Global Battery Metals Increases Drilling Program for North-West Leinster Lithium Project in Ireland
Vancouver, February 16, 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 increased drill program at the North-West Leinster Lithium Project ("NW Leinster Project") in Ireland. The drill program will now consist of six holes.
"This increased drill program at our North-West Leinster Lithium Project in Ireland will allow us to further test the first target," stated Michael Murphy, President & CEO. "The target areas are along the same lithium pegmatite trend as the Avalonia Project, where Ganfeng Lithium Co. Ltd. and International Lithium Corp. have previously drilled high-grade lithium pegmatite at Aclare and Moylisha.*"
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 477.4 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%.
The Aghavannagh target is located on prospecting licence 4541 towards the north-eastern end of the East Carlow Deformation Zone (ECDZ) which passes along the SE margin of the Leinster Granite Massif and with which regional pegmatite development is interpreted to be spatially and genetically related.
The licence block also extends to the north of this licence into areas with similar geological settings and anomalous lithium geochemistry.
The NW Leinster property exhibits a comparable structural and stratigraphic setting to the International Lithium Corp. - Ganfeng Lithium Co. Ltd JV's Avalonia Project which lies between 20km (Moylisha) and 30 km (Aclare) along strike to the south west forming a semi-continuous zone of discrete lithium-bearing pegmatites and aplites. The strike length of the Aclare target zone is reported as 550m with best intersections of 2.23% Li20 over 23.3m including 3.43% Li20 over 6m drill width.*
GBML can earn up to 90% in the NW Leinster Project, 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) with in two years of above, or 6.5 years from now.
- Project subject to a 2% royalty, 1% can be bought back for EUR1,000,000.
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 Vaughan Williams, P. Geo., principal geologist at Aurum Exploration Services Limited and Director of LRH Resources Ltd., 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, OTCQB 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.
NEITHER THE TSX-V NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX-V) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE. NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
*Reference: Press Release, International Lithium Corp. Begins Reconnaissance Program and Renames Blackstairs Lithium Project, Ireland, September 17, 2014 (https://www.internationallithium.com/international-lithium-corp-begins-reconnaissance-program-and-renames-blackstairs-lithium-project-ireland/)
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/74448
