Future Battery Minerals snaps up remaining 20pc of Kangaroo Hills lithium project
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Future Battery Minerals has stepped into full ownership of its Kangaroo Hills lithium project in the Eastern Goldfields, buying out the remaining 20%.
After a successful round of exploration at its Kangaroo Hills lithium project (KHLP) last month where diamond drilling showed hits of up to 1.36% Li2O, Future Battery Minerals (ASX:FBM) now fully owns the project.
FBM bought the remaining stake from Lodestar Minerals (ASX:LSR) in a $4m deal consisting of cash and shares and is actively drilling the Big Red prospect that recently proved up 29m @ 1.36% Li2O from 38m at hole KHRC011.
FBM Executive Chairman Mike Edwards says the acquisition is a significant step in FBM becoming the next lithium producer in WA.
“The acquisition of the remaining 20% interest confirms the belief and potential we see at Kangaroo Hills and allows us to confidently move forward with our strategic plans for the project,” Edwards says.
KLHP is situated in a well-endowed Goldfields lithium province nearby MinRes’ (ASX:MIN) operating Mt Marion lithium mine and after drilling 47 holes over 6,000m it has identified six highly-prospective targets within the tenement area.
Through the implementation of regional target generative work, which involved mapping, geophysics and geochemistry, six additional high-priority prospects have been identified by the company.
“These high-priority prospects have the potential to host further LCT pegmatites.”
“Both diamond core and reverse circulation (RC) drilling is underway together with metallurgical test work on core samples taken at Kangaroo Hills,” Edwards says.
“We look forward to updating the market further as we progress on these important activities.”
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.