FBM expedites lithium exploration at Miriam

Key target generation and refinement activities continue across Goldfields portfolio for both lithium and gold mineralisation
Initial soil sampling program has been completed with assays expected late October
FBM has scheduled ground gravity geophysical surveys to begin once soil sampling results have been received and targeting drilling H1 2025

Special Report: Field activities are progressing across Future Battery Minerals’ newly staked WA Goldfields land package, focused on both lithium and gold mineralisation.

Future Battery Minerals (ASX:FBM) consolidated its strategic position in WA’s Goldfields region earlier this year with the acquisition of an 85% interest in the Miriam lithium project.

Situated immediately north of FBM’s flagship Kangaroo Hills lithium asset, the Miriam project hosts high-grade spodumene-bearing pegmatites where rock chip samples returned up to 2.0% Li2O.

Geochemical soil sampling previously undertaken by Corazon Mining (ASX:CZN) had also revealed a primary target of a ~1.6km strike length, with a second trend spanning ~600m.

The absence of historic drilling for lithium at Miriam provides FBM with significant opportunities for future exploration success.

Soil sampling results

FBM is continuing with field exploration activities including soil sampling activities, which is considered a low-cost and fast method of defining broad geochemical anomalies for immediate drill testing or further target refinement.

Previous soil sampling activities were limited to only 2.6 km (north-south) of the tenure’s ~6km extent.

A wide-spaced extensional soil sampling program has now been completed to test for potential subsurface pegmatites, extending into the northern area of the tenure that has been cleared by previous heritage surveys.

Over 400 samples were collected during September and assays from the program are expected to be received by late October.

Results will be used to guide planned geophysical surveys and drill programs, allowing for better allocation of survey costs and target refinement, FBM says.

A soils program follows the recent target-generative magnetic litho-structural geophysical review of Miriam which identified 13 discrete structural targets that may act as potential conduits or host structures for LCT pegmatites.

Ground gravity survey

Following the receipt of assay results from the soil sampling, FBM has scheduled targeted ground gravity geophysical surveys to commence at Miriam to improve drill hole planning and further derisking exploration.

The gravity survey is scheduled to begin following receipt of the soil sample program results and wrapped up by the December 2024 quarter. This is planned to then be followed up with the initial drill program in H1 2025.

EIS application and POW submitted

Meanwhile, FBM has submitted an EIS application for the initial drill programme at Miriam, which offers up to a 50% refund for innovative exploration drilling projects.

An Exploration Incentive Scheme (EIS) aims to stimulate greenfield resource exploration to increase knowledge of Western Australia’s geology and resources, boost employment opportunities and generate new mineral and energy discoveries to meet the demand for critical minerals.

FBM is expected to receive feedback on its application by the end of October, while the program of works (PoW) for the initial Miriam drill programme has also been submitted.

Option agreement executed to acquire existing NSR

FBM has also executed an option agreement to acquire the existing 2% NSR royalty over Miriam, which covers all mineral rights and products.

In exchange for the payment of an option fee of $60,000, the agreement grants FBM a 12-month period in which it can exercise the option to acquire the NSR royalty via the payment of a further $65,000.

What else is on the cards?

The company continues to assess its recently staked broader WA Goldfields tenure at KHLP West, KHLP North and Kal North – through both targeted desktop studies and low-impact ground investigations.

Lithium and gold soil anomalies have been previously identified at both KHLP North and Kal North, with ground truthing exploration consisting of mapping and rock chip sampling currently underway.

The tenure is also being progressed to approval through negotiations with stakeholders and relevant Native Title Parties (NTP).

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.