Eye on the Prize: Hard drilling FBM aims for Q1 maiden resource at Nevada lithium project
Link copied to
Future Battery Minerals has commenced Phase 3 resource drilling at the Nevada Lithium Project (NLP) in the US, targeting lithium clay mineralisation at the Lone Mountain prospect.
The project’s prospectivity has been more than proven by the company’s Phase 2 drilling, which delivered hits such as 179.8m at 766 parts per million (ppm) lithium from just 39.6m and 170m at 764ppm lithium from 67.1m.
Phase 2 drilling also highlighted a 3km by 2km mineralised footprint at the NLP with a further 2km of prospective strike open to the south.
The project shares the same mineralisation formation as other notable projects in the region such as Ioneer’s (ASX:INR) Rhyolite Ridge and American Lithium Corporation’s (TSX-V:LI) TLC projects.
Ioneer’s Rhyolite Ridge project alone has the potential to quadruple US lithium production by 2026 while having enough resources to power over 50 million electric vehicles.
In January, this near-term development received a conditional commitment from the US Department of Energy Loan Programs Office for up to $700 million of debt financing.
Offtake agreements have also been reached with Ford Motor Company and PPES (joint venture between Toyota and Panasonic) in 2022 and Korea’s EcoPro Innovation in 2021.
A great spot to be then for Future Battery Minerals, which is targeting the definition of a maiden resource at the NLP for Q1 2024.
“FBM is excited to be back drilling again in Nevada, where previous programs at Lone Mountain successfully discovered a significant scale of lithium claystone highlighted by the current mineralised east-west strike of 3km and north-south strike of 1.3km, which still remains open to the south for a further 2km,” Future Battery Minerals (ASX:FBM) Technical Director Robin Cox said.
“The company is now on track towards establishing a maiden mineral resource estimate at the NLP, and the current drilling program is the crucial next step in achieving this milestone.
“This has the potential to add significant value to the project and for our shareholders, in addition to the ongoing drilling at the Kangaroo Hills Lithium Project (KHLP).”
At the Kangaroo Hills Lithium Project (KHLP) in WA, expanded Phase 3 RC drilling is underway (~50 holes completed) along with metallurgical and mineralogical assessments.
Notably, the project — 17km south of Coolgardie and 30km from Mineral Resources’ (ASX:MIN) Mt Marion lithium mine –has the potential to host a lithium deposit of both scale and tonnage.
The drilling at Lone Mountain will consist of up to 20 wide spaced holes of both RC and DD core and along with resource definition, aims to further test the previous results at Lone Mountain.
The DD rig is now on-site collecting core samples which will provide a more accurate control on geology and will further test several locations where previous drilling techniques failed to reach the planned target depth.
The RC drilling is scheduled to commence in November following completion of permitting to the south of Lone Mountain and will cover over 2km of additional prospective strike.
This article was developed in collaboration with Future Battery Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.