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Global Battery Metals Enters into Option to Lease Agreement on Sawyer Camp Nickel-Copper Project in Michigan
Vancouver, British Columbia--(Newsfile Corp. - February 8, 2022) - Global Battery Metals Ltd. ...
About this update from Global Battery Metals Ltd.
[{"type":"text","content":"Global Battery Metals Enters into Option to Lease Agreement on Sawyer Camp Nickel-Copper Project in MichiganVancouver, British Columbia--(Newsfile Corp. - February 8, 2022) - Global Battery Metals Ltd. (TSXV: GBML) (OTCQB: REZZF) (FSE: REZ) (the \"Company\" or \"GBML\") is pleased to announce it has entered an option to lease agreement (the \"Option Agreement\") with an arm's length private holder of mineral rights (the \"Landholder\") to facilitate exploration of the Sawyer Camp Ni/Cu Property in the Upper Peninsula region of the State of Michigan.The option gives GBML four years to conduct exploration work. Subject to positive results from exploration work, there is a long-term lease agreement (the \"Lease Agreement\") in place which allows for the development and operation of a mine.Michael Murphy, President and CEO, commented: \"We are very pleased with the execution of this agreement which provides GBML with the right to perform exploration work on the Sawyer Camp Property which has seen no previous ground exploration. Our initial efforts will be directed at testing magnetic features that may represent ultramafic intrusions associated with the Midcontinent Rift with the potential to host high grade Ni-Cu-precious metal mineralization. In addition, if the exploration activities are successful, this agreement lays the foundation for GBML to build and operate a mine.\"Sawyer Camp Ni/Cu Property DescriptionThe property consists of approximately 1,840 acres of Michigan State Leases and privately held mineral rights owned by Landholder. The property and area of interest (the \"Area of Interest\") cover two discrete magnetic highs that are potentially related to ultramafic intrusions hosting nickel sulphide mineralization. One of these magnetic highs was tested by due diligence scout drilling and confirmed to be caused by an ultramafic intrusion of peridotite composition. Source rocks of the magnetic highs (both believed to be ultramafic intrusions) occur below a veneer of glacial till and Paleozoic cover sediments determined to be approximately 200 ft (60 m) thick. The magnetic highs were outlined in an airborne survey (Iron Mountain-Chatham block) completed by the United States Geological Survey in 2018. To the knowledge of GBML, no ground electromagnetic or previous mineral exploration drilling has...