RecycLiCo Battery Materials (“AMY” or the “Company”) reports that it is preparing for a drill program at its Rocher Deboule copper-gold property, located south of New Hazelton, BC. The Company has undertaken the following activities:
• Completed and filed a NI43-101 technical report
• Applied for drilling and work permits
• Established and developed a good working relationship with First Nations on land affected by drilling and work programs.
The Rocher Deboule deposit has had historic production of 36,457 tonnes containing 2,167,780 grams silver, 133,676 grams gold and 2,557,433 kilograms of copper between 1915 and 1929; the adjacent Highland Boy produced 68 tonnes containing 1,089 grams silver, 124 grams gold and 4,760 kilograms of copper, and the nearby Victoria produced 51 tonnes, containing 7,341 grams gold, 7,710 kilograms of arsenic and 785 kilograms of cobalt between 1926 and 1940. These mineral deposits are associated with the Late Cretaceous Bulkley Plutonic Suite, and the Rocher Deboule feldspar porphyry stock. Recent fieldwork involving rock and soil sampling of the western portion of the claims has revealed potential for “Iron Oxide Copper Gold” deposit types. The Victoria No 3 Vein trends west towards Upper Cretaceous Kasalka Fm volcanic-hosted garnet-sericite-illite-quartz-calcite-chlorite-actinolite alteration. A Qualified Person (as that term is defined under National Instrument 43-101) has not done sufficient work to classify the foregoing historical estimates as current mineral resources or mineral reserves and the Company is not treating the historical estimates as current mineral resources or mineral reserves.
AMY also reports that after thoughtful consideration by its management and board of directors, the Company will not proceed with the proposed spin-out of its BC mineral assets into a new company as originally announced in July 2020. The Company believes that AMY’s current share structure makes it onerous to comply with the TSX Venture Exchange’s policies with respect to spinouts, and that such a transaction will not necessarily increase shareholder value.
Andris Kikauka (P. Geo.), Director for RecycLiCo Battery Materials has prepared, reviewed, and approved the scientific and technical information in this press release. Mr. Kikauka is a non-independent Qualified Person within the meaning of National Instrument 43-101 standards.
RecycLiCo Battery Materials’s current portfolio of projects includes the development of a lithium-ion battery cathode recycling demonstration plant and the Wenden Stockpile reclamation and advanced material processing bench-scale project, funded by the U.S. Defense Logistics Agency. In addition, the Company holds mineral assets in British Columbia and Arizona.
About RecycLiCo Battery Materials
RecycLiCo Battery Materials is a critical metals company focused on the recycling of lithium-ion batteries with the RecycLiCo™ Patented Process. The process provides high extraction of cathode metals, such as lithium, cobalt, nickel, manganese, and aluminum at high purity, with minimal processing steps. RecycLiCo Battery Materials aims to commercialize its breakthrough RecycLiCo™ Patented Process and become an industry leader in recycling cathode materials from spent lithium-ion batteries.
On behalf of Management
RecycLiCo Battery Materials
Larry W. Reaugh President and Chief Executive Officer
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The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain certain “Forward-Looking Statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the Toronto Stock Exchange, the British Columbia Securities Commission and the US Securities and Exchange Commission.