Global Battery Metals Outlines Drilling Program for North-West Leinster Lithium Project in Ireland
Vancouver, British Columbia--(Newsfile Corp. - January 21, 2021) - Global Battery Metals Ltd. (TSXV: GBML) (OTCQB: REZZF) (FSE: REZ) (the "Company" or "GBML") is pleased to announce that its Board of Directors has approved an initial drill program at the North-West Leinster Lithium Project ("NW Leinster Project") in Ireland.
"We are very excited to begin drilling our North-West Leinster Lithium Project in Ireland," stated Michael Murphy, President & CEO. "We have identified four high-priority targets and will test the Aghavanngh target with our initial drill program. The target areas are near the Avalonia project, where Ganfeng and International Lithium have previously drilled high-grade pegmatite (see below). With $1.4 million in our treasury, and a drill budget of up to $150,000, we are fully funded to rapidly advance lithium exploration activities at North-West Leinster."
Highlights of 2021 Drill Program at NW Leinster
- Initial drill program to target the Aghavannagh area with three holes totalling 450 metres.
- Previous work at Aghavannagh located pegmatite float at the granite/metasediment contact containing visible spodumene that returned a value of 8,280 ppm Li (1.78% Li2O). Details of this work can be found in the Jan.19, 2019 Press Release.
- NW Leinster located within 20km of property being drilled by, Chinese lithium company, Ganfeng Lithium Co. Ltd.
- Government stream sample survey confirms the presence of anomalous lithium on surface at the property (see Figure 1) and confirmed with our previous sampling.
- Application initiated with Exploration and Mining Division (EMD) and Quilchena (crown corporation focusing on forestry) with approvals expected within 6-8 weeks.
- Drill targets are easily accessed via logging roads, and within 50km of Dublin, Ireland.
About North-West Leinster Lithium Project
The NW Leinster Project is focused on the exploration for lithium mineralization (spodumene pegmatites) in the north of the Leinster Massif in south-east Ireland. The project area is covered by fifteen (15) prospecting licences termed the North-west Leinster Block which covers a total area of 477.39 km2. The prospecting licences were granted to LRH Resources Limited in October 2018 and are valid for an initial period of six-years from that date. GBML has an option agreement to earn 90% (details below).
The NW Leinster Project is located at the north-east end of the East Carlow Deformation Zone (ECDZ) with licences also located to the north of this zone in interpreted similar structural settings. To the immediate south-east, a 55km long zone of discrete lithium-bearing pegmatites and aplites, centred on the Aclare deposit was discovered during 1960s and 1970s near the contact of the Tullow Lowlands granite pluton with the Lower Palaeozoic metasediments which are considered genetically as well as spatially related to the ECDZ. The Aclare deposit (part of International Lithium Corp - Ganfeng Lithium Co. Ltd JV's Avalonia Project) reportedly comprises of a 20m wide spodumene pegmatite zone with a historical resource estimate of 570,00 tonnes grading 1.5% Li20. The strike length of the primary target zone is approximately 550m with best intersections of 2.23% Li20 over 23.3m including 3.43% Li20 over 6m (www.internationallithium.com).
GBML can earn up to 90% in the NW Leinster, with the following option earn-in:
- To earn 17.5% - spend EUR88,000 by Oct 2022 and up to EUR7,500 for licence fees etc. There are no payments to the vendor at this stage.
- To earn 55%, within 2 years of the above or 4 years from Oct 2020, spend EUR500,000 on the property and pay EUR50,000 to vendor (90% can be paid in stock at GBML's discretion).
- To earn 90% - spend EUR1,000,000 and pay EUR200,000 (90% can be stock, at GBML's discretion) within two years of above.
- Project subject to a 2% royalty, 1% can be bought back for EUR1,000,000.
Figure 1: Government of Ireland Lithium Survey and Claim Map (NWL in Blue outlines, Avalonia in Red)
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7080/72457_d6f50e65f467998d_001full.jpg
Qualified Person
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements and has been reviewed and approved by Cameron Bell, P. Geo., a consultant of GBML, and a "qualified person" within the meaning of National Instrument 43-101.
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, OTCBB and Frankfurt. GBML currently has two projects: (1) an option to acquire up to 90 per cent of the North-West Leinster lithium property in Ireland, and (2) a 55-per-cent 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 property for staged payments of $5.75 million (U.S.). GBML will retain a 0.75-per-cent net smelter royalty.
Michael Murphy BA, MBA, MSc., ICD
President & CEO
E: MM@gbml.ca
Forward-Looking Statements
This news release may contain certain "forward looking statements." Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
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