Battery Age Minerals (ASX:BM8) has secured a second drilling permit from the Ontario Ministry of Mines after restarting its phase two drilling program at the Falcon Lake Lithium Project in Canada last week.
The $17.91 million market capitalisation company says the new permit allows it to continue the execution of its phase two drilling program across the entire 5km ‘highly prospective’ corridor identified to date at Falcon Lake.
Battery Age Minerals reports drilling has restarted after a brief pause during the hunting season. Drillingwill focus on the step-out zone at the Falcon East prospect before moving on to test new pegmatite discoveries within over 30 ‘high-priority’ targets identified from the summer fieldwork program.
The permit allows for 135 drill pads with a hole depth varying from 50m to 200m, giving an approximate range of total drilled metres from 10,000m to 20,000m.
Drilling will aim to expand on recently discovered shallow mineralised zones including the significant intercept from drillhole 23FL-067 completed at Falcon East, which returned 19.1m @ 1.34% lithium oxide (Li2O).
Battery Age Minerals Interim Chief Executive Officer (CEO) Nigel Broomham says the permit will pave the way for drilling across a 5km highly prospective corridor where over 30 new drill targets have been identified beyond the known mineralised occurrences.
As of 30 September, Battery Age Minerals had $6.526 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Battery Age Minerals