FBM’s Nevada project grows into lithium giant with two +170m hits

The huge scale of FBM’s Nevada lithium project has been confirmed with drilling results returning shallow, thick lithium-bearing claystones at the Lone Mountain prospect.

Future Battery Minerals’ (ASX:FBM) Phase 2 reverse circulation (RC) drilling program has hit the lithium bullseye at Lone Mountain pass within the Nevada lithium project (NLP), highlighting a mineralised footprint currently at 3km by 1.3km with a further 2km of prospective strike open to the south.

Lone Mountain is located near the mining hub of Tonopah in the US State of Nevada, which is a premier global mining district and home to other advanced lithium claystone projects such as Ioneer’s Rhyolite Ridge, TLC (TSX:LI), and Thacker Pass (TSX:LAC), which is currently under development.

Impressive hits such as 179.8m at 766ppm lithium from 39.6m, including 19.8m at 1,010ppm from 80.8m, and 170m at 764ppm lithium from 67.1m as well as 27.4m at 1,030ppm lithium from 112.8m have been returned, validating the significance of the initial discovery.

FBM says it is now currently in the process of planning and obtaining a drilling permit for Phase 3 at the NLP, which will infill and extend the mineralised trend.

Drilling on the fast-track towards MRE

According to FBM Technical Director Robin Cox, the lithium intersections are shallowing to the south with mineralisation now identified at less than 40m down hole and up to 180m in down hole thickness.

“The significance of the scale is 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.

“We are looking forward to recommencing drilling with the aim of defining a Maiden Mineral Resource (MRE) in the March 2024 quarter”.

Immediate next steps

Drilling is scheduled to begin in September 2023 and will comprise both RC and diamond core drilling (DD) and test the remaining regional prospects at San Antonne and Traction.

Drill hole spacing is also planned to achieve a MRE in the March 2024 quarter with diamond drilling set to collect samples for early-stage metallurgical test work.

FBM plans to explore the opportunity for US Federal Grants to support funding of the on-going metallurgical test work.

US Department of Defence funding grants are currently available for application, which encourage the advancement and investigation of the viability of critical mineral projects in the United States of America (USA).

Post releasing a pre-feasibility study (PFS), there are also favourable loans available to eligible companies from the USA Department of Energy to fund the development of USA located critical mineral projects.

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.