Global Battery Metals Exercises Second Leinster Option
TM! is pleased to announce that Global Battery Metals Ltd, an international critical mineral exploration and development company focused on growth-oriented lithium and battery metal projects, has elected to exercise its Second Option
Technology Minerals Plc (LSE: TM1), the first listed UK company focused on creating a sustainable circular economy for battery metals, is pleased to announce that Global Battery Metals Ltd (“GBML”), (TSXV: GBML; OTCQB: REZZF; Frankfurt: REZ), an international critical mineral exploration and development company focused on growth-oriented lithium and battery metal projects, has elected to exercise its Second Option (“Second Option Earn-In”) with respect to the Company’s Leinster Lithium Property in the Republic of Ireland (“the Property” or the “Project”).
The Leinster Property is currently operated as an Earn-in Option between LRH Resources Limited (Ireland) (“LRH”) (a wholly-owned subsidiary of the Company) and GBML. The Project is operated under an exclusive Earn-in and option agreement with GBML with no project expenditure required by the Company. With the Second Option Earn-In exercise, GBML will acquire an additional 37.5% equity interest, bringing GBML’s total equity interest in the Project to 55%. Having now spent the required €500,000 on Property exploration and development, GBML will pay Technology Minerals €5,000 in cash and issue 385,000 common shares at a deemed price of $0.17 per share, on or about on July 27, 2023.
The issuance of the common shares remains subject to the approval of the TSX Venture Exchange. Project fulfilment requirements were previously announced in GBML’s news release on 19 August, 2022.
The Project, located south of Dublin in the counties of Wicklow and South Carlow in the Republic of Ireland, is a promising lithium pegmatite project consisting of 16 prospecting license areas situated adjacent to the joint Ganfeng Lithium / International Lithium Corporation Blackstairs Lithium Project, and covering approximately 525 km² along and adjacent to the East Carlow Deformation Zone which is recognised as a major controlling structure to pegmatite emplacement.
The Project’s maiden drill programme, currently underway at the Knockeen Prospect, is permitted for up to 10 drill holes and has recorded multiple pegmatite intercepts in the first holes, which are currently being processed and analysed. Exploration activities have confirmed expansive lithium mineralisation across a number of Project areas, with assay results of 66 rock samples released by ALS Laboratories earlier this year returning Li 2 O% lithium contents ranging up to 3.75 % Li 2 O / 17,410 ppm Li.
Alex Stanbury, CEO of Technology Minerals, said: "It is pleasing to see Global Battery Metals exercise their second option at the Leinster Lithium Property, which is a demonstration of their confidence and commitment to further advancing work on the project. The Leinster Property is also an illustration of our strategy to advance early-stage projects, attract potential joint venture partners, and bring additional value to Technology Minerals.”
Responsibility to the Environment
All mineral exploration activities in Ireland take place under the auspices of the GSRO, a division within the Government Department of the Environment, Communications & Climate Change. Exploration is governed under the framework of both Irish and EU legislation that has been implemented to ensure that the environment is protected during exploratory work. Prospecting licence holders must comply with all of the relevant legislation. The Company is pleased to confirm that it adheres to the highest standards of good practice in relation to its ongoing exploration activities having completed a detailed GSRO “Appropriate Assessment” process prior to commencement and which was reviewed, approved and signed off by the appropriate oversight authorities.
All scientific and technical information in this announcement has been prepared under the supervision of and reviewed and approved by EuroGeol Vaughan Williams, M.Sc., P.Geo., (Principal of Aurum Exploration Services currently providing exploration services to GBML and to LRH Resources Limited (“LRH”), a “qualified person” within the meaning of National Instrument 43-101.