Battery Mineral Resources Corp. Closes Flow-Through Private Placement

VANCOUVER, British Columbia, June 24, 2021 - Battery Mineral Resources Corp. (“Battery” or the “Company”) (TSX.V:BMR) is pleased to announce that it has closed the non-brokered private placement (the “Placement”) announced on June 17, 2021. The Company issued 1,388,888 common shares in the capital of the Company on a flow-through basis (each, a “Flow-Through Share”) at a price of $0.72 per Flow-Through Share to raise gross proceeds of $1,000,000. These funds will be used to finance the continuation of the Company’s 2021 Canadian exploration programs in Ontario and Quebec.

 

In connection with the Placement, the Company will pay a finder’s fee to GloRes Securities Inc. consisting of a cash commission of $60,000, being 6% of the gross proceeds raised from the Placement.

 

The gross proceeds from the Placement will be used for “Canadian exploration expenses”, and will qualify as “flow-through mining expenditures” as those terms are defined in the Income Tax Act (Canada), which will be renounced to the initial purchasers of the Flow-Through Shares with an effective date no later than December 31, 2021 in an aggregate amount not less than the gross proceeds raised from the issue of the Flow-Through Shares. In addition, 486,111 of the Flow-Through Shares will qualify as “flow-through shares” for the purposes of the Taxation Act (Québec).

 

The Flow-Through Shares issued in the Offering are subject to a statutory hold period expiring four months and one day from the closing date of the Offering.

 

The continuation of the 2021 9,000 meter program will focus on the Gowganda and Fabre projects.

 

In Gowganda, specifically, Gowganda East and Kilpatrick, the holes will target the horizon which is upper contact of the Diabase along the eastern limb of the Nipissing Diabase Sill. Historically this contact was the principal ore host in the Gowganda Camp which produced 60.1 million ounces silver & 1.3 million pounds of cobalt from 1910 – 1989. In addition, target identification using geophysics has proven valuable. Three Dimensional Induced-Polarization (“3D-IP”) surveys at Kilpatrick and most recently at Gowganda East have identified high chargeability anomalies which coincide with the Nipissing Diabase upper contact horizon and will be drill tested.

 

At Fabre, a recent follow-up 3D-IP survey has extended the strong IP chargeability anomaly to the southwest of BMR’s 2019 drilling. Drilling is planned to test this anomaly which coincides with the best of the historic drilling at Fabre West. 

 

The Summer and Fall field work program consisting of prospecting, geological mapping, rock sampling, targeting known mineral cobalt – silver occurrences and historic workings, is aimed to identify new high priority targets for drilling, trenching and ground geophysical surveys.

 

Additional Information

 

P. J. Doyle, FAusIMM (#208850), Battery Mineral Resources Corp. - Vice President Exploration - Canada, supervised the preparation of and approved the scientific and technical information in this press release pertaining to the Canada Exploration Program.

 

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 McAra 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.

Martin Kostuik

Phone: +1 (604) 229 3830

Email: info@bmrcorp.com