Global Battery Metals Reports High Grade Lithium Assays Returned; Surface Samples Up to 3.75% Li2O From NW Leinster Lithium Project

Highlights Include:

• Of the 66 total surface samples analyzed, assay results show that 47 returned grades above 1% Li₂O – with grades as high as 3.75% and 3.63% (source: ALS Laboratories, Loughrea, Ireland)
• Knockeen and Carriglead Prospects are reported at:
  • Knockeen: Out of a total of 56 samples, 41 samples graded above 1% Li₂O, of which 20 graded above 2% Li₂O and of which two graded above 3% Li₂O (Sample AES 63003 (3.63% Li₂O) and Sample AES 63033 (3.75% Li₂O))
  • Carriglead: out of a total of 10 samples, six samples graded above 1% Li₂O, of which one sample analysed above 2% Li₂O (Sample AES63504 (2.09% Li₂O))
• The program of intensive prospecting has consolidated the extent of the spodumene pegmatite boulder train at surface and significantly enhanced the resolution of the dispersion zone
• The known extent of the boulder train is now over 1km in length from NE to SW, 0.5km from NW to SE and is still open in all directions at Knockeen

1. Significantly higher grades than nearby Ganfeng/ILC in stream sediments, similar grades in soil samples. Stream sediment assays mostly in the 125-1000ppm range vs 60-120ppm range for Ganfeng/ILC assays.
2. Visible spodumene in several areas and visible spodumene crystals in one prospective area that appears to be at least a few hundred metres long.
3. Ganfeng investing significantly nearby in a highly prospective JV with ILC
4. Geopolitical - excellent in Ireland
5. Amenable weather for year round development
6. Land base much larger than ILC

1. Option 1 - To earn 17.5% - spend EUR88,000 by Oct 2022 and up to EUR7,500 for licence fees etc.  The vendor has undertaken to speak to regulator to waive/extend the time frame for these payments.  There are no payments to the vendor at this stage
2. Option 2 - To earn 37.5% to get to 55%, within 2 years of the above or 4 years from Oct 2020, spend EUR500,000 on the property and pay EUR50,000 to vendor (90% can be paid in stock at GBML’s discretion)
3. Option 3 – to earn 35% to get 90% - spend EUR1,000,000 and pay EUR200,000 (90% can be stock, at GBML’s discretion) with in two years of above, or 6.5 years from now
4. Project subject to a 2% royalty, 1% can be bought back for EUR1,000,000

Field Exploration Program Update

PLA 1597 forms part of the Company’s Property exploration block, which is operated under an exclusive Option and Earn-in agreement with Technology Minerals Plc (LSE: TM1), the first-listed UK company focused on creating a sustainable circular economy for battery metals, and its wholly owned subsidiary LRH Resources Limited (“LRH”).

The current phase of detailed exploration work is centred on an area where a forty-year-old historical company report¹ described a trench excavated at Knockeen Townlands on PLA 1597 (Figure 1) which, uncovered in bedrock, exposed a 1.8m wide spodumene-bearing pegmatite vein. However no detailed laboratory assays or geological maps of the trench were reported at that time. Historical prospecting around the trench also reported the occurrence of up to 10 large boulders of spodumene bearing pegmatite at surface.

The current exploration program carried out under LRH management by Aurum Exploration Services Limited included an initial reconnaissance visit in July 2022 totalling six samples. This was followed by a more detailed prospecting and lithogeochemical survey on two areas at Knockeen and Carriglead Townlands in December 2022 and totalling 66 samples (Table 1 and Table 2).

In December 2022 an extensive prospecting and lithogeochemistry survey was completed covering the two areas identified during the reconnaissance program. A total of 56 samples were collected at Knockeen and 10 at Carriglead. The results were highly encouraging with coherent boulder trains of spodumene bearing lithium pegmatites mapped out across the prospects. 

December 2022 Sampling Program Highlights

Table 1: Highlight results from the prospecting program (December 2022)
* Li₂O % = Li ppm % (x 2.153)

Table 2: Results from reconnaissance prospecting (July 2022 and December 2022)

Reconnaissance July 2022

Two areas at Knockeen and Carriglead Townlands were targeted with an initial reconnaissance visit in July 2022, during which six samples - four at Knockeen and two at Carriglead - were collected. Analytical results confirmed the presence of the historically reported spodumene pegmatite boulder train and returned very significant grades of Li₂O in all the samples. These results have been reported previously but are reproduced here for continuity (Table 3).

Table 3: Results from reconnaissance prospecting (July 2022)
* Li₂O % = Li ppm % (x 2.153)