Battery Mineral Resources Corp. has announced encouraging drill core assay results from the recently completed Phase 1 exploration and infill drill program at the Dalmacia zone of the Punitaqui mine complex in Chile. The Punitaqui mine is slated for resumption of mine operations in the second half of 2022.
The Dalmacia target is located in the southern portion of the Punitaqui area approximately 6 kilometers (“km”) south of the Punitaqui copper processing plant. The Dalmacia target has underground mining access, partially delineated mineralized zones and is targeted as a potential new source of ore feed to the Punitaqui plant.
Highlights
- The phase 1 drill program at Dalmacia has been completed and comprised of 9,757 meters in 52 drill holes.
- Geological drill cross-sections were compiled, and an updated 3D geological model has been finalized.
- The new 3D geological model and assay database will form the basis of a resource estimate to be completed by consultants JDS Energy & Mining Inc.
- Planning for a follow-up infill Reverse Circulation (“RC”) program at Dalmacia North and an exploration and infill drill test of the remaining 1,000m strike length at Dalmacia is complete and a number of new drill pads have been constructed.
Battery CEO, Martin Kostuik states; “We continue to advance the Punitaqui project via drilling, metallurgical testing, permit modifications, community relations and are gaining clarity on non-dilutive financing for the capital required for resumption of operations at Punitaqui. These drilling results further confirm the high-grade of the copper mineralization at Dalmacia North. Overall, the 2021-2022 Dalmacia North assay results are far better than expected. These results clearly delineate high-grade copper grades over significant intervals including: 23m at 1.55% Cu, 18m at 1.51% Cu and 11m at 1.96% Cu.“
“We are very pleased with the Dalmacia Phase 1 drill program results – continued results like these leading to the planned restart of our former producing Punitaqui copper mine, will give our investors an opportunity to participate in a potentially significant re-rating in BMR’s valuation as we transition from development to operations and positive cash flow. We look forward to providing further exciting updates for the drill program as we continue to progress.”
The 2021-22 phase 1 drill program consisted of 9,757.56m in 52 diamond core holes. The geological setting of the Dalmacia target is different from the Cinabrio orebody which is located 20 kilometers to the north. At Dalmacia, structurally controlled copper-gold mineralization is developed in the contacts between granite, sub-volcanic andesitic porphyry intrusives and volcano-sedimentary rocks. Controls on mineralization include small scale shear zones, intrusive contacts, vesicular andesites and alteration zones. High grade copper mineralization occurs in small high-grade pods which locally occur in clusters enveloped in low grade mineralization.
The upper portion of the Dalmacia target is accessed via a portal and an underground ramp with limited level development. The Phase 1 drill program focused on the northernmost 600m of the zone, was designed to infill and confirm the continuity of mineralization between previous drilling and includes a series of step-out holes to test the potential adjacent to the main zone of copper-gold-silver mineralization as defined by historic drilling.