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16/04/2024
Mining News

Future Battery Minerals acquires 85% stake in Coolgardie Nickel to expand lithium assets

Future Battery Minerals (FBM) has announced its acquisition of an 85% stake in Coolgardie Nickel, a subsidiary of Corazon Mining, as part of its strategy to consolidate its lithium assets.

The Miriam Project, owned by Coolgardie Nickel, is situated just north of FBM’s Kangaroo Hills Lithium Project (KHLP) in Western Australia’s eastern Goldfields region and is recognized for its high-grade spodumene-bearing pegmatites.

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According to the agreement, FBM will initially pay A$250,000 upon execution, followed by A$750,000 at closing. Additionally, upon completion, FBM will issue 16,129,033 fully paid ordinary shares and 120,967,744 performance rights.

Nicholas Rathjen, FBM’s managing director, expressed confidence in the Kangaroo Hills Lithium Project and sees this acquisition as a strategic move to further consolidate their landholdings in the area. He emphasized the prospective nature of the Miriam Project and outlined plans to commence exploration activities immediately, with drilling expected to start in the third quarter of 2024.

The Miriam Project boasts rock chip samples containing up to 1.85% lithium oxide and is located 3.5km north of FBM’s Big Red discovery. Previous soil sampling conducted by Corazon identified primary and secondary targets, presenting a significant exploration opportunity for FBM. The company plans to conduct detailed target generation exploration and initiate a maiden drill program during the third quarter of 2024.

Corazon will retain full rights to the base and precious metals at the Miriam Project, while the acquisition is subject to certain conditions and is expected to be completed around mid-May 2024.

Neville Power, incoming non-executive chairman of FBM, expressed excitement about assuming the chair role and emphasized the company’s strategic positioning in Western Australia and Nevada. He highlighted the potential for capitalizing on the critical global role of lithium and thanked Mike, the outgoing chairman, for his significant contributions to FBM’s progress and discoveries.

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