total of 5,346 meters in 27 holes completed with an additional 500m of infill and step out drilling is planned to complete the Phase 1 programme.
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