Australian explorer Future Battery Minerals (ASX:FBM) has completed the $10 million sale of the Nepean Nickel Project in Western Australia to private company Rocktivity Nepean.
The company reports a cash consideration of $2.7 million was received upon completion of the sale in addition to the $100,000 deposit received on signing, while the remaining deferred consideration of $7.2 million remains outstanding.
In June 2024, Rocktivity will be required to pay $2.7 million to Future Battery Minerals, along with another $2.5 million in December 2024, while the final payment of $2 million will be paid in June 2025.
Future Battery Minerals says it is now fully funded for planned exploration activities at its 80% owned Kangaroo Hills Project in Western Australia, which is shared with Lodestar Minerals (ASX:LSR), and the Nevada Lithium Project in the US.
At Kangaroo Hills, the company will be conducting step-out drilling at the Big Red prospect to test for extensions to the reported thick, ‘high-grade’ lithium intercepts.
It will also systematically test the newly identified prospects at the Western Grey, Eastern Grey, Rocky, Quokka, Wallaroo, and Pademelon areas and conduct ongoing target-generative geophysics mineralogy and metallurgical testwork.
Meanwhile, at Nevada, Future Battery Minerals will undertake a phase two reverse circulation (RC) drilling program at Western Flats and Lone Mountain to test for extensions to the thick, ‘high-grade’ lithium claystone discovery made recently, along with systematic testing of the Heller, Fraction, and San Antonne prospects.
Future Battery Minerals is an Australian explorer focused on its portfolio of lithium, nickel, and copper assets in Australia and the US. The company holds the Kangaroo Hills, Leinster, and Saints Nickel Projects in Western Australia, as well as the Bonaventura, Arden, and Torrens East Copper projects in South Australia and the Nevada Lithium Project in the US.
Write to Harry Mulholland at Mining.com.au
Images: Future Battery Minerals Ltd
