With Neville Power in the chair and the consolidation of its lithium grounds, Future Battery Minerals is accelerating its lithium ambitions. Pic via Getty Images
Mining
Special Report: Future Battery Minerals has appointed former Fortescue managing director Neville Power as its non-executive chairman as it moves to consolidate its lithium acreage in WA’s Goldfields region.
Power, who has more than four decades of experience across mining, minerals processing, construction and steel making – including seven years at the helm of iron ore giant Fortescue (ASX:FMG) – was first appointed to the company’s board as a non-executive director in November 2023.
Future Battery Minerals (ASX:FBM) said at that time that his decision to join the company validated both its projects and people while helping it build a world-class lithium exploration and development business.
“I’m delighted to assume the chair role moving forward,” Power said.
“I look forward to playing my part in successfully guiding FBM’s excellent team in navigating the advancement of our lithium assets in Western Australia and Nevada.
“With our strategic positioning in these regions, we are well placed to capitalise on lithium’s critical global role.”
As part of its lithium strategy, FBM also signed a binding purchase agreement to acquire 85% of Coolgardie Nickel, a wholly owned subsidiary of Corazon Mining (ASX:CZN) that holds the tenements which make up the Miriam project.
Miriam is immediately north of the company’s flagship Kangaroo Hills lithium project and will help consolidate its landholding in the region.
The project is known to host high-grade spodumene bearing pegmatites with rock chip samples of up to 1.85% Li2O ~3.5km north of FBM’s Big Red discovery where its Phase 4 reverse circulation drill program totalling 3,000m to test the interpreted northern continuity of shallow, thick, high-grade mineralisation has started.
Geochemical soil sampling carried out by CZN had identified a primary target with a strike of ~1.6km and a second trend spanning about 600m.
However, no historical drilling has been carried out Miriam, giving FBM a spectacular opportunity to make a new lithium find close to Big Red.
“Given our strong belief in the Kangaroo Hills lithium project, this acquisition represents an opportunistic and logical move to further consolidate our landholding in the region,” managing director Nicholas Rathjen said.
“The Miriam Project offers a highly prospective, drill-ready opportunity. This strategic addition is on ground endowed with confirmed outcropping spodumene lithium-bearing pegmatites and we look forward to commencing work at Miriam immediately, conducting detailed target generation with first drilling to commence during Q3 CY24.”
Miriam covers an area of 6km by 1.5km and comprises four prospecting licences and one prospecting licence application immediately north of Kangaroo Hills.
A site visit by FBM to inspect the spodumene occurrences during the project due diligence phase found that the pegmatite outcrop containing the spodumene mineralisation is located in situ within a historical gold working consisting of a small shaft and a later/younger trench.
The pegmatite appears flat lying though the dip direction is not apparent.
Assaying of rock chips collected by the company returned the presence of anomalous lithium with the peak assays of 0.9% Li2O considered correlative to the rock chip results announced by CZN from the same outcrop.
All rock chips also exhibited highly anomalous tin and tantalum, which is indicative of lithium-caesium-tantalum mineralisation.
FBM paid a $250,000 deposit on execution of the agreement and will pay a further $750,000 in cash at completion.
It will also issue CZN 16.13 million FBM shares and 120.97 million performance rights at completion.
CZN will retain 100% of the base and precious metal rights at Miriam.
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.
