ASX Announcement

28 April 2022

March 2022 Quarterly Activities Report

HIGHLIGHTS

  • - Aircore drilling activity with 97 holes for 4,167 metres completed at the Coxs Find, Frying Pan, White Rabbit and Rutters Track Prospects (Stavely-Stawell Copper-Gold Project)

  • - Defined broad copper anomalism over the Kent Road Prospect within the Dryden Belt (Stavely-Stawell Copper-Gold Project)

  • - Multiple high priority copper-nickel drill targets defined with drill planning underway (Russells Copper-Nickel Project)

  • - Progressing the completion of sale of the Montepuez and Balama Graphite Projects to Tirupati Graphite (TGR:LSE) for $12.5M in cash and shares, providing exposure to the graphite market whilst focusing the Company on its Australian copper-gold strategy

  • - Executed sale agreement of residual interest in the Kroussou Project, Gabon for $250k in cash

  • - Cash on hand of $2.6M at 31 March 2022

Battery Minerals Limited (ASX: BAT) ("Battery Minerals" or "the Company") is pleased to report on its activities during the quarter ended 31 March 2022 (March 2022 Quarter).

STAVELY-STAWELL PROJECT: COPPER-GOLD (EL6871, BAT 100%)

Drilling Activity

During the March 2022 Quarter, drilling activity comprised 97 drillholes for 4,167m and focused at the Coxs Find, Frying Pan, White Rabbit and Rutters Track Prospects (ASX BAT 23 February 2022).

The aircore drilling is part of an initial 15,000 metre program, designed to identify surface anomalism and follow up bedrock targets for orogenic gold and porphyry copper-gold mineralisation.

Aircore results have defined several zones of interest, including a 1,600m gold anomaly (>0.1g/t Au) at the Nine Mile Prospect and a >800m gold anomaly (>0.2g/t Au) at the Frying Pan Prospect (ASX BAT 29 July 2021), both associated with the regionally prospective Moyston Fault and along strike from the historic Moyston Gold Mine (77koz at 22gpt Au) (ASX BAT 7 December 2021).

Recent results have defined a broad zone of copper anomalism at the Kent Road Prospect coincident with the prospective Mt Stavely Volcanic Complex within the Dryden Belt (ASX BAT 23 February 2022).

Aircore drilling continues into the June 2022 Quarter and is focusing on the Frying Pan, White Rabbit, Coxs Find, Cosmopolitan and Rutters Track Prospects.

Figure 1: Stavely-Stawell Project: planned and completed AC Drilling over RTP magnetic imagery

RUSSELLS PROJECT: COPPER-NICKEL (E80/4944, E80/5116, E80/5347, E80/5348, BAT 100%)

During the March 2022 Quarter, exploration activity comprised final processing of VTEM geophysical data and planning of future drilling activity.

Final processing of VTEM data and interpretation was completed with the identification of six high priority targets considered prospective for copper-nickel mineralisation (ASX BAT 21 March 2022).

The drilling program has been designed to test priority copper ± nickel targets, comprising 6 diamond holes for 1,170m. Several contingency drill sites will also be prepared to allow for flexibility in the drilling schedule based on ongoing results.

Target areas include:

  • • Olympio Target: characterised by a discrete zone of conductivity (650m long at 100m depth) coincident with a concealed, likely structurally thickened portion of the prospective Azura copper trend stratigraphy

  • • Azura East Target: defined by a discrete conductive VTEM anomaly, partly concealed and along strike from the prospective Azura copper trend stratigraphy

  • • Azura North Target: located within the prospective Azura copper trend, defined by a 120m wide zone of anomalous copper at surface with rockchip samples up to 9.7% Cu (ASX BAT 22 June 2021)

  • • Russells Gossan Target: defined by a widespread zone of strong surface copper anomalism, including up to 29.9% in rock chips (ASX BAT 22 June 2021)

  • • Trem Jones Target: lies west of the main Halls Creek Fault and characterised by a zone of conductivity (>1,000m long at 100m depth) along strike from nickel and copper occurrences

    Figure 2: Olympio Target: 3D view from above and facing NE, showing proposed drillhole EPRC001 into modelled VTEM conductor plates

Figure 3: Russells Project: Regional Location Map

Figure 3: Russells Project: Targets Summary with rockchip geochemistry, RTP magnetics, modelled VTEM conductor plates

MOZAMBIQUE PROJECTS: GRAPHITE (8770C, 10031C, 8555, 8609, BAT 100%)

Progressing Completion of Sale Agreement with Tirupati Graphite (TGR:LSE)

During the March 2022 Quarter the Company continued to progress the sale agreements on its Mozambique graphite assets, through the sale of all the shares in its subsidiary Suni Resources S.A., to the London Stock Exchange listed company, Tirupati Graphite plc (TGR:LSE) for a total aggregate consideration of $12.5 million in cash and shares (ASX BAT 17 August 2021).

Subject to all necessary Mozambique Government approvals, the Company expects to complete the transaction before the end of July 2022.

CORPORATE

As of 31 March 2022, the Company had cash and liquid assets of $2.6M (see March 2022 Quarterly Cashflow Report).

The Company entered into a Deed of Termination and Release with Trek Metals (ASX Code: TKM) and Apollo Minerals (ASX Code: AON) to sell its remaining interests in the Kroussou zinc-lead project in Gabon to Apollo Minerals for $250,000 cash (ASX BAT 25 March 2022).

COMMUNITY

Battery Minerals values strong and positive relationships within the local communities where we operate. Recently the Company is proud to be involved and supporting the Halls Gap Zoo 'Rhino Rumble' Program.

Figure 4: Battery Minerals sponsorship of the Halls Gap Zoo 'Rhino Rumble' program

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Battery Minerals Ltd. published this content on 27 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2022 01:03:08 UTC.