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Future Battery Minerals (ASX:FBM) has made a major score for lithium exploration in Western Australia, beginning a deal to acquire a majority holding of the Miriam Lithium Project near Coolgardie from Corazon Mining Ltd (ASX:CZN).
FBM entered a binding purchase agreement to take on 85 percent of Corazon’s subsidiary Coolgardie Nickel, which controls the four prospecting licences comprising Miriam, in addition to one prospecting licence application.
Location is a crucial factor for FBM in its acquisition of the project, as Miriam’s licences lie immediately north – and are contiguous – to its Kangaroo Hills Lithium Project (KHLP), across a 6 kilometre by 1.5 kilometre territory, not to mention being close to the company’s Big Red discovery.
The evident mineralisation found at Miriam is also enticing, with two years exploration work by Corazon revealing it to be prospective for high grade spodumene bearing pegmatites, with rock chip samples up to 1.85 percent lithium oxide (Li2O).
After discovering these grades in spodumene outcrop in December 2022, Corazon undertook geochemical soil sampling the following year which revealed evidence of both a primary lithium target – measuring 1.6 kilometres over strike – and a second trend of 600 metres.
FBM is expecting to build on this with a drilling program at Miriam in the third quarter of 2024, once the acquisition is completed.
Managing Director, Nicholas Rathjen said prospectivity of the project was FBM’s main concern, and it had high hopes for Miriam.
“Given our strong belief in the Kangaroo Hills Lithium Project, this acquisition represents an opportunistic and logical move to further consolidate our landholding in the region,” he said.
“The Miriam Project offers a highly prospective, drill-ready opportunity. This strategic addition is on ground endowed with confirmed outcropping spodumene lithium-bearing pegmatites and we look forward to commencing work at Miriam immediately, conducting detailed target generation with first drilling to commence during Q3 CY24.”
In addition to this notable project gain, FBM has also made changes in its management, with non-executive director Neville Power moving into the position of non-executive chairman, replacing Mike Edwards, who will transition to a non-executive director role.
Mr Power is best known for his work as CEO of Fortescue Metals Group (FMG) between 2011 and 2018, following more than 20 years of experience as a mining engineer and manager at Mt Isa Mines.
He said that the significance of lithium exploration at this time made his growing role with FBM an exciting one.
“I am delighted to assume the Chair role moving forward,” he said.
“I look forward to playing my part in successfully guiding FBM’s excellent team in navigating the advancement of our lithium assets in Western Australia and Nevada. With our strategic positioning in these regions, we are well placed to capitalise on lithium’s critical global role.”
FBM is trading at 6c.
