Future Battery Minerals (ASX:FBM) is conducting a 6-hole reverse circulation (RC) drilling program to test the strike extent of the Lone Mountain deposit as part of its Nevada Lithium Project (NLP) in the US.
The $37.36 million market capitalisation company plans to also test for ‘higher-grade’ zones — more than 1,000 parts per million (ppm) lithium — of this shallow claystone mineralisation at Lone Mountain.
Drilling is expected to complete the program during December, with assay results to be returned during Q1 2024.
This news comes after Future Battery completed a 3-hole diamond drilling program which was designed to deliver a maiden Mineral Resource Estimate for NLP, as previously reported.
Queensland-based engineering consultants Stantec Consulting has been appointed to conduct the MRE, which remains on track for delivery in Q1 2024.
Future Battery Minerals Technical Director Robin Cox says the company has extended the known Lone Mountain host formation substantially at depth and the core and samples have provided further accuracy in terms of geology.
“We believe this deposit progressively shallows as it moves south and the planned RC holes are targeting this potential strike extension.
The resource drilling is set to culminate in a targeted maiden MRE deceleration for the NLP during Q1 CY 2024.”
Future Battery Minerals is an ASX-listed battery minerals explorer focused on discovering lithium, nickel, and copper in stable pro-mining jurisdictions.
As of 30 September 2023, the company had $5.05 million cash at hand and zero debt according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Future Battery Minerals