Back on January 18, we first called Global Battery Metals Ltd. (GBML.V)(REZZF) at $0.18. Since then, the stock has had some ups and downs with the market, reaching as high as $0.28 and as low as $0.14 before bouncing back to $0.19 on Wednesday. Samples taken at GBML's North-West Leinster Lithium Project in Ireland exhibited traits similar to Patriot Battery Metals Inc. (PMET.V)(PMETF)'s Corvette Property in Quebec, with sample sizes up to 3.75% Li2O or 17,410 ppm. While these samples show potential, GBML is at the very early stages with this project and has a long way to go before getting into the same conversation as PMET. However, this most recent update gets the company one step closer to a large discovery on the European continent where the EU will be as aggressive, if not more, than the United States in trying to secure critical metals. As GBML's market cap sits under $15 million and PMET around $1 billion, there is a lot of room for upside in GBML even if it falls short of becoming the next PMET.
GBML has an option to earn up to a 90% interest on North-West Leinster, and it isn't the company's only lithium project. It owns and has near term drilling plans on the Lithium King Project in Utah, which is in close proximity to the Nevada North Project of Surge Battery Metals Inc. (NILI.V) (NILIF). See our post here for more details on this project. It also has a lithium project in Newfoundland and two copper or nickel interests. We are up to 1,014 followers on our ValueTrades blog despite not giving out a lot of alerts, a fact that we think is indicative of a successful, diligent and prudent stock picking history. If you like our picks you can also follow this blog by clicking the follow button on the top of the left hand panel. We have 120 followers so far on here. You can also follow us on Twitter @StockTradePicks which has over 5,000 followers.
The company issued the following news release on Monday:
Vancouver, British Columbia--(Newsfile Corp. - March 20, 2023) - Global Battery Metals Ltd. (TSXV: GBML) (OTCQB: REZZF) (FSE: REZ) (the "Company" or "GBML"), a critical mineral exploration company focused on growth-oriented lithium and other battery metal projects, announces multiple drill targets and the potential discovery of up to six LCT (lithium-cesium-tantalum) pegmatite dikes extending across a prospective lithium trend at Prospecting Licence Area 1597 ("PLA 1597"), have now been identified through the return of favourable test results at its Leinster Lithium Project (the "Property" or the "Project").
Following the previously reported identification of a lithium bearing spodumene pegmatite surface boulder train on PLA 1597, key updates include:
- A detailed deep overburden (base of till) program was recently completed for a total of 373 samples covering an area of 600m x 450m over the location of an extensive spodumene pegmatite float boulder train and an associated historically reported trenched bedrock occurrence;
- The interpreted geochemical results indicate the potential discovery of up to six LCT (lithium-cesium-tantalum) pegmatite dikes across the Knockeen target area;
- Follow-up drill program plans, currently calling for up to nine drill pads (with two holes planned per pad), are being finalized;
- ALS Laboratories (Loughrea, Ireland) analysis included comprehensive testing for a specific suite of elements which includes lithium as well as multiple rare earth elements of which cesium and tantalum are typically associated with this type of LCT Pegmatite target;
- Drilling permit submissions are being finalized and will be submitted to the governmental regulatory body as part of the due process for standard screening procedures for drilling programs in Ireland and Europe; and
- A local area drill contractor's availability has been secured and will be mobilized as soon as the permitting is completed.
Michael Murphy, CEO of GBML, said, "These results are both exciting and informative. The deep overburden samples have helped us to zero in on a distinct set of drill targets and the Company has ambitious plans for spring drilling. The potential to drill up to six interpreted dikes along a lithium anomaly trend line across this claim has the team highly motivated about the entire property. We are told the drill permitting process in these areas of Ireland is relatively straightforward and our paperwork is being prepared with the intent to submit in a matter of days. Based on all of our research and testing, the potential to uncover further significant lithium occurrences along the recognized regional scale south-east Leinster LCT pegmatite corridor is a real possibility. Needless to say, we will be moving quickly to verify what we believe we are into."
Exploration to date has included surface lithogeochemical sampling with an associated detailed deep overburden sampling grid - both yielding excellent results and when combined potentially confirming the presence of multiple LCT pegmatite dikes below surface at the Knockeen target on PLA 1597. The pegmatite dike targets are intrusive bodies that typically form swarms of several separate dikes which range in thickness and cross cut the granitic and metasedimentary host rocks. The dikes are typically composed of Spodumene (lithium aluminium silicate in the pyroxene family) as well as accessory minerals including quartz, feldspars and micas. While the lithium content of the samples collected to date are at very significant grades, the supporting trace element geochemistry of the other elements including the Rare Earth Elements (REEs) that occur naturally at very low levels are very important and significant indicators providing corroborative evidence for the presence of the dikes.
Figure 1: Deep Overburden sampling grid showing anomalous lithium (ppm)in linear trends across the Knockeen Prospect.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7080/159058_49ecfa0ef48dd9c3_001full.jpg
The Knockeen Prospect has now reached a significant confidence level to plan a staged diamond core drilling program to test the six anomalous geochemical trends. The drill program parameters are being finalized, including plans accounting for up to nine drill pad locations, and discussions are in hand with a drilling contractor. The drilling screening process has commenced with the governmental regulatory body. This process is a standard procedure for all drill programs in Ireland and across Europe.
During the recent and ongoing fieldwork, a total of 66 rock samples were collected and analysed. Assay results of the samples by ALS Laboratories reported Li2O% lithium contents ranging up to 3.75 % Li2O as reported in the press release date January 18, 2023.
In conjunction with this work, the detailed grid comprising of 373 deep overburden (base of till) samples were collected over a closely spaced sample grid over 600m x 450m covering the area of the historical trench as well as the spodumene pegmatite float boulders. The results have been very encouraging and the multi-elemental results have been interpreted to show up to six clear linear anomalous trends, which are anomalous in lithium, as well as the supporting REE elements of cesium and tantalum, which combine to indicate the potential presence of LCT signature pegmatite dykes at shallow depths of between 1m - 7m below ground surface.
The area of the exploration is centred on a locality where a forty-year-old historical company report described a trench excavated at Knockeen Townland which uncovered in bedrock, a 1.8m wide spodumene-bearing pegmatite vein. However, no detailed laboratory assays or geological maps of the trench were reported at that time.
Figure 2: Location of the Knockeen prospect on PLA 1597 showing pegmatite analytical results* and the deep overburden sampling grid (*results previously reported PR 18/01/2023)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7080/159058_49ecfa0ef48dd9c3_002full.jpg
Figure 3: Deep Overburden sampling (top) and Spodumene pegmatite samples from Knockeen (bottom)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7080/159058_49ecfa0ef48dd9c3_003full.jpg
Please see the Company's NW Leinster Project Overview for additional program details, in addition to the latest version of the Company's Investor Presentation available for download from the GBML website (www.gbml.ca).
When news of the samples were first announced, the company had identified one potential dike from which the samples may have originated from. Now a deep overburden sampling program was completed with 373 samples being taken across an area of 600m x 450m. Six dikes in total have been discovered, and now the company had a pretty clear two-dimensional view of a lithium anomaly trend line. The next stage is to turn that two dimensional view into a three dimensional one. Find out the length of the resource beneath the surface. The company plans to drill 18 holes across the six dikes once it gets the permits in order. This should be on a timeline of weeks. So we expect continued speculation on the stock, and it to rise throughout Q2 upon announcement that drilling is complete and the results are pending.
GBML's CEO Michael Murphy has been active in getting the word out on these sample results as well as near term drilling plans for the Ireland and Utah properties. Click here to view the interview conducted by Penny Queen or watch it below. While there is speculation potential over the near-term drilling plans, shareholders can also be assured that Murphy confirmed that he was offered and declined financings. Between the existing cash balance and warrant exercises, the company has enough cash to fund these programs.
Disclosure: We are long GBML.V
