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Global Battery Metals to Increase Leinster Lithium Project Equity Interests to 55% with Second Property Option Exercise
Company Also Confirms Pursuit of Third and Final Option for 90% Earn-In Stake Vancouver, British...
About this update from Global Battery Metals Ltd.
[{"type":"text","content":"Global Battery Metals to Increase Leinster Lithium Project Equity Interests to 55% with Second Property Option ExerciseCompany Also Confirms Pursuit of Third and Final Option for 90% Earn-In StakeVancouver, British Columbia--(Newsfile Corp. - July 13, 2023) - Global Battery Metals Ltd. (TSXV: GBML) (OTCQB: REZZF) (FSE: REZ) (the \"Company\" or \"GBML\" or \"Global Battery Metals\"), an international critical mineral exploration company focused on growth-oriented lithium and battery metal projects, announces the Company has elected to exercise its Second Option (\"Second Option Earn-In\") with respect to the Leinster Lithium Property (the \"Property\" or the \"Project\") in accordance with the terms of an amended and restated letter of intent dated August 15, 2022 (the \"Amended and Restated Letter of Intent\"), between the Company and LRH Resources Ltd. (\"LRHR\"), an arm's-length private exploration company and wholly-owned subsidiary of Technology Minerals Plc.With the Second Option Earn-In exercise, GBML will acquire an additional 37.5% equity interest, bringing the Company's total equity interest in the Project to 55%. Having now spent the required €500,000 on Property exploration and development, the Company will pay Technology Minerals Plc, the parent company and owner of LRHR, €5,000 in cash and issue 385,000 common shares at a deemed price of $0.17 per share, on or about July 27, 2023. The issuance of the common shares remains subject to the approval of the TSX Venture Exchange. Project fulfilment requirements were previously announced in the Company's August 19, 2022 news release.The Project, located south of Dublin in the counties of Wicklow and South Carlow in the Republic of Ireland, is a promising lithium pegmatite project consisting of 16 prospecting license areas situated adjacent to the joint Ganfeng Lithium / International Lithium Corporation Blackstairs Lithium Project, and covering approximately 525 km² along and adjacent to the East Carlow Deformation Zone (ECDZ) which is recognised as a major controlling structure to pegmatite emplacement. The Project's drill program, currently underway at the Knockeen Prospect, is permitted for up to 10 drill holes and has recorded multiple pegmatite intercepts in the first holes, which are currently being processed and analyzed. Exploration activiti...