Battery Minerals : VTEM survey identifies conductors and Cu Ni drill targets

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ASX ANNOUNCEMENT

21 March 2022

Russells Copper-Nickel Project

VTEM survey identifies conductors and high priority

copper - nickel drill targets

DRILLING SCHEDULED TO START IN JUNE 2022 QUARTER

• Airborne VTEM survey has identified 32 conductors and upgraded the prospectivity of several target areas for copper-nickel mineralisation
• High impact drilling program will test priority EM conductors and geochemical targets, including a zone of strong rockchip anomalism of up to 29.9% copper at Russells Gossan (ASX BAT 22 June 2021)
• Drill targets include Olympio, which is a discrete conductor coincident with a structurally thickened portion of the prospective target stratigraphy
• Drilling is scheduled to commence following heritage clearance work in April-May 2022

Battery Minerals Limited (ASX: BAT) ("Battery Minerals" or "the Company") is pleased to announce the results of a VTEM survey at its Russells Copper-Nickel Project in WA's East Kimberley.

The final data and report for the high resolution, airborne electromagnetic survey, identifies several modelled bedrock conductors considered prospective for copper ± nickel mineralisation.

Upcoming drilling will test priority VTEM conductor targets along with areas of widespread surface copper anomalism, including up to 29.9% in rock chips at Russells Gossan (ASX BAT 22 June 2021).

Figure 1: Olympio Target: 3D view from above and facing NE, showing proposed drillhole EPRC001 into modeled VTEM

conductor plates

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DRILLING PROGRAM IN JUNE 2022 QUARTER

The drilling program has been designed to test priority copper ± nickel targets, comprising 6 diamond holes for 1,170m. Several contingency drill sites will also be prepared to allow for flexibility in the drilling schedule based on ongoing results.

Target areas include:

• Olympio Target: characterised by a discrete zone of conductivity (650m long at 100m depth) coincident with a concealed, likely structurally thickened portion of the prospective Azura copper trend stratigraphy
• Azura East Target: defined by a discrete conductive VTEM anomaly, partly concealed and along strike from the prospective Azura copper trend stratigraphy
• Azura North Target: located within the prospective Azura copper trend, defined by an approximately 120m wide zone of anomalous copper at surface with rockchip samples up to 9.7% Cu (ASX BAT 22 June 2021)
• Russell's Gossan Target: defined by a widespread zone of strong surface copper anomalism, including up to 29.9% in rock chips (ASX BAT 22 June 2021)
• Trem Jones Target: lies west of the main Halls Creek Fault and characterised by a zone of conductivity (>1,000m long at 100m depth) along strike from nickel and copper occurrences

Figure 2: Russells Project: Targets Summary with rockchip geochemistry, RTP magnetics, modelled VTEM conductor plates

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Figure 3: Trem Jones Target: 3D view showing proposed drillhole TRPRC004 and modelled VETM conductor plates (where solid pink = high priority target for drill testing, and semi-transparent grey plates = lower priority targets)

AIRBORNE EM SURVEYING (VTEM)

The geophysical survey was flown by Geotech Australia utilizing the VTEM™ Max Time Domain EM system and comprised 510-line kilometres along NW-SE orientated, 100m spaced lines. Resource Potentials Pty Ltd provided geophysical consulting services, including data inversions and interpretation, which is summarised below.

A total of 109 EM anomaly profile picks were manually identified across the Russel's Copper VTEM survey area, of which 23 are rank-1, 22 are rank-2, and 64 are rank-3. All available geophysical, geological, geochemical were reviewed with the VTEM EM profile picks to identify, outline and prioritise VTEM EM target areas of interest on a scale of 1-3. A total of 32 VTEM target areas were identified and prioritised over the area, including 6 priority-1, 9 priority-2 and 17 priority-3 VTEM target areas.

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	Easting	Northing	VTEM
ID	target	Geology Formation and Comments
(MGA52)	(MGA52)
	priority
1	409912	8069064	2	Tickalara Metamorphics
2	410279	8069616	2	Tickalara Metamorphics
3	411434	8069785	3	Red Rock Fm
4	412462	8069531	1	Olympio Fm
5	413246	8069793	2	Olympio Fm dolomite eastern boundary
6	412426	8070361	1	Olympio Fm Dolomite
7	412679	8070882	1	Olympio Fm Dolomite
8	413348	8071137	1	Boundary between RRF and Olympio Fm dolomite
9	411671	8074647	2	Calico Springs Prospect - Lamboo Complex
10	411779	8075100	3	Lamboo Complex along road
11	411609	8075540	3	Lamboo Complex along road
12	411609	8075889	3	Lamboo Complex along road
13	411751	8075922	3	Lamboo Complex along road
14	411784	8076022	3	Lamboo Complex along road
15	411701	8076284	3	Lamboo Complex along road
16	412020	8077267	3	Lamboo Complex
17	412109	8077767	3	Lamboo Complex
18	413108	8074835	3	Red Rock Fm
19	413315	8075359	3	Red Rock Fm
20	413911	8075815	3	Red Rock Fm along stratigraphy with Cu anomalous soils
21	415310	8074267	2	Boundary between RRF and Olympio Fm
22	414996	8073958	2	Boundary between RRF and Olympio Fm
23	418259	8074409	1	Olympio Fm
24	416687	8076873	2	Boundary between RRF and Olympio
25	416085	8077000	3	Red Rock Fm
26	415774	8077405	3	Red Rock Fm proximal to Transfer Fault
27	414170	8077625	3	Red Rock Fm - REE target
28	417898	8077229	2	Red Rock Fm along road
29	418518	8076863	2	Olympio Fm
30	413191	8072086	1	Azura Trend
31	412006	8069724	3	Olympio Fm dolomite western boundary
32	410453	8070158	3	Tickalara Metamorphics

Table 1: List of ranked VTEM conductors

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RUSSELLS COPPER-NICKEL PROJECT: (E80/4944, E80/5116, E80/5347, E80/5348, BAT 100%)

The Russells Copper-Nickel Project comprises three granted exploration licences (E80/4944, E80/5116, E80/5347) and one application (E80/5348), covering 258km2 of the Halls Creek Mobile Zone within the East Kimberley region of Western Australia.

The area includes widespread zones of strong surface copper anomalism, up to 29.9% in rock chips at Russells Gossan (ASX BAT 22 June 2021), with the company currently planning a high impact drilling program testing priority targets.

Historic exploration data indicates potential for Michigan-style(basalt-host) and sediment-hosted copper within the Red Rock and Olympio Formations in the project area (ASX BAT 22 June 2021). Several VTEM targets occur within structurally thickened zones of the target stratigraphy and are considered high quality discovery opportunities. In addition, upcoming drilling will also test magmatic nickel-copper-cobalt-PGE targets west of the Halls Creek Fault, in a rock package host to the operating Savannah Ni-Cu-Co Mine (PAN:ASX).

Figure 4: Russells Copper-Nickel Project: Regional location

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