Battery Mineral Resources Corp. (TSXV: BMR) has revealed promising drill core assay results from its 2024 underground exploration and in-fill drilling program at the Punitaqui mine complex in Chile. This development follows the resumption of mill operations and copper concentrate production at Punitaqui, which was announced on May 13, 2024.
The latest drilling campaign, which targets the San Andres and Cinabrio mines, has yielded encouraging results. Assay results from several drillholes have shown significant copper and silver mineralization. For instance, drillhole SAM-24-01 reported 4.3 meters at 1.4% total copper and 24 grams per tonne (g/t) silver.
The initial underground drilling at San Andres aimed at a scheduled production area, encompassing 282 meters of diamond core drilling across five drillholes. Three of these were designed to confirm the modelled geology and copper grade within the planned extraction area. The remaining two holes explored the potential extensions of mineralization. The 2024 drill program is designed to confirm and expand previously identified resources along the north and south strike and at depth.
Battery CEO Martin Kostuik expressed optimism about the new findings, highlighting that the drilling confirmed existing copper grades and better delineated the mineralization's extent. Kostuik emphasized that these results demonstrate the company's understanding of the geological controls of copper mineralization and the potential to discover additional resources without extensive capital investment in mine development.
The new drill results are expected to enhance Battery's three-dimensional geology and resource models, assisting mining engineers in updating current mine designs and optimizing mining schedules. Currently, one contract underground diamond drill is operating on-site, with drilling activities ongoing in the Cinabrio underground area, where assay results are pending.
This new drilling initiative follows a successful surface drill program, which reported significant resources of 6.172 million tonnes of Indicated at 1.14% CuT and 3.07 million tonnes of Inferred at 0.93% CuT. The Punitaqui mill is planned to consume approximately 1 million tonnes per annum, making the identification of new resources crucial for operational efficiency.
During the operational ramp-up period, the underground drilling program focuses on upgrading accessible targets within the existing Inferred Resource to a higher resource category and targeting areas adjacent to the Inferred Resource for potential new resources. The 2024 drill plan allows for flexible timing and sequencing of target areas between the Cinabrio mine and the adjacent San Andres underground.
The San Andres resource is part of the Punitaqui project, located within a 25km long mineralized district known for its copper-silver veins. Historically, San Andres had limited extraction activities until the Chilean national company ENAMI developed exploration tunnels targeting copper sulphides in 2000. The area became part of the Punitaqui mine complex in 2005.
Battery's recent drilling program at San Andres reported significant intercepts, confirming the modelled geology and copper mineralization extent. These findings are expected to contribute to additional resources, enhancing the mine's production potential without significant new investments.
Battery Mineral Resources Corp. aims to build a mid-tier copper producer and has initiated mine and mill operations at the Punitaqui Mining Complex. The company focuses on providing shareholders exposure to copper and the global trend of electrification while pursuing growth through cash flow, exploration, and acquisitions in favorable mining jurisdictions.
