Future Battery Minerals spots 13 new pegmatite targets at WA project

FBM flags 13 new pegmatite targets at Miriam lithium project
Targets are 2kms from Kangaroo Hill’s Big Red discovery and considered analogous
Company conducting soil sampling ahead of drilling program in H1 CY25

Special Report: A review – and reinterpretation – of geophysical data from Future Battery Minerals’ Miriam lithium project in WA has identified 13 new pegmatite targets across the 6km strike.

The company 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 Future Battery Minerals’ (ASX:FBM) Big Red discovery within its flagship Kangaroo Hills Lithium Project (KHLP).

Both Miriam and the KHLP are within a whisker of Mineral Resources’ (ASX:MIN) 64.8Mt Mt Marion mine.

The new targets identified include five discrete structures coincident with 1.6-kilometre soil anomaly and outcropping spodumene-bearing pegmatite – suggesting potential for an extensive shallow pegmatite system at the southern end of Miriam.

Targets highlight Miriam’s potential

Notably, historic rock chip sampling on the tenement returned up to 1.85% Li2O, with further rock-chip sampling of the original reported spodumene-bearing outcrop returning 2.0% Li2O3.

This, along with the new targets, which the company interprets to be analogous to the Big Red pegmatite just down the road, adds to the potential of the Miriam project.

“Armed with existing geological knowledge of our adjacent Kangaroo Hills project, we were able to kick off analysis and target-generation activities at the Miriam project prior to acquisition completion,” managing director and CEO Nick Rathjen said.

“Southern Geoscience’s review is now complete and has delivered promising results, with 13 new pegmatite targets identified across the tenement area.

“Particularly noteworthy are the five discrete structures coinciding with a significant soil anomaly and an outcropping spodumene-bearing pegmatite, which bear striking similarities to the Big Red pegmatite at KHLP.

“These targets have us excited for the considerable lithium potential of the Miriam project, and we are eager to commence follow-up surface sampling to further refine our targets.”

Pic: Miriam project reinterpreted geology and target areas. Source: FBM.

Drilling planned H1 CY25

Follow-up surface sampling is set to commence to refine target generation with results expected in October, followed by initial drilling in H1 CY2025.

The company has also submitted an application for a Western Australian Government Exploration Incentive Scheme (EIS) grant to co-fund the initial drill program at Miriam, with the outcome expected in October.

The EIS offers up to a 50% refund for innovative exploration drilling projects, aiming 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.

“We are currently conducting a wide-spaced extensional soil sampling program to test for potential blind, subsurface pegmatites, including in the northern area of the tenure,” Rathjen said.

“Once this is complete and following successfully acceptance of our EIS application for co-funding for the initial drilling program at Miriam, we plan to commence drilling.”

FBM is confident that the absence of historic drilling for lithium at the Miriam project positions it well for a successful funding application.

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.