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Global Battery Metals Advances Sawyer Camp Nickel-Copper Project Towards Binding LOI and Applies for State Leases Covering Additional Prospective Property
Vancouver, British Columbia--(Newsfile Corp. - October 8, 2021) - Global Battery Metals Ltd. (...
About this update from Global Battery Metals Ltd.
[{"type":"text","content":"Global Battery Metals Advances Sawyer Camp Nickel-Copper Project Towards Binding LOI and Applies for State Leases Covering Additional Prospective PropertyVancouver, British Columbia--(Newsfile Corp. - October 8, 2021) - Global Battery Metals Ltd. (TSXV: GBML) (OTCQB: REZZF) (FSE: REZ) (the \"Company\" or \"GBML\") announces that it has begun negotiations with the owner of the mineral rights of the Sawyer Camp prospective nickel-copper project in Michigan to amend the current non-binding letter of intent (\"LOI\") to one that is binding upon the parties to the agreement.Michael Murphy, President and CEO, commented: \"We look forward to completing this transaction on the Sawyer Camp project and adding a highly prospective nickel-copper property to our growing battery metals property portfolio.\"The Sawyer Camp is located approximately 50 kilometres 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 per cent nickel and 2.4 per cent copper along with credits of cobalt, platinum, palladium, and gold. (Reference: National Instrument 43-101 compliant technical report entitled \"Technical Report on the Eagle Mine, Michigan, U.S.A.\" dated April 26, 2017, which contains a summary of mineral reserves as of December 31, 2016, by Roscoe Postle Associates Inc. as issued to Lundin Mining Corporation).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.Under due diligence provisions in the LOI, GBML has completed two scout drill holes that confirm the presence of an ultramafic body below Palaeozoic cover rocks. Further exploration work will include a surface electromagnetic survey to test for conductivity potentially related to Ni-Cu-PGE mineralization.The current LOI provides that GBML and the owner of the mineral rights will commence good faith negotiations to execute a mineral lease agreement to be completed within a one-year period from the date of the LOI. General confidentiality terms have been agreed.Further, GBML announces it has applied to the state for leases on a portfolio of additional Michigan properties with similar characteristics to the Sawyer Camp and the Ea...