Global Battery Completes Two of Six Holes at NW Leinster Project and Closes Minsur Option Agreement
Vancouver, British Columbia--(Newsfile Corp. - June 8, 2021) - Global Battery Metals Ltd. (TSXV: GBML) (OTCQB: REZZF) (FSE: REZ) (the "Company" or "GBML") is pleased to announce that the Company has completed two of six drill holes at its North-West Leinster Lithium Project ("NW Leinster Project") in Ireland.
Drilling activities are ongoing as the drill program consists of six holes totalling 900m.
The NW Leinster Project is focused on the exploration for lithium bearing (spodumene) pegmatites in the northern part of the Leinster Massif in the Wicklow Mountains of Ireland. The project area covers fifteen (15) government issued prospecting licences and are collectively termed the North West Leinster Block (NWLB). The Block covers a total area of 477.39 km2 and is located predominantly within the Wicklow Mountains, which forms a large belt of continuous upland area trending in a NE-SW direction, to the south and south-west of Dublin.
The six holes are targeted on the granite contact zone with the Maulin Formation. The first three holes intend to test both the best prospecting samples located at this prospect as well as the highest values for lithium reported in the base overburden grid survey. The remaining three holes will be collared further to the NE along the same contact zone and will be sited based on the information gained from the initial fence.
Mining Option and Royalty Agreement with Minsur S.A.
The Company also announces that, having received shareholder and TSX Venture Exchange approval, it has closed the previously announced mining option and royalty agreement with respect to its Lara Copper Property in Peru.
As previously disclosed, the Company, together with its joint venture partner, Lara Exploration Ltd., through their Minas Dixon S.A. subsidiary, entered into a mining option and royalty agreement on July 21, 2020, with Minsur S.A. ("Minsur"), granting Minsur the option to acquire 100% of the rights and titles to the Lara Copper Property in Peru in exchange for staged payments based on permitting milestones totalling USD $5.75 million and a 1.5% net smelter return (the "Mining Option and Royalty Agreement"). The term of the option is five years from the date of execution of the Mining Option and Royalty Agreement.
About Global Battery Metals Ltd.
GBML is a mineral exploration company with a focus on metals that make up and support the rapid evolution to battery power. GBML's common shares are listed on the TSX Venture Exchange and Frankfurt Stock Exchange and quoted on the OTCQB. GBML currently has three 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, and (3) 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.
Global Battery Metals Ltd.
Michael Murphy BA, MBA, MSc., ICD
President & CEO
T: 604-649-2350
E: MM@gbml.ca
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 press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to a drill program being conducted on the Company's North-West Leinster lithium property in Ireland. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include risks associated possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is 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.
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