Future Battery Minerals targeting a maiden lithium resource post RC drilling in Nevada
Special Report: Future Battery Minerals has commenced Reverse Circulation (RC) drilling at its Nevada Lithium Project (NLP) with the aim of delivering a maiden resource estimate for the project in Q1 2024.
The project’s prospectivity has been more than proven by the company’s Phase 2 drilling, which delivered hits such as 179.8m at 766 parts per million (ppm) lithium from just 39.6m, and 170m at 764ppm lithium from 67.1m.
Phase 2 drilling also highlighted a 3km by 2km mineralised footprint at the NLP with a further 2km of prospective strike open to the south.
Not to mention, the NLP shares a similar mineralisation style as other notable projects in the region such as Ioneer’s (ASX:INR) Rhyolite Ridge project, which has snagged offtake agreements with Ford Motor Company and PPES (joint venture between Toyota and Panasonic).
Future Battery Minerals (ASX:FBM) is now eyeing resource definition, with the RC drilling currently underway to target the promising Lone Mountain prospect, testing its strike extension to the south.
All holes in the recently completed Phase 3 diamond drilling program were successful in extending host stratigraphy at depth.
Assays are expected to be received in January.
“The recently completed diamond drilling at the NLP has again delivered positive results,” FBM Technical Director Robin Cox said.
“Not only did we extend the known Lone Mountain host formation substantially at depth, but none of the drilled holes reached the bottom of the claystone package upon achieving target depth.
“Importantly, the core and samples provided further accuracy in terms of controls on geology, and allowed us to achieve target depth where RC drilling previously couldn’t reach.”
The plan now is to explore the further 2km of prospective strike open to the south at Lone Mountain.
“The recently commenced Phase 3 RC drilling aims to test the exciting southern extent of the Lone Mountain mineralisation,” Cox said.
“We believe this deposit progressively shallows as it moves south and the planned RC holes are targeting this potential strike extension.
“They are also designed to test for higher-grade zones (+1,000 ppm Li) within this shallow claystone.”
The RC drilling is expected to wrap up later this month, with assays expected in early 2024.
“The resource drilling program is set to culminate in a targeted maiden mineral resource estimate declaration for the NLP during Q1 CY2024,” Cox said.
“We look forward to reaching this milestone and demonstrating the scale and opportunity that exists at the NLP, particularly given the broader regional context in which it is situated.”
FBM notes that post the release of the resource estimate at Lone Mountain, the NLP still hosts significant exploration upside.
Regional prospects such as Traction, San Antone West and North remain untested and the company will look to schedule exploration in next year, with the aim of organically building its mineral footprint in Nevada.
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.