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GBML Announces LOI to Exclusively Negotiate an Option to Lease the Mineral Rights in the Michigan Based Sawyer Camp, a Prospective Nickel, Copper Property
Vancouver, British Columbia--(Newsfile Corp. - September 8, 2020) - Global Battery Metals Ltd....
About this update from Global Battery Metals Ltd.
[{"type":"text","content":"GBML Announces LOI to Exclusively Negotiate an Option to Lease the Mineral Rights in the Michigan Based Sawyer Camp, a Prospective Nickel, Copper PropertyVancouver, British Columbia--(Newsfile Corp. - September 8, 2020) - Global Battery Metals Ltd. (TSXV: GMBL) (FSE: REZ) (OTCQB: REZZF) (the \"Company\" or \"GBML\") is pleased to announce that it has entered into a non-binding letter of intent (the \"LOI\") with a USA corporation (\"USCORP\") pursuant to which the parties have agreed to exclusively negotiate an option agreement (the \"Option Agreement\") that provides GBML with an option to lease the mineral rights of the Sawyer Camp from USCORP.The Sawyer Camp is located approximately 50 km to the south of the Eagle Mine, which is owned by Lundin Mining Corporation. The Eagle and Eagle East deposits had a Proven and Probable Mineral Reserve of 4.8 million tonnes grading 2.8% Ni and 2.4% Cu along with credits of Co, Pt, Pd and Au (effective December 31, 2016). The Eagle deposit was discovered by Rio Tinto plc and put into production by Lundin in 2014.Readers are cautioned that the information in this press release regarding the Eagle mine is not necessarily indicative of the mineralization on the property of interest.GBML first visited the Sawyer Camp in 2018. No other drilling or ground geophysics have been done; however, GMBL expects that drilling three 250 m core holes will advance its understanding of the geology. The holes will test for the presence of Precambrian aged peridotite intrusions that are the host rock for the nickel-copper mineralization at the Eagle Mine.The LOI provides that GBML has one year to complete its due diligence and exclusively negotiate the Option Agreement. During this period, GBML intends to drill three test core holes. To achieve this, GBML has: (i) hired a Michigan-based geological and permitting service provider; (ii) a drill permit application in progress; (iii) initiated talks with a local drill contractor; and (iii) planned the drilling to commence in early October, at a maximum cost of US$150,000.Should the drill results yield satisfactory results, the LOI provides that GBML and USCORP will commence good faith negotiations to execute a mineral lease agreement to be completed within the one-year period after the date of the LOI. The LOI provides that the Option Agreement will be on terms acc...