• Field mapping work across the Miriam project has discovered 11 pegmatites which require follow up exploration
  • Additional sampling of the known spodumene-bearing outcrop has generated a 2% Li2O rock chip assay
  • Discovery of additional spodumene-bearing pegmatite delivered 1.23% Li2O rock chip assay
  • Maiden lithium drilling is set to begin in the September quarter, following completion of transaction

 

Special Report: Recent field mapping across the southern area of Future Battery Minerals’ Miriam project has set the stage for future exploration success with the identification of 11 outcropping pegmatite units.

Future Battery Minerals (ASX:FBM) consolidated its Goldfields lithium acreage at the end of March after signing a binding purchase agreement to acquire 85% of Coolgardie Nickel, a wholly owned subsidiary of Corazon Mining (ASX:CZN).

Coolgardie Nickel holds the tenements which make up the Miriam project, about 3.5km to the north of FBM’s Big Red discovery within its flagship Kangaroo Hills project in WA.

While previous geochemical sampling carried out by CZN had identified a primary target with a strike of ~1.6km, as well as a second trend spanning 600m, no historical drilling has been carried out, giving FBM an opportunity to make a new lithium find close to Big Red.

 

Four distinct target zones

Field mapping efforts undertaken by FBM in recent weeks have enhanced the drill-ready opportunity at Miriam with the identification of 11 outcropping pegmatite units.

Interestingly, additional sampling of the known spodumene-bearing outcrop previously identified by CZN has generated a further 2% Li2O rock chip assay.

FBM also identified another spodumene bearing outcrop, ~250m west of the known spodumene-bearing outcrop which returned a rock chip assay of 1.23% Li2O.

Altogether, the rock chip and soil sampling geochemical data – plus recent mapping results – have identified four distinct target zones varying from 350m to 1.6km in strike length.

 

First lithium drilling campaign set for September

“These fieldwork results demonstrate why we are attracted to the Miriam tenure in the first place,” FBM managing director Nick Rathjen says.

“The powerful combination of multiple pegmatite outcrops with proven spodumene mineralisation and surface soil anomalies is an exciting one.”

Rathjen says the explorer is now looking forward to progressing the Miriam acquisition to completion, targeted for next month, as well as advancing the tenure towards a maiden target testing drilling program during September.

 

The road ahead

Wide-spaced extensional soil sampling is now planned to test the potential for blind, subsurface pegmatites, including across the northern part of the tenure.

A target-generative geophysical review has also begun, including litho-magnetic structural interpretation and low-cost ground gravity and passive seismic surveys.

The acquisition of the Miriam project remains subject to conditions precedent and is anticipated to complete in late May 2024, with FBM’s shareholder meeting scheduled for 20 May 2024.

Following the transaction completion, FBM expects to begin the maiden drilling campaign.

 

 

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.

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