Future Battery Minerals (ASX:FBM) is set to launch fresh diamond drilling at its Nevada Lithium Project in the US within the next 7 days.
It comes as part of the company’s ‘aggressive’ lithium exploration plans across its US and Australian assets.
In Nevada, the drilling will consist of up to 4 core holes and forms part of a ‘larger’ resource drilling program encompassing wide-spaced reverse circulation (RC) and diamond drilling.
The $59.19 million market capitalisation company is focusing on the Lone Mountain prospect, where thick shallow lithium claystones have been uncovered over a footprint of 3km by 1.3km and remain open for a further 2km to the south.
Future Battery is aiming to deliver a maiden Mineral Resource Estimate (MRE) for the Nevada project early next year.
Meanwhile, at the Kangaroo Hills Lithium Project in Western Australia, a phase three RC drill program is now focusing on the spodumene pegmatite swarm identified at the Big Red and Rocky prospects.
Future Battery Minerals has drilled 57 RC holes so far, with all assays still pending. The company is also awaiting assays for 6 diamond holes.
Further diamond drilling is planned to test the potential depth extensions of mineralisation pegmatites.
Baseline environmental Flora and Fauna surveys are currently underway at Kangaroo Hills, which are anticipated to be completed in early November. These surveys are a condition for further permitting in the timber reserve.
Future Battery notes its early-stage metallurgical testwork is also nearing completion, with results to be returned in late October. The work will form part of a larger ongoing metallurgy study as Kangaroo Hills advances.
In today’s ASX announcement, the company notes its newly appointed Managing Director Nicholas Rathjen will be entering the role as of 18 October.
Commenting on the ongoing activities, Future Battery Minerals Technical Director Robin Cox says: “Following the completion last week of the oversubscribed $7.6 million placement from institutional and sophisticated investors, including Hancock Prospecting, the company has wasted no time in advancing exploration activities at its 2 lithium projects at the KHLP and the NLP.
“we are now fully funded with an aggressive, expanded exploration strategy underway aiming to deliver 2 maiden lithium resources in the new year”
These activities signal a big momentum shift for the company, as we are now fully funded with an aggressive, expanded exploration strategy underway aiming to deliver 2 maiden lithium resources in the new year.
On the corporate front, we are very pleased to announce that our newly appointed MD Nick Rathjen will be joining the company earlier than anticipated from mid-October. With Nick coming on board, we are confident that he will inject the skills and energy to take FBM into this next phase. This is an exciting new chapter for FBM, with significant news and catalysts coming!”
Future Battery Minerals is an ASX-listed exploration company focused on its lithium assets in Western Australia and Nevada, US.
As of 30 June 2023, the company had $3.04 million cash at hand, according to its latest quarterly report. Subsequent to this, the company launched a $7.6 million share placement, announced on 15 September.
Future Battery Minerals has completed the first tranche of this placement to pocket $5.2 million.
Write to Aaliyah Rogan at Mining.com.au
Images: Future Battery Minerals
