Battery Mineral Resources Corp. press release

Battery Mineral Resources Announces Intercept of 53 Meters of 2.34% Copper from Dalmacia Target at Its Punitaqui Mine

2022-03-02

TSXV - TSX Venture Exchange · Copper · Gold · Silver · Iron · Cobalt · Nickel · Lead · Zinc · Graphite · Canada · Drill Results

Vancouver, British Columbia--(Newsfile Corp. - March 2, 2022) - Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) ("Battery" or "BMR" or the "Company") is extremely pleased to announce encouraging drill core assay results from the recently completed phase 1 exploration and in-fill drill program at the Dalmacia target of the Punitaqui mine complex ('Punitaqui") in Chile. Drilling continues at the Cinabrio Norte target where three diamond drills are in operation. The Punitaqui mine is slated for resumption of copper concentrate production in mid to late-2022.

Dalmacia is located in the southern portion of Punitaqui about 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 (see Figure 1).

Highlights

At Dalmacia, phase 1 drilling has concluded for a total of 9,757 meters in 52 diamond drill holes. New assay results for the following Dalmacia drillholes include the following (see Table 1): DS-21-21: 53 meters ("m")at 2.34% Copper ("Cu")including 17mat 3.77% Cu DS-21-26: 33m at1.64% Cuincluding 21m at2.05% Cu DS-21-18: 68m at1.14% Cuincluding14m at2.07% Cu DS-21-09: 16m at1.84% Cu including12m at2.18% Cu DS-21-28: 20m at1.38% Cuand 3m at1.13% Cu DS-21-20: 14m at1.30% Cuand 4m at1.79% Cu DS-21-25: 20m at1.22% Cuincluding 6m at2.87% Cuand 6m at1.46% Cuand 5m at1.57% Cu DS-21-23A: 18m at1.05% Cuand 19m at1.36%Cu including 5m at2.44% Cu DS-21-15:8m at1.14% Cu including 3m at1.58% Cu DS-21-19: 36mat 0.99% Cuand 6mat 1.30% Cu DS-21-24: 21m at0.64% Cuincluding 4m at1.21%Cu DS-21-27: 5m at1.45% Cu DS-21-22: 4m at3.60% Cuand 3m at1.12%Cu

Significant copper mineralization was reported in 43 of the 52 holes in the phase 1 Dalmacia program. Detailed core logging and assaying is in progress for the remainder of the completed drillholes. Once final assays results are received, the new 3D geological model and assay database will form the basis of a resource estimate to be completed by JDS Energy & Mining Inc. Planning for both a follow-up infill program at Dalmacia and an exploration and infill drill test of the remaining 1,000m strike length at Dalmacia is underway.

Battery CEO Martin Kostuik states; "The conclusion of this phase of drilling at Dalmacia further confirm the high-grade nature of the copper mineralization at Dalmacia. Overall, the 2021-2022 Dalmacia North assay results are far better than expected with significant copper mineralization reported in 43 of the 52 holes of the program. These results clearly delineate high-grade copper grades over significant intervals and have greatly enhanced our understanding of the structural controls for the copper mineralization at Dalmacia. We look forward to future infill and step-out drilling along the 1,000m of strike length at Dalmacia not tested during the 2021-2022 phase 1 program.

"Now, with the recently announced completion of the phase 1 drilling at our San Andres target and this announcement, we are two steps closer to providing the market with BMR's maiden resource statement for Punitaqui. Continued results like these strengthen our resolve for the planned restart of our former producing Punitaqui copper mine in Chile which gives 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 remaining drill program in the coming weeks."

Dalmacia Drill Program

The Dalmacia target is in the southern portion of the Punitaqui area about 6km south of the Punitaqui processing plant (see Figure 1). Prior to the 2021 program, 229 drill holes (98 RC holes and 131 diamond core holes) had been drilled at Dalmacia for a total of 53,294m. Historic exploration drilling (1994-2020) at Dalmacia outlined a zone of oxide and sulphide copper mineralized striking northeast - southwest over a 1.6km strike length. The current BMR drilling is focused on the Dalmacia North zone (600m strike length) situated in the northeast portion of the Dalmacia target.

The geological setting of the Dalmacia target is different from the Cinabrio orebody which is located 20 kilometers to the north. Dalmacia is situated within a roof-pendant of volcanic rocks, with minor calcareous intercalations of Middle to Upper Jurassic age. This volcano-sedimentary complex is intruded by younger aged granites located in a reverse fault.

Copper-gold mineralization is related to regional structures and deformation zones, 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. These controls have different geometries leading to complex orebody shapes. 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 current Phase 1 drill program is 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.

The recently completed phase 1 drill program consisted of 9,757m in 52 diamond core holes (see Figure 2 and Figure 3). Complete assay results were recently received for thirteen holes: DS-21-09, DS-21-15, DS-21-18 to DS-21-22, DS-21-23A and DS-21-24 to DS-21-28 (see Table 1). A summary of the targeting rationale and results for these recent drillholes follows below.

DS-21-09 was planned to test the down-dip and northern extent of copper mineralization intersected in two historic holes; DAL-20 that produced a 27m intercept of0.91% Cuand DS-14-17 (27m at1.84% Cu). The new hole did not intersect mineralization at the target depth and defined the northern limit of the mineralization intersected in DAL-20 and DS-14-17. In the upper part of DS-21-09 an intersection of 16m at1.84% Cufrom 98m including 12m at2.18%Cufrom 101m is interpreted to be an extension of the intersection of 32 m at 1.43% Cu, in DS-21-08. A narrow zone of 2m grading1.35% Cuwas intersected at depth from 234m.

DS-21-15 was designed to test both the down-dip and westward extent of the high-grade copper intersected in historic hole DAL-18 (21m at2.56% Cu). The new hole successfully intercepted a 23m well-mineralized section, between 122m - 145m downhole, which hosted the same altered and mineralized vesicular ocoite as DAL-18. Significant intercepts in DS-21-15 are8m at1.14% Cu from 128m downholeincluding3m at1.36% Cu from 133m.

DS-21-18 was designed as an infill hole to test the upper high-grade intercept found in historic hole SD-04 (38m at2.35% Cu from 24m). Hole DS-21-18 encouragingly encountered both oxide and sulphide copper mineralization from surface to 80m. The hole undercut the modelled plunging high-grade sulphide mineralization and intersected a broad intercept of oxide and sulfide copper (68m at1.14% Cu)from 12m downhole (including 14m at2.07% Cu oxides) and also a deeper sulphide interval of 8mat 1.50% Cufrom 72m.

DS-21-19 was also drilled as an infill hole to follow-up a deeper intercept in historic hole SD-04 (28m grading1.38% Cu). The hole intersected copper oxide mineralization from 12m - 45m transitioning to copper sulphides between 50m and 80m. Significant mineralized intercepts reported are 36mat 0.99% Cufrom 12m downhole and 6mat 1.30% Cu from 66m.

DS-21-20 was planned as a 35m up-dip test of the extent of the lower intercept reported in BMR step-out hole DS-21-06 (95m at0.78% Cu from 167mincluding29m at1.45% Cu, including a higher-grade interval of 14m at2.44% Cu)and DS-21-14 (9m at1.53% Cu). The new hole was successful as it intersected moderate to high grade mineralization from 56m to 90m and several zones of moderate chalcopyrite and bornite mineralization from 90m to 135m. Significant assay intervals include 14m at1.30% Cufrom 56m downhole including 8m at1.27% Cufrom 62m and 4m at0.72% Cufrom 116m and 4m at1.79% Cufrom 140m. The hole did not intersect significant mineralization at the target depth indicating that the mineralization intersected in drill holes DS-21-06 and DS-21-14 cuts out to the north.

DS-21-21 was planned to test the south extent of mineralization intersected in DS-14-13 (7m at1.62% Cu). This hole successfully extended the mineralization to the south by intersecting a section of variably mineralized sandstone from 67.6m to 72m and well mineralized vesicular ocoite and andesite from 72m to 123m. Significant assay intervals included 53mat 2.34%Cu from 68m downhole including 45m at 2.57%Cu from 76m and including 17mat 3.77% Cu from 104m.

DS-21-22 was a step-out hole to test the up-dip extent of mineralization in DS-21-17(assays pending) and explore the area north of the current drilling. The hole cut a section consisting of moderate to high grade mineralization from 61m to 69m and weak to moderate mineralization from 69m to 148m. The lower part of the drill hole, from 182m to 202m, intersected a massive diorite intrusive with disseminated pyrite. Assay intercepts reported included 4m at3.60% Cufrom 60m downhole and 3m grading1.12%Cufrom 93m and a third intercept of 2m at1.06% Cufrom 128m.

DS-21-23A was planned to test north of the DS-21-16 intercepts (8mat 5.29% Cuand 8mat 3.53% Cu). The hole intersected several zones of moderate mineralization between 14m and 94m and a zone of high-grade mineralization from 94 to 102 meters. Zones of moderate to high grade copper deeper in the hole at 102m to 115m. Assay intervals confirmed the mineralization continued to the north and included 18m at1.05% Cufrom 39m downhole including 4m at1.92%Cuand including 2m at2.05% Cuas well as a second mineralized intercept of 19m at1.36% Cufrom 94m including 5m at 2.44% Cufrom 97m and including 3m at1.96% Cufrom 110m.

DS-21-24 was designed as an infill hole to test down-dip and east of the DS-21-21 (53mat 2.34%Cu from 68m downhole including 45mat 2.57%Cu from 76m and including 17mat 3.77% Cu from 104m). The section drilled consisted of moderately mineralized sandstone from 77.8m to 81.2m and well mineralized vesicular ocoite from 81.2m to 118m.The hole intersected 21m at0.64% Cufrom 75m downhole including 4m at1.21%Cufrom 92m as well as a second intercept of 2m at1.02% Cufrom 115m.

DS-21-25 was drilled to test the southward extension of mineralization intersected in drillhole DS-21-06. The new hole successfully intersected 20m at1.22% Cufrom 52m downhole including 6m at2.87% Cufrom 52m. This mineralization is interpreted to be an extension of the intersection of 17m at4.38% Cu,in historic hole SD-37. Deeper intersections of 6m at1.46% Cufrom 210m and 5m at1.57% Cufrom 224m are interpreted as southward down dip extensions of the mineralization intersected in drillhole DS-21-06 from 243 to 262 (19m at1.10% Cu).

DS-21-26 was designed as an infill hole to test the dip direction of several zones of mineralization intersected in DS-21-07 (33m at1.77% Cu, including intervals of 9.0m at 3.44% Cu)and DS-11-13 (22.9m at1.14% Cu from 27.5m). The hole intersected moderately to strongly mineralized andesite from 77m to 104m that produced an assay interval of: 33m at1.64% Cufrom 72m downhole including 21m at2.05%Cufrom 77m. This mineralized interval is interpreted to be a down dip and southward projection of the mineralized interval in the upper part of DS-11-13.

DS-21-27 is an infill hole to test northern and deeper extent of mineralization intersected in DS-21-16 (8mat 5.29% Cuand 8mat 3.53% Cu). The hole cut a section of variably mineralized sandstone units from 60.4m to 64m and moderately mineralized vesicular ocoite from 64m to 84m. This intersection yielded a 5m interval grading1.45% Cufrom 68m downhole.

DS-21-28 was designed as an up-dip test of mineralization encountered in holes DS-21-06 (29mat 1.45% Cufrom 183m and 19m at 1.10% Cufrom 243m) and DS-21-14 (15m at1.16% Cufrom 145 and 9m at 1.53% Cu from 186).The intersections in DS-21-28 are interpreted to correlate with these intersections are 20m at1.38% Cu intercept from 79m downhole and an interval of 3m at1.13% Cufrom 106m.

Significant BMR assay results received to date for the Dalmacia 2021 drilling include the following (see Table 2):

DS-21-01: 23m at1.16% Cu,including 13m at1.56% Cu DS-21-02: 11m at1.08% Cu, including 4m at2.32% Cu DS-21-03: 15m at1.01% Cu, including4m at2.47% Cu DS-21-04: 13m at0.64% Cu including 2m at1.24% Cu DS-21-05:6m at1.16% Cu DS-21-06:32m grading 0.73% Cu including16m at1.15% Cu and95m at0.78% Cu including29m at1.45% Cu, including a higher-grade interval of 14m at2.44% Cu DS-21-07: 33m at1.77% Cu, including intervals of 9.0m at 3.44% Cu, and 7m at2.54% Cu, and 10m at 0.84% Cu, and 6m at2.19% Cu DS-21-08: 102mat 1.41%Cuincluding 78mat 1.67% Cuand 16mat 3.52% Cu DS-21-10: 2mat 2.40% Cu DS-21-11: 24mat 1.04% Cuincluding 4mat 1.60% Cuand an interval of 6mat 1.95% Cu DS-21-12: 11mat 0.82% Cu DS-21-13: 18mat 1.61% Cu, 12mat 2.13% Cuincluding 8mat 2.95% Cuand an interval of 5mat 3.26% Cuas well as an intercept of 7m at 1.87% Cu DS-21-14: 9mat 0.74% Cuincluding 4mat 1.03% Cu, 15mat 1.16% Cuincluding 7mat 1.44% Cuand an interval of 9mat 1.53% Cuand another intercept of 4mat 1.50% Cu DS-21-16: 8mat 5.29% Cuand 8mat 3.53% Cu

Table 1: New BMR-Dalmacia Target Significant Assays

| Drillhole Number | From | To | Sample Interval (m) | Copper | Silver | Gold | | (m) | (m) | Cu (%) | Ag (g/t) | Au (g/t) | | | | DS-21-09 | 89 | 91 | 2 | 0.88 | 1.3 | - | | and | 98 | 114 | 16 | 1.84 | 0.5 | - | | including | 101 | 113 | 12 | 2.18 | 0.6 | - | | and | 234 | 236 | 2 | 1.35 | 0.5 | - | | DS-21-15 | 128 | 136 | 8 | 1.14 | 1.2 | 0.023 | | including | 128 | 131 | 3 | 1.58 | 1.8 | 0.032 | | and | 133 | 136 | 3 | 1.36 | 1.3 | 0.025 | | DS-21-18 | 12 | 80 | 68 | 1.14 | 0.9 | - | | including | 12 | 38 | 26 | 1.48 | 0.8 | - | | including | 12 | 26 | 14 | 2.07 | 1 | - | | and | 46 | 62 | 16 | 1.43 | 1.4 | - | | and | 72 | 80 | 8 | 1.5 | 1.1 | 0.009 | | DS-21-19 | 12 | 48 | 36 | 0.99 | 0.3 | - | | and | 66 | 72 | 6 | 1.3 | 0.7 | - | | DS-21-20 | 56 | 70 | 14 | 1.3 | 0.7 | - | | including | 62 | 70 | 8 | 1.27 | 0.9 | 0.521 | | and | 116 | 120 | 4 | 0.72 | 0.1 | - | | and | 140 | 144 | 4 | 1.79 | 0.4 | - | | DS-21-21 | 68 | 121 | 53 | 2.34 | 0.8 | - | | including | 76 | 121 | 45 | 2.57 | 0.9 | 0.047 | | including | 104 | 121 | 17 | 3.77 | 0.8 | 0.1 | | DS-21-22 | 60 | 64 | 4 | 3.6 | 2.5 | - | | and | 93 | 96 | 3 | 1.12 | 0.3 | 0.044 | | and | 128 | 130 | 2 | 1.06 | 0.1 | - | | DS-21-23A | 39 | 57 | 18 | 1.05 | 0.3 | - | | including | 40 | 44 | 4 | 1.92 | 0.9 | 0.069 | | including | 48 | 50 | 2 | 2.05 | 0.1 | 0.178 | | including | 55 | 57 | 2 | 1.54 | 0.1 | 0.065 | | and | 94 | 113 | 19 | 1.36 | 0.8 | - | | including | 97 | 102 | 5 | 2.44 | 1.1 | 0.468 | | and | 110 | 113 | 3 | 1.96 | 1.7 | 0.112 | | DS-21-24 | 75 | 96 | 21 | 0.64 | 0.8 | - | | including | 92 | 96 | 4 | 1.21 | 2.1 | - | | and | 115 | 117 | 2 | 1.02 | 0.6 | - | | DS-21-25 | 52 | 72 | 20 | 1.22 | 1.2 | - | | including | 52 | 58 | 6 | 2.87 | 3.2 | 0.149 | | and | 210 | 216 | 6 | 1.46 | 0.3 | - | | and | 224 | 229 | 5 | 1.57 | 0.1 | - | | DS-21-26 | 72 | 105 | 33 | 1.64 | 4.8 | - | | including | 77 | 98 | 21 | 2.05 | 6.9 | - | | DS-21-27 | 68 | 73 | 5 | 1.45 | 0.7 | - | | including | 68 | 72 | 4 | 1.64 | 0.8 | 0.005 | | DS-21-28 | 79 | 99 | 20 | 1.38 | 0.6 | - | | and | 106 | 109 | 3 | 1.13 | 0.9 | 0.079 | | and | 121 | 123 | 2 | 1.15 | 0.1 | 0.079 |

Note: All intervals are downhole core lengths

Table 2: Earlier 2021 BMR - Dalmacia Target Significant Drill Assay Intervals

| Drillhole Number | From | To | Sample Interval (m) | Copper | Silver | Gold | | (m) | (m) | Cu (%) | Ag (g/t) | Au (g/t) | | | | DS-21-01 | 79 | 91 | 12 | 1.79 | 2.5 | 0.028 | | including | 80 | 88 | 8 | 2.44 | 3.2 | 0.035 | | and | 105 | 128 | 23 | 1.16 | 1.7 | 0.016 | | including | 115 | 128 | 13 | 1.56 | 2.1 | 0.024 | | including | 115 | 122 | 7 | 2.32 | 3.1 | 0.036 | | and | 137 | 139 | 2 | 1.06 | 0.7 | 0.03 | | and | 180 | 184 | 4 | 0.89 | 0.4 | - | | and | 220 | 224.9 | 4.9 | 0.72 | 0.6 | - | | DS-21-02 | 22 | 29 | 7 | 1.67 | 2.6 | 0.08 | | and | 64 | 74 | 10 | 1.03 | 2.1 | - | | including | 64 | 67 | 3 | 1.49 | 2.3 | - | | and | 71 | 73 | 2 | 2.34 | 5 | - | | and | 99 | 106 | 7 | 2.58 | 2.7 | - | | and | 177 | 188 | 11 | 1.08 | 0.9 | 0.08 | | including | 177 | 181 | 4 | 2.32 | 1.4 | 0.17 | | including | 177 | 180 | 3 | 2.9 | 1.7 | 0.22 | | DS-21-03 | 46 | 61 | 15 | 1.01 | 1.2 | 0.017 | | including | 46 | 50 | 4 | 2.47 | 3.1 | 0.05 | | DS-21-04 | 70 | 76 | 6 | 0.71 | 0.9 | 0.012 | | including | 72 | 76 | 4 | 0.87 | 1 | 0.01 | | and | 89 | 102 | 13 | 0.64 | 0.9 | - | | including | 93 | 95 | 2 | 1.24 | 1.5 | - | | DS-21-05 | 52 | 58 | 6 | 1.16 | 1.7 | 0.017 | | and | 131 | 132 | 1 | 1.81 | 0.4 | 0.695 | | and | 141 | 143 | 2 | 2.98 | 5 | 3.835 | | and | 155 | 156 | 1 | 3.22 | 2 | - | | DS-21-06 | 37 | 69 | 32 | 0.73 | 0.5 | - | | including | 37 | 53 | 16 | 1.15 | 0.6 | 0.06 | | including | 37 | 44 | 7 | 1.75 | 0.8 | 0.079 | | and | 112 | 115 | 3 | 2.14 | 0.6 | 0.03 | | and | 134 | 139 | 5 | 1.58 | 0.4 | 0.019 | | and | 167 | 262 | 95 | 0.78 | 0.5 | - | | including | 167 | 170 | 3 | 1.84 | 0.8 | 0.096 | | and | 183 | 187 | 4 | 1.75 | 0.6 | 0.071 | | and | 19 | 262 | 65 | 0.93 | 0.5 | - | | including | 197 | 211 | 14 | 2.44 | 0.7 | 0.039 | | and | 243 | 262 | 19 | 1.1 | 0.6 | 0.022 | | including | 243 | 251 | 8 | 1.88 | 0.7 | 0.029 | | and | 260 | 262 | 2 | 1.79 | 0.7 | 0.06 | | DS-21-07 | 24 | 57 | 33 | 1.77 | 1.5 | 0.052 | | including | 24 | 33 | 9 | 3.44 | 1.6 | 0.167 | | and | 39 | 46 | 7 | 2.54 | 3.5 | 0.02 | | and | 84 | 94 | 10 | 0.84 | 1.2 | 0.032 | | and | 176 | 182 | 6 | 2.19 | 0.4 | - | | DS-21-08 | 48 | 150 | 102 | 1.41 | 1.2 | - | | including | 48 | 126 | 78 | 1.67 | 1.4 | - | | including | 48 | 64 | 16 | 3.52 | 4.5 | 0.017 | | DS-21-10 | 138 | 140 | 2 | 2.4 | 1 | - | | DS-21-11 | 59 | 61 | 2 | 1.14 | 2 | 0.043 | | and | 78 | 102 | 24 | 1.04 | 0.5 | - | | including | 78 | 88 | 10 | 1.06 | 0.5 | - | | including | 78 | 82 | 4 | 1.6 | 0.4 | - | | including | 86 | 88 | 2 | 1.78 | 1 | - | | and | 96 | 102 | 6 | 1.95 | 0.4 | - | | DS-21-12 | 116 | 121 | 5 | 0.62 | 1 | - | | and | 143 | 145 | 2 | 0.95 | 1 | - | | and | 161 | 172 | 11 | 0.82 | 0.5 | - | | DS-21-13 | 44 | 62 | 18 | 1.61 | 0.7 | 0.01 | | and | 135 | 147 | 12 | 2.13 | 1.5 | - | | including | 139 | 147 | 8 | 2.95 | 1.9 | - | | and | 157 | 162 | 5 | 3.26 | 0.9 | - | | and | 181 | 188 | 7 | 1.87 | 0.7 | - | | DS-21-14 | 73 | 82 | 9 | 0.74 | 0.7 | 0.038 | | including | 78 | 82 | 4 | 1.03 | 0.7 | 0.05 | | and | 145 | 160 | 15 | 1.16 | 0.4 | - | | including | 145 | 152 | 7 | 1.44 | 0.4 | - | | and | 172 | 174 | 2 | 1.11 | 0.4 | - | | and | 186 | 195 | 9 | 1.53 | 1.6 | 0.052 | | and | 205 | 209 | 4 | 1.5 | 0.4 | 0.24 | | DS-21-16 | 74 | 82 | 8 | 5.29 | | 0.026 | | and | 102 | 110 | 8 | 3.53 | | 0.065 |

Note: All intervals are downhole core lengths

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Figure 1: Punitaqui Drill Target Location Map- Dalmacia 6 Kilometers South of the Punitaqui Copper Processing Plant

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Figure 2: Dalmacia Target Map Drill Collar Plan

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Figure 3: Dalmacia North Target Drill Collar Plan