Vancouver, British Columbia–(Newsfile Corp. – December 29, 2022) – Global Battery Metals Ltd. (TSXV: GBML) (OTCQB: REZZF) (FSE: REZ) (the “Company” or “GBML“), an international critical mineral exploration and development company focussed on growth-oriented lithium and other battery metal projects supporting the global transition to clean energy, announced today that the Company will discontinue nickel-copper exploration activities at Sawyer Camp.
“Our exploration activities at Sawyer Camp have not generated enough encouragement to justify continued allocation of budget and effort,” said Michael Murphy, President and CEO of GBML. “We will keep our focus on advancing our core lithium assets – the NW Leinster project in Ireland and the Lithium King project in Utah.”
Since 2020, GBML has been engaged in assessing Ni-Cu-PGM targets potentially related to the Mid-Continent Rift in the State of Michigan. These targets occur in Pre-Cambrian basement rocks situated below glacial and Paleozoic cover rocks.
Exploration work has been focused on mafic to ultramafic intrusions potentially analogous to those hosting the deposit at the Eagle Ni-Cu-PGE Mine (located in the Upper Peninsula of Michigan) operated by Lundin Mining. GBML has carried out exploration on two projects in this district. The Sawyer Camp property has been explored by GBML over the past several years and the Company has completed two 300 m scout drill holes and a borehole/surface electromagnetic (EM) survey. This property is comprised of both Michigan State and private mineral rights. While the scout holes confirmed the targeted aeromagnetic anomaly was caused by an ultramafic intrusion, no significant sulphide mineralization was encountered in the drilling. Results from the EM survey show no conductors suggestive of being related to Ni-Cu sulphides were detected over the two main magnetic anomalies. Given these results, GBML has advised the optionor of its termination of the option to lease agreement relative to the Sawyer Camp.
At the Central Project, GBML has two Michigan State leases that were tested by a limited-scale surface EM survey. Historic exploration drilling has confirmed the presence of mafic and ultramafic intrusive rocks associated with both reverse polarized and normally polarized aeromagnetic anomalies. No EM conductors worthy of a direct drilling test were detected in the Fall 2022 survey carried out by GBML but data is under review to determine next steps.
The Company’s Investor Presentation is available for download from the GBML website.
About Global Battery Metals Ltd.
GBML is an international mineral exploration and development company with a focus on metals that comprise and support the rapid evolution to battery power. GBML currently maintains economic interests in four battery metal projects: (1) an option to acquire up to a 90% in the North-West Leinster lithium property in Ireland; (2) a 100% interest in the Lithium King property in Utah; (3) an option to acquire up to a 100% interest in the Lapoile lithium project in Newfoundland; and (4) a 55% stake in Peru-based Lara copper property, which has over 10,000 metres of drilling. As previously disclosed, Minsur S.A., a Peruvian mining company, entered into an option agreement with GBML and Lara Exploration Ltd. to acquire the Lara copper property for staged payments of USD$5.75 million. GBML will retain a 0.75% net smelter royalty. GBML’s common shares are listed on the TSX Venture Exchange (TSXV: GBML); Frankfurt Stock Exchange (FSE: REZ); and are quoted on the OTC Markets (OTCQB: REZZF).
Global Battery Metals Ltd.
Michael Murphy BA, MBA, MSc., ICD
President & CEO
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 release.
Cautionary Statement Regarding “Forward-Looking” Information
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operations and activities of the Company, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or “should” occur or be achieved. Forward-looking statements in this news release relate to, among other things, exploration results anticipated from prior exploration and future exploration plans for the Company’s properties. 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 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 to complete proposed exploration work given the global COVID-19 pandemic, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Readers are urged to refer to the Company’s reports, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects. The Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.