{"id":7611,"date":"2024-03-25T21:57:57","date_gmt":"2024-03-25T21:57:57","guid":{"rendered":"https:\/\/economicherald.net\/?p=7611"},"modified":"2024-03-25T21:57:57","modified_gmt":"2024-03-25T21:57:57","slug":"future-battery-minerals-supercharged-with-power-taking-the-chair-and-acquisition-of-new-lithium-ground","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=7611","title":{"rendered":"Future Battery Minerals supercharged with Power taking the chair and acquisition of new lithium ground"},"content":{"rendered":"<p>Former FMG MD Neville Power moves up to chairman role<br \/>\nCompany acquires 85% of the Miriam project immediately north of its flagship Kangaroo Hills lithium project<br \/>\nMiriam hosts high-grade spodumene bearing pegmatites with rock chip samples of up to 1.85% Li2O<br \/>\nDrilling expected to begin in Q3 2024<\/p>\n<p>\u00a0<\/p>\n<p><strong><em>Special Report:<\/em> Future Battery Minerals has appointed former Fortescue managing director Neville Power as its non-executive chairman as it moves to consolidate its lithium acreage in WA\u2019s Goldfields region.<\/strong><\/p>\n<p>Power, who has more than four decades of experience across mining, minerals processing, construction and steel making \u2013 including seven years at the helm of iron ore giant Fortescue (ASX:FMG) \u2013 was first <a href=\"https:\/\/stockhead.com.au\/resources\/power-up-future-battery-minerals-appoints-former-fmg-boss-to-board\/\"><strong>appointed to the company\u2019s board<\/strong><\/a> as a non-executive director in November 2023.<\/p>\n<p><a href=\"https:\/\/stockhead.com.au\/company\/future-battery-minerals-fbm\/\"><strong>Future Battery Minerals (ASX:FBM)<\/strong><\/a> said at that time that his decision to join the company validated both its projects and people while helping it build a world-class lithium exploration and development business.<\/p>\n<p>\u201cI\u2019m delighted to assume the chair role moving forward,\u201d Power said.<\/p>\n<p>\u201cI look forward to playing my part in successfully guiding FBM\u2019s excellent team in navigating the advancement of our lithium assets in Western Australia and Nevada.<\/p>\n<p>\u201cWith our strategic positioning in these regions, we are well placed to capitalise on lithium\u2019s critical global role.\u201d<\/p>\n<p>\u00a0<\/p>\n<p>The Miriam project is north of Kangaroo Hills. Pic supplied (FBM)<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Consolidating Goldfields lithium acreage<\/strong><\/h2>\n<p>As part of its lithium strategy, FBM also signed a binding purchase agreement to acquire 85% of Coolgardie Nickel, a wholly owned subsidiary of Corazon Mining (ASX:CZN) that holds the tenements which make up the Miriam project.<\/p>\n<p>Miriam is immediately north of the company\u2019s flagship Kangaroo Hills lithium project and will help consolidate its landholding in the region.<\/p>\n<p>The project is known to host high-grade spodumene bearing pegmatites with rock chip samples of up to 1.85% Li2O ~3.5km north of FBM\u2019s Big Red discovery where its <a href=\"https:\/\/stockhead.com.au\/resources\/drills-start-running-over-future-battery-minerals-northern-big-red-kangaroo-hills-lithium-targets\/\"><strong>Phase 4 reverse circulation drill program<\/strong><\/a> totalling 3,000m to test the interpreted northern continuity of shallow, thick, high-grade mineralisation has started.<\/p>\n<p>Geochemical soil sampling carried out by CZN had identified a primary target with a strike of ~1.6km and a second trend spanning about 600m.<\/p>\n<p>However, no historical drilling has been carried out Miriam, giving FBM a spectacular opportunity to make a new lithium find close to Big Red.<\/p>\n<p>\u201cGiven 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,\u201d managing director Nicholas Rathjen said.<\/p>\n<p>\u201cThe 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.\u201d<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Miriam project<\/strong><\/h2>\n<p>Miriam covers an area of 6km by 1.5km and comprises four prospecting licences and one prospecting licence application immediately north of Kangaroo Hills.<\/p>\n<p>A site visit by FBM to inspect the spodumene occurrences during the project due diligence phase found that the pegmatite outcrop containing the spodumene mineralisation is located in situ within a historical gold working consisting of a small shaft and a later\/younger trench.<\/p>\n<p>The pegmatite appears flat lying though the dip direction is not apparent.<\/p>\n<p>Assaying of rock chips collected by the company returned the presence of anomalous lithium with the peak assays of 0.9% Li2O considered correlative to the rock chip results announced by CZN from the same outcrop.<\/p>\n<p>All rock chips also exhibited highly anomalous tin and tantalum, which is indicative of lithium-caesium-tantalum mineralisation.<\/p>\n<p>FBM paid a $250,000 deposit on execution of the agreement and will pay a further $750,000 in cash at completion.<\/p>\n<p>It will also issue CZN 16.13 million FBM shares and 120.97 million performance rights at completion.<\/p>\n<p>CZN will retain 100% of the base and precious metal rights at Miriam.<\/p>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p><em>This article was developed in collaboration with Future Battery Minerals, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/future-battery-minerals-supercharged-with-power-taking-the-chair-and-acquisition-of-new-lithium-ground\/\">Future Battery Minerals supercharged with Power taking the chair and acquisition of new lithium ground<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Former FMG MD Neville Power moves up to chairman role Company acquires 85% of the Miriam project immediately north of its flagship Kangaroo Hills lithium <a href=\"https:\/\/economicherald.net\/?p=7611\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":7612,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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