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Battery Mineral Resources’ stock rises on drill results at Punitaqui copper mine

Punataqui complex in Chile. Image from Battery Mineral Resources.

Battery Mineral Resources (TSXV: BMR) announced Tuesday encouraging drill core assay results from the 2021 drill program, focused on the Dalmacia and San Andres targets within the Punitaqui mine complex.

Minera Altos de Punitaqui (MAP) is an integrated copper mining complex in the Coquimbo region of Chile, about 30 miles south of Teck Resources’ Andacollo copper mine.

Punitaqui’s known deposits are part of a 25 kilometre-long mineralized district that is a classic IOCG and mantos-style copper belt that comprises mantos and structural controlled copper-gold-silver veins.

The Dalmacia target has underground mining access, partially delineated mineralized zones and is targeted as a potential new source of ore feed to the Punitaqui ore concentration plant.

At Dalmacia, a total of 6,504 meters in 33 holes have been completed and drilling continues. New assay results include DS-21-08: 102 meters grading 1.41% Cu) including 78m at 1.67% Cu and 16m at 3.52% Cu; DS-21-11: 24m at 1.04% Cu including 6m at 1.95% Cu; DS-21-12: 11m at 0.82% Cu; DS-21-13: 18m at 1.61% Cu and 12m at 2.13% Cu; DS-21-14: 15m at 1.16% Cu and 9m at 1.53% Cu; DS-21-16: 8m at 5.29% Cu and 8m at 3.53% Cu.

Four diamond drills are in operation at Punitaqui – two drills at Dalmacia and two drills at Cinabrio Norte. At San Andres, the Phase 1 program resulted in the completion of 8,156m of drilling in 38 holes. All samples have been dispatched for analysis with assay results pending for the final six holes, the company said.

“These drilling results, particularly from our Dalmacia target, are far better than expected, CEO; 102 meters of 1.41 percent copper is an outstanding result as we continue piece together this untapped area of Punitaqui,” CEO Martin Kostuik said in a press release.

“We are very pleased with the progress of the Dalmacia drill program which is shaping up to give Dalmacia strong potential to be a significant contributor to the future of the Punitaqui mine.”

Punitaqui is slated for resumption of copper concentrate production in mid to late-2022.

Battery Minerals Resources’ stock was up 4.46% at market close in Toronto. The company has a $75 million market capitalization.