Technology Minerals announces that Global Battery Metals has exercised second option at Leinster
Published by Isabelle Keltie,
Editorial Assistant
Global Mining Review,
Technology Minerals, the first listed UK company focused on creating a sustainable circular economy for battery metals, has announced that Global Battery Metals Ltd, an international critical mineral exploration and development company focused on growth-oriented lithium and battery metal projects, has elected to exercise its Second Option with respect to the Company’s Leinster Lithium Property in the Republic of Ireland.
The Leinster Property is currently operated as an Earn-in Option between LRH Resources Limited (Ireland) (LRH) (a wholly-owned subsidiary of the Company) and GBML. The Project is operated under an exclusive Earn-in and option agreement with GBML with no project expenditure required by the Company.
With the Second Option Earn-In exercise, GBML will acquire an additional 37.5% equity interest, bringing GBML’s total equity interest in the Project to 55%. Having now spent the required €500 000 on Property exploration and development, GBML will pay Technology Minerals €5000 in cash and issue 385 000 common shares at a deemed price of US$0.17 per share, on or about on July 27, 2023. The issuance of the common shares remains subject to the approval of the TSX Venture Exchange.
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 which is recognised as a major controlling structure to pegmatite emplacement.
The Project’s maiden drill programme, 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 analysed. Exploration activities have confirmed expansive lithium mineralisation across a number of Project areas, with assay results of 66 rock samples released by ALS Laboratories earlier this year returning Li2O% lithium contents ranging up to 3.75 % Li2O / 17 410 ppm Li.
Alex Stanbury, CEO of Technology Minerals, said: "It is pleasing to see Global Battery Metals exercise their second option at the Leinster Lithium Property, which is a demonstration of their confidence and commitment to further advancing work on the project. The Leinster Property is also an illustration of our strategy to advance early-stage projects, attract potential joint venture partners, and bring additional value to Technology Minerals.”
Read the article online at: https://www.globalminingreview.com/finance-business/13072023/technology-minerals-announces-that-global-battery-metals-has-exercised-second-option-at-leinster/
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