Global Battery Metals Receives Option Payment from Minsur for Lara Copper Project
Vancouver, August 3, 2021 - Global Battery Metals Ltd. (TSXV: GBML) (OTCQB: REZZF) (FSE: REZ) (the "Company" or "GBML") is pleased to announce the planned start of fieldwork and receipt the second option payment from Minsur S.A. ("Minsur") of US$200,000 as part of an Option and Royalty Agreement ("the Agreement") for the Lara Copper Project.
The Lara Copper Project comprises of mineral rights covering a partly defined copper-molybdenum porphyry deposit, located in the Laramate Province of the Ayacucho Department, approximately 40km inland from the town of Palpa on the Pan American Highway. The Project is registered in the name of Minas Dixon S.A., which is in turn owned 55% GBML, and 45% Lara Exploration Ltd. ("LRA").
Under the terms of the Agreement, GBML and LRA have granted Minsur an exclusive option to acquire a 100% interest in the Lara Copper Project by making staged cash payments of US$5.75 million to Minas Dixon S.A. on the satisfaction of various milestones, and with each of GBML and LRA retaining a 0.75% net smelter royalty. Payment milestones for the Agreement are summarized in the following table:
| Milestone/Date | Option Payment | Status |
| Upon Registration of the Agreement before Public Notary | US$59,000 | Received |
| One year from Registration of Agreement | US$200,000 | Received |
| Approval of Environmental Study and Start of Work ("DIA-IA") | US$200,000 | |
| One year from approval of the DIA-IA | US$300,000 | |
| Approval of Semi-Detailed Environmental Study ("EIA-SD") | US$500,000 | |
| One year from approval of the EIA-SD | US$1,500,000 | |
| Upon transfer of Title | US$3,000,000 | |
| Total | US$5,759,000 |
Lara Copper Project - Scheduled Work Activities
Minsur is expected to start fieldwork at Lara next month, including:
- Detailed relogging of 7,345 meters from 27 diamond drill holes
- Review of 2,504 meters from 23 RC drill holes (dependent on the state of the RC rock chips)
- Detailed geological mapping of 1,800 hectares
- Geophysics
Permitting is also underway for a drilling campaign that is targeted to commence in Q2-2022, once the permit has been approved.
Qualified Person
All scientific and technical information in this press release has been prepared under the supervision of Cameron Bell, P. Geo. a consultant and Director 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 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.
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 to be 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/91910
