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ORE RESOURCES LIMITED — Capital/Financing Update 2023
Aug 23, 2023
65504_rns_2023-08-23_c4277e51-e1d5-4f2d-aa55-0e64f0511c82.pdf
Capital/Financing Update
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24 August 2023
ASX ANNOUNCEMENT
MULTIPLE NEW STACKED SPODUMENE BEARING PEGMATITES CONFIRMED AT KANGAROO HILLS
Highlights
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Phase 3 reverse circulation (RC) and diamond drilling (DD) programmes at the Rocky Prospect have identified multiple new stacked spodumene bearing pegmatites semi parallel to the Big Red lithium pegmatite (Big Red).
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The new intersections have seen a significant increase in the scale of the pegmatite swarm and potential tonnage at Kangaroo Hills, which is now confirmed over a 1.2 x 1.5km area and remains open in all directions.
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~4,800m of RC drilling completed to date with assays pending for all drill core samples.
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Due to the outstanding results, the Phase 3 RC drill programme has been expanded with a further 6,000m to be drilled at the Rocky and other priority neighbouring prospects, Wallaroo and Eastern Grey.
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Expanded drilling programme will aim to further delineate the Rocky pegmatites, testing strike extensions for further thickening of the pegmatite as seen at the Big Red (29m @ 1.36% Li2O from 38m KHRC011[1] )
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A 1,500m DD programme is also currently underway at both the Big Red and Rocky prospects.
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Target generative geophysical surveys including Resistivity and ground gravity are to commence in the coming fortnight, targeting Big Red North and regions currently awaiting drill permitting.
Future Battery Minerals Limited (ASX: FBM) ( FBM or the Company ) is pleased to announce outstanding initial results from the Phase 3 drilling programme at the 100% owned Kangaroo Hills Lithium Project (KHLP) in Western Australia (WA, which has discovered multiple new stacked spodumene bearing pegmatites. These findings indicate a far greater lithium-bearing system at the Rocky and Big Red Prospects than originally anticipated.
FBM Technical Director Robin Cox commented:
“The initial geological results of the Phase 3 drilling programme are a game changer for the scale and potential tonnage of the Kangaroo Hills project. Our interpretation of the intercepted pegmatites at the Rocky Prospect illustrate a stacked system with multiple spodumene bearing pegmatites now intercepted and which remains open in all directions. Given these very encouraging visual results, the Company has moved quickly to expand the current drilling programme with a further 6,000m of RC drilling being added. In addition, a diamond drill rig was recently mobilised to site to further test the Rocky Prospect and to provide much needed structural data of this promising system that remains open in all directions. Work to date at the KHLP has successfully discovered shallow high grade spodumene bearing pegmatites at Big Red, which has now been identified as a larger system with the addition of the successful Rocky drilling. The RC programme will further test the exciting nearby regional prospects at Eastern Grey, Wallaroo and Pademelon which have all intercepted pegmatites, highlighting the success of the Company’s target generative work to date.”
1 Refer to ASX announcement dated 20 March 2023 – LCT-PEGMATITE DISCOVERY CONFIRMED AT KANGAROO HILLS
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[email protected] +61 8 6383 7817 futurebatteryminerals.com.au
Future Battery Minerals Ltd Suite 10, 38 Colin St, West Perth WA 6005 ABN 91 148 966 545
ASX: FBM
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Figure 1: Rocky and Big Red LCT-Pegmatite Prospects Long Section Note: results and grades are reported as metres over % grade Li2O[2]
Geological Results
The Phase 3 drilling programme initially planned for 5,000m of RC targeting the Big Red Prospect (Big Red) and regional prospects Rocky, Eastern Grey, Wallaroo and Pademelon. Drilling at the Rocky Prospect aimed to further test the outcropping pegmatites and the previous intercept of 5m @ 1.12% Li2O from 104m in KHRC0037 . Holes completed to date have intercepted multiple new pegmatites within close proximity to Big Red, which have been interpreted as a larger stacked system and which remains open in all directions. Multiple intercepts have visible spodumene within the pegmatites and are currently awaiting assay results. Currently, the pegmatites show a semi-parallel structure to Big Red, which is characterised by a gentle -20 degree northerly dip. The spodumene pegmatites intercepted exhibit a maximum thickness of 10m (down hole width). However, there is strong potential to intercept thickened zones with similar widths to Big Red (29m @ 1.36% Li2O from 38m KHRC011[2] ) given the pinch and swell nature of the KHLP pegmatites. Importantly, the pegmatites at Rocky remain open in all directions and the Rocky Prospect has the potential to significantly add to the scale and tonnage of lithium mineralisation as exploration drilling at KHLP continues .
Cautionary Statement – Visual estimates of spodumene should not be considered a proxy or substitute for laboratory analysis, which are required to determine the widths and grade of mineralisation. Assays will be received in the coming 6-8 weeks.
2 Refer to ASX announcement dated 18 July 2023 - FURTHER HIGH-GRADE LITHIUM RESULTS AT KANGAROO HILLS
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[email protected] +61 8 6383 7817 futurebatteryminerals.com.au
Future Battery Minerals Ltd Suite 10, 38 Colin St, West Perth WA 6005 ABN 91 148 966 545
ASX: FBM
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Drilling Programmes
These outstanding results have materially increased the potential scale of the KHLP. Consequently, the Company is now expanding the current drill programme with an additional 6,000m of RC drilling. This expansion aims to further test additional extensions at Big Red and Rocky, as well as assess the regional prospects at Eastern Grey, Wallaroo and Pademelon . To date, drilling at Rocky has only tested the western margin of the pegmatites on a wide spaced grid. The expanded programme will continue to test the pegmatites towards the east and south directions, employing more closely spaced drilling technique that are suitable for the completion of a Mineral Resource Estimation (MRE).
Additionally, a diamond core rig has recently been mobilised to site to provide core samples from the newly intercepted pegmatites and to provide structural data to assess the geometry of the pegmatites. The DD programme will consist of up to 1,500m and will supply additional core samples for metallurgical test work.
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Figure 2: Plan view of the Rocky and Big Red Prospects and drilling locations
Discussion of Results
Given the proximity of Big Red and the previous discovery of mineralised pegmatites, the Rocky Prospect was considered a high priority target. Drilling in the Phase 2 drill programme intercepted 5m @ 1.12% Li2O from 104m in drill hole KHRC037. The focus of the Phase 3 drill programme was to step out from this intercept on a wide spaced 160m x 160m grid to evaluate the continuity of the pegmatite. Importantly, the wide spaced drilling has now intercepted a number of pegmatite units with visible spodumene modelled as continuous and semi parallel to the mineralised Big Red pegmatite . This demonstrates the potential of a larger stacked system comprising both the Big Red and Rocky prospects . To date, drilling at Rocky has been on a wide spaced scale, therefore the widths of the intercepted pegmatites are extremely encouraging and the Geological team believes there is potential to intercept swell points within the system with thicknesses similar to Big Red (29m @ 1.36% Li2O from 38m) . Drilling is now to be undertaken on a tighter grid spacing to test this potential.
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[email protected] +61 8 6383 7817 futurebatteryminerals.com.au
Future Battery Minerals Ltd Suite 10, 38 Colin St, West Perth WA 6005 ABN 91 148 966 545
ASX: FBM
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Selective diamond core drilling is now being utilised to better understand the geometry of the pegmatites at Rocky and to collect metallurgical sample for the Company’s ongoing KHLP metallurgical test work.
To date, the Phase 3 drill programme has consisted of over 4,800m of RC and 500m of diamond core drilling. Drilling at Big Red commenced with infilling drill lines where mineralised pegmatites were identified. These multiple pegmatites with visible spodumene were intercepted in drill holes KHRC043-KHRC045 with thicknesses up to 10m (downhole width).
Due to weather and access conditions, drilling then shifted to the Pademelon Prospect which aimed to test a structural feature identified in the magnetic data north of the historic Londonderry mine, which hosts lithiumcaesium-tantaum (LCT) pegmatites and was historically mined for tantalum and beryl but was known to host lithium mineralisation. Drilling successfully intercepted a continuous pegmatite across the east-west fence line which ranged in thickness from 5-43m (downhole thickness) . This shows a potential continuation of the Londonderry pegmatite to the north. With assay results still pending, the discovery of thick, continuous pegmatites at Pademelon is highly encouraging and the geochemistry will assist in vectoring to further lithium mineralisation .
At Eastern Grey, five holes have been completed to date. Thin lenses of pegmatite have been intercepted, but further drilling has been planned to the northwest as drilling to date has intercepted the contact between greenstone lithologies and granite. Eastern Grey remains highly prospective with further drilling required to evaluate the target.
Ground preparation work is currently underway to accommodate the expanded programme.
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Figure 3: KHLP – Seismic Drilling Australia’s Diamond Rig at Rocky (August 2023)
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[email protected] ASX: FBM +61 8 6383 7817 futurebatteryminerals.com.au Follow Us
Future Battery Minerals Ltd Suite 10, 38 Colin St, West Perth WA 6005 ABN 91 148 966 545
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Target Generative Geophysics
As part of the on-going target generative exercise at KHLP, a close spaced resistivity survey is scheduled to commence during the next two weeks. Resistivity has proven successful in identifying pegmatites at the KHLP, with the Big Red pegmatite hosting a correlative resistivity anomaly with a northwest trending strike length of over 1km. The geophysical survey is a quick, low cost effective, and non-ground disturbing method of testing large areas of the KHLP tenure for shallow thick pegmatites. This approach facilitates more targeted drilling with the potential of increasing the exploration success rate.
Ground gravity surveys have also been expanded at the KHLP. Data from the surveys completed to date is currently being analysed to detect shallow pegmatites with no surface expression.
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Figure 4: KHLP – Location Map of Prospects and Regional Targets
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[email protected] +61 8 6383 7817 futurebatteryminerals.com.au
Future Battery Minerals Ltd Suite 10, 38 Colin St, West Perth WA 6005 ABN 91 148 966 545
ASX: FBM
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FBM Planned Works and Updates
FBM planned works and update across the KHLP and Nevada Lithium Project (NLP) are as follows: KHLP (100%)
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Phase 3 RC drilling – underway ~4800m completed to date;
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DD testing of the Big Red and Rocky Prospects – underway;
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Metallurgical and mineralogical assessment – underway;
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Target generative geophysics:
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Ground Gravity – completed, interpretation underway
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Expanded Resistivity Survey – to commence in late August;
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Spring environmental surveys – to commence in October.
(NLP) (80%)
- Phase 3 drill planning/permitting – Underway to commence in mid- September.
This announcement has been authorised for release by the Board of Directors of the Company.
-END-
For further information visit www.futurebatteryminerals.com or contact: Robin Cox Mike Edwards Technical Director Executive Chairman E : [email protected] E : [email protected]
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[email protected] ASX: FBM +61 8 6383 7817 futurebatteryminerals.com.au Follow Us
Future Battery Minerals Ltd Suite 10, 38 Colin St, West Perth WA 6005 ABN 91 148 966 545
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About Kangaroo Hills Lithium Project (KHLP) – 100%
The 100% owned KHLP is a recent and exciting hard rock Lithium discovery located in the Goldfields of Western Australia (WA) only 17kms south of the township of Coolgardie. Spodumene mineralisation within Lithium-Caesium-Tantalum (LCT) pegmatites was discovered during regional exploration drilling of the Nepean Nickel Project in late 2022. Exploration efforts to date have significantly expanded on these initial results, as the Company has now conducted two rounds of drilling totalling 47 holes and over 6,000m. To date, drilling has identified the Big Red Prospect as an outcropping shallow north dipping pegmatite with peak intercepts of 29m @ 1.36% Li2O from 38m with the economic lithium mineral spodumene noted as the dominant mineral. Through the implementation of regional target generative work, which involved mapping, geophysics and geochemistry, six additional high priority prospects have been identified. These high priority prospects have the potential to host further LCT pegmatites (as highlighted in this announcement).
The location of the Project provides significant advantages to FBM. Located on the doorstep of a premier mining district, the Goldfields of WA and specifically Kalgoorlie (50km East of KHLP) host a professional mining and exploration workforce. This provides the Company with access to skilled labour and infrastructure critical to the development of any future mining project. The WA Goldfields are also a Lithium endowed province of Western Australia, with numerous operating and developing Lithium projects. Notably the KHLP is only 30kms west of the Mt Marrion Lithium Mine operated by Mineral Resources Ltd (ASX: MRL). In addition, the site is accessible via a sealed road leading south from Coolgardie, ensuring the Company has continuous access all year-round.
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Figure 3 – KHLP Location
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[email protected] ASX: FBM +61 8 6383 7817 futurebatteryminerals.com.au Follow Us
Future Battery Minerals Ltd Suite 10, 38 Colin St, West Perth WA 6005 ABN 91 148 966 545
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Competent Persons Statement
The information in this announcement that relates to exploration results is based on and fairly represents information compiled by Mr Robin Cox BSc (E.Geol), a Competent Person, who is a Member of the Australian Institute of Mining and Metallurgy. Mr Cox is the Company’s Chief Geologist and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Cox consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
Forward-Looking Statements
This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Future Battery Minerals Limited’s planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may”, "potential", "should," and similar expressions are forward-looking statements. Although Future Battery Minerals Limited believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.
Previously Reported Results
There is information in this announcement relating to exploration results which were previously announced on 20 March 2023 and 18 July 2023. Other than those disclosed in the announcement, the Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement.
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[email protected] ASX: FBM +61 8 6383 7817 futurebatteryminerals.com.au Follow Us
Future Battery Minerals Ltd Suite 10, 38 Colin St, West Perth WA 6005 ABN 91 148 966 545
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Table 1 – Drill Hole Collars
UTM – MGA94 Zone 51
| Hole ID | EASTING (m) |
NORTHING (m) |
RL (m) | Azimuth (degrees) |
Dip (degrees) |
End of hole Depth (m) |
Prospect ID |
|---|---|---|---|---|---|---|---|
| KHRC042 | 317750 | 6558300 | 408 | 270 | -60 | 150 | BigRed |
| KHRC043 | 317790 | 6558230 | 410 | 0 | -90 | 186 | BigRed |
| KHRC044 | 317710 | 6558230 | 410 | 0 | -90 | 198 | BigRed |
| KHRC045 | 317390 | 6558070 | 396 | 0 | -90 | 204 | Rocky |
| KHRC046 | 318430 | 6557480 | 374 | 0 | -90 | 150 | Eastern Grey |
| KHRC047 | 317150 | 6556710 | 381 | 0 | -90 | 198 | Pademelon |
| KHRC048 | 316910 | 6556710 | 398 | 0 | -90 | 204 | Pademelon |
| KHRC049 | 316670 | 6556710 | 418 | 0 | -90 | 198 | Pademelon |
| KHRC050 | 316430 | 6556710 | 394 | 0 | -90 | 210 | Pademelon |
| KHRC051 | 316032 | 6556710 | 379 | 0 | -90 | 204 | Pademelon |
| KHRC052 | 318270 | 6557670 | 377 | 0 | -90 | 204 | Eastern Grey |
| KHRC053 | 318350 | 6557670 | 377 | 0 | -90 | 173 | Eastern Grey |
| KHRC054 | 318190 | 6557750 | 379 | 0 | -90 | 182 | Eastern Grey |
| KHRC055 | 318310 | 6557750 | 378 | 0 | -90 | 144 | Eastern Grey |
| KHRC056 | 317550 | 6558070 | 394 | 0 | -90 | 186 | Rocky |
| KHRC057 | 317710 | 6558070 | 400 | 0 | -90 | 156 | Rocky |
| KHRC058 | 317550 | 6557910 | 393 | 0 | -90 | 198 | Rocky |
| KHRC059 | 317390 | 6557910 | 388 | 0 | -90 | 176 | Rocky |
| KHRC060 | 317390 | 6557830 | 387 | 0 | -90 | 223 | Rocky |
| KHRC061 | 317550 | 6557830 | 396 | 0 | -90 | 156 | Rocky |
| KHRC062 | 317710 | 6557830 | 392 | 0 | -90 | 150 | Rocky |
| KHRC063 | 317790 | 6557830 | 387 | 0 | -90 | 150 | Rocky |
| KHRC064 | 317870 | 6557830 | 386 | 0 | -90 | 150 | Rocky |
| KHRC065 | 317810 | 6557904 | 392 | 0 | -90 | 150 | Rocky |
| KHRC066 | 317949 | 6557828 | 384 | 0 | -90 | 168 | Rocky |
| KHRC067 | 317870 | 6557915 | 389 | 0 | -90 | 150 | Rocky |
| KHRC068 | 317383 | 6557683 | 387 | 0 | -90 | 174 | Rocky |
| KHDD006 | 317906.9 | 6558262 | 399 | 90 | -85 | 72 | BigRed |
| KHRC044D | 317714 | 6558235 | 217 | 0 | -90 | 228.8 | BigRed |
| KHDD007 | 318026 | 6558299 | 398 | 270 | -70 | 70 | BigRed |
| KHDD008 | 317800 | 6558265 | 409 | 270 | -85 | Inprogress | BigRed |
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[email protected] +61 8 6383 7817 futurebatteryminerals.com.au
Future Battery Minerals Ltd Suite 10, 38 Colin St, West Perth WA 6005 ABN 91 148 966 545
ASX: FBM
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Table 2 – Geological logging Pegmatite and Spodumene Percentage
| Hole ID | Pegmatite intercept from (m) |
Pegmatite intercept to (m) |
Interval width (m) |
Visible spodumene percentage |
|---|---|---|---|---|
| KHRC042 | 37 | 40 | 3 | 5% |
| KHRC042 | 43 | 45 | 2 | 5% |
| KHRC042 | 112 | 113 | 1 | - |
| KHRC042 | 126 | 127 | 1 | - |
| KHRC042 | 137 | 138 | 1 | - |
| KHRC043 | 5 | 10 | 5 | - |
| KHRC043 | 12 | 13 | 1 | - |
| KHRC043 | 19 | 20 | 1 | - |
| KHRC043 | 21 | 26 | 5 | 15% |
| KHRC043 | 44 | 46 | 2 | - |
| KHRC043 | 50 | 52 | 2 | - |
| KHRC043 | 101 | 103 | 2 | - |
| KHRC043 | 147 | 157 | 10 | 15% |
| KHRC044 | 22 | 26 | 4 | 20% |
| KHRC044 | 58 | 60 | 2 | - |
| KHRC044 | 68 | 69 | 1 | - |
| KHRC044 | 78 | 80 | 2 | - |
| KHRC044 | 103 | 104 | 1 | 5% |
| KHRC044 | 116 | 117 | 1 | - |
| KHRC045 | 12 | 16 | 4 | - |
| KHRC045 | 40 | 44 | 4 | - |
| KHRC045 | 63 | 64 | 1 | - |
| KHRC045 | 72 | 81 | 9 | - |
| KHRC045 | 85 | 86 | 1 | - |
| KHRC045 | 87 | 89 | 2 | - |
| KHRC045 | 94 | 95 | 1 | - |
| KHRC047 | 98 | 117 | 19 | - |
| KHRC048 | 91 | 134 | 43 | - |
| KHRC049 | 107 | 114 | 7 | - |
| KHRC049 | 121 | 155 | 34 | - |
| KHRC050 | 170 | 202 | 32 | - |
| KHRC051 | 61 | 66 | 5 | - |
| KHRC054 | 49 | 50 | 1 | - |
| KHRC056 | 12 | 14 | 2 | - |
| KHRC056 | 24 | 29 | 5 | - |
| KHRC056 | 31 | 32 | 1 | - |
| KHRC056 | 33 | 39 | 6 | - |
| KHRC056 | 136 | 142 | 6 | - |
| KHRC057 | 0 | 3 | 3 | - |
| KHRC057 | 9 | 10 | 1 | - |
| KHRC057 | 38 | 48 | 10 | 20% |
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Future Battery Minerals Ltd Suite 10, 38 Colin St, West Perth WA 6005 ABN 91 148 966 545
ASX: FBM
+61 8 6383 7817 futurebatteryminerals.com.au
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| KHRC057 | 66 | 67 | 1 | - |
|---|---|---|---|---|
| KHRC058 | 0 | 1 | 1 | - |
| KHRC058 | 6 | 8 | 2 | - |
| KHRC058 | 15 | 19 | 4 | - |
| KHRC058 | 67 | 68 | 1 | - |
| KHRC058 | 70 | 71 | 1 | - |
| KHRC059 | 2 | 6 | 4 | - |
| KHRC059 | 10 | 12 | 2 | - |
| KHRC059 | 36 | 40 | 4 | - |
| KHRC060 | 22 | 26 | 4 | - |
| KHRC060 | 29 | 33 | 4 | - |
| KHRC060 | 74 | 76 | 2 | - |
| KHRC060 | 88 | 90 | 2 | - |
| KHRC061 | 2 | 4 | 2 | - |
| KHRC061 | 46 | 53 | 7 | - |
| KHRC062 | 5 | 6 | 1 | - |
| KHRC062 | 67 | 72 | 5 | - |
| KHRC064 | 26 | 27 | 1 | - |
| KHRC068 | 7 | 11 | 4 | - |
| KHRC068 | 14 | 23 | 9 | - |
| KHRC068 | 35 | 36 | 1 | - |
| KHRC068 | 44 | 45 | 1 | - |
| KHRC068 | 49 | 57 | 8 | - |
| KHDD006 | 21.75 | 45.1 | 23.35 | 25% |
| KHRC044D | 207.29 | 217.32 | 10.03 | 20% |
| KHDD007 | 46.78 | 49.64 | 2.86 | 5% |
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[email protected] ASX: FBM +61 8 6383 7817 futurebatteryminerals.com.au Follow Us
Future Battery Minerals Ltd Suite 10, 38 Colin St, West Perth WA 6005 ABN 91 148 966 545
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JORC Code, 2012 Edition, Table 1 (Kangaroo Hills Lithium Project) Section 1: Sampling Techniques and Data
| CRITERIA | EXPLANATION | COMMENTARY |
|---|---|---|
| Sampling techniques |
● Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. ● Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. ● Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1m samples from which 3kg was pulverised to produce a 30g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. |
Drilling Future Battery Minerals Limited (FBM): ● Lithium-Caesium-Tantalum (LCT) mineralisation at the Kangaroo Hills Lithium Project (KHLP) has been sampled from the following drilling techniques. ● Reverse circulation (RC) drilling creates 1m samples of pulverised chips, approximately 3kg’s is collected in individual calico bags ● Diamond core drilling (DD) reported is yet to be sampled. Sampling will be conducted on quarter core in order to preserve bulk sample for metallurgical test work. ● Rock Chip samples are collected from out crop, sub crop in the field. Air Magnetic Survey Contractor: UTS Client: St Francis Mining Ltd Year: 1996 Aircraft: Fletcher Instrumentation: Cesium Vapour Sample Interval: ~5m Flight Line Spacing: 50 and 100m Flight Line Direction: 068o-248o, 158o-338o, 090o-270o Tie Line Spacing: 500m and 1000m Mean Terrain Clearance: 25m Navigation: Differential GPS IP Parameters Contractor: Vortex Geophysics Receiver: 1-2x GDD 16 channel IP Receiver Transmitter: Vortex VIP-30 transmitter system rated at 1500V, 30A and 15KVA Configuration: Dipole-Dipole Line Spacing: 200m Dipole spacing: 100m Domain/Cycle: Time domain – 2 seconds or 0.125Hz |
| Drilling techniques |
● Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method,etc). |
FBM: • RC drilling was conducted on reported results in this announcement • HQ Diamond Core drilling is reported in this announcement. |
| Drill sample recovery |
● Method of recording and assessing core and chip sample recoveries and results assessed. ● Measures taken to maximise sample recovery and ensure representative nature of the samples. ● Whether a relationship exists between sample recoveryandgrade and whether |
FBM. • Sample recovery is noted in the field for each individual sample. Sample is collected via a cyclone and cone splitter attached to the drill rig, which is considered standard for RC sampling. • Diamond core recovery is recorded by both the drillingcontractors and |
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[email protected] +61 8 6383 7817 futurebatteryminerals.com.au
Future Battery Minerals Ltd Suite 10, 38 Colin St, West Perth WA 6005 ABN 91 148 966 545
ASX: FBM
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| CRITERIA | EXPLANATION | COMMENTARY |
|---|---|---|
| sample bias may have occurred due to preferential loss/gain of fine/coarse material. |
measured by FBM geologists • No relationship between sample recovery and grade has been yet observed and no sample bias is believed to have occurred. |
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| Logging | ● Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. ● Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. ● The total length and percentage of the relevant intersections logged. |
FBM: • Drill chips are lithologically logged by Geologists in the field • Logging is qualitative, recording rock type and mineral abundance • Logging of RC chips is conducted on a 1 metre sample size. • Core is logged lithologically by Geologists in the field. • Natural changes in mineral abundance are recorded |
| Sub-sampling techniques and sample preparation |
● If core, whether cut or sawn and whether quarter, half or all core taken. ● If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. ● For all sample types, the nature, quality and appropriateness of the sample preparation technique. ● Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. ● Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. ● Whether sample sizes are appropriate to the grain size of the material being sampled. |
FBM: ● 1m RC percussion, sample is split via a cyclone and cone splitter attached to the drill rig to produce a bagged 3kg sample. ● Certified reference material and blank material are inserted every 20 samples as per company QA/QC procedure for both DD & RC. ● Field duplicates collected from the Cyclone and cone splitter are inserted every 60 samples ● Sample weights per metre range between 1-3kg. ● Diamond core sampling will consist of cut core with quarter core utilised for geochemical assay. |
| Quality of assay data and laboratory tests |
● The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. ● For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. ● Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. |
FBM: ● ALS Minerals, multi element analysis method ME-ICP61 utilised for all samples, consisting of multi acid digestion with HF and ICP-AES analysis. Over limit method Ni- OG62H for ore grade Ni consisting of four acid digestion with ICP-AES analysis. PGM- ICP23 fire assay ICP-AES finish method used selectively for samples considered to contain Pt, Pd & Au. All methods are considered suitable for the style of mineralisation targeted. ● Certified Reference Material (CRM’s)and quartz blank (Blanks) samples are inserted 1:20 for DD & RC and 1:30 for AC as part of Future Battery’s QA/QC procedure. Accuracy and performance of CRM’s and Blanks are considered after results are received. ● Field duplicates collected from the Cyclone and cone splitter are inserted |
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[email protected] +61 8 6383 7817 futurebatteryminerals.com.au
Future Battery Minerals Ltd Suite 10, 38 Colin St, West Perth WA 6005 ABN 91 148 966 545
ASX: FBM
13
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| CRITERIA | EXPLANATION | COMMENTARY |
|---|---|---|
| every 60 samples ● Rock Chip samples and RC pulps for Lithium Investigation have been fused with Na2O2 and digested in hydrochloric acid, the solution is analysed by ICP by Nagrom Mineral Processors ICP004&ICP005 & ALS Minerals Laboratories ME-MS81 ICP- AES, ME-MS91. The method is considered a whole rock analysis. ● A stoichiometric conversion of Li to Li2O is applied consisting of a factor 2.153. X-Ray Difraction ● Semi Quantitative X-Ray Difraction was caried out on rock chip samples by ALS Laboratories. ● The analysis provides both a qualitative assessment of the mineralogy and a quantitative result. Raman Spectrometer • Bruker Raman Spectrometer was utilised on all pegmatite RC chip samples from with returned laboratory assays. • Raman spectroscopy is a spectroscopic tool that enables rapid raw material identification. With the aid of custom-built reference libraries, it can be used to verify or identify unknown materials in a matter of minutes. It is a non-destructive technique that requires limited to no sample preparation in order to perform analysis. • Qualitative mineralogical identification • Laser excitation wavelength 700-100nm |
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| Verification of sampling and assaying |
● The verification of significant intersections by either independent or alternative company personnel. ● The use of twinned holes. ● Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. ● Discuss any adjustment to assay data. |
FBM: • No third-party verification has been completed to date • Drill holes have not been twinned • All primary paper data is held on site, digitised data is held in a managed database off site. • No adjustments to assays have occurred. |
| Location of data points |
● Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. ● Specification of the grid system used. ● Quality and adequacy of topographic control. |
FBM: • Drill collars were surveyed in GDA94/MGA Zone 51 datum by handheld GPS +-5m accuracy • At completion of programme drill collars will be surveyed using a Differential GPS +- 0.1m accuracy. • Rock Chip samples are recoded with handheld GPS. |
| Data spacing and distribution |
● Data spacing for reporting of Exploration Results. ● Whether the data spacingand distribution |
FBM: • Drill data spacing is sufficient to establish the degree ofgeological andgrade |
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[email protected] +61 8 6383 7817 futurebatteryminerals.com.au
Future Battery Minerals Ltd Suite 10, 38 Colin St, West Perth WA 6005 ABN 91 148 966 545
ASX: FBM
14
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| CRITERIA | EXPLANATION | COMMENTARY |
|---|---|---|
| is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. ● Whether sample compositing has been applied. |
continuity appropriate for this stage of exploration and understanding of mineralisation |
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| Orientation of data in relation to geological structure |
● Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. ● If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. |
FBM: • Drill holes azimuth is perpendicular to stratigraphic strike • Drill hole dip is regarded suitable for subvertical stratigraphy and provides a near too true width intersection to minimise orientation bias. ● The geometry of drill holes relative to the mineralised zones achieves unbiased sampling of this deposit type. ● No orientation-based sampling bias has been identified. |
| Sample security | ● The measures taken to ensure sample security. |
FBM: • Drill samples are collected in labelled polyweave bags and closed with tight zip ties. • Samples are transported within 1-2days of hole completion by field staff directly to ALS laboratories. |
| Audits or reviews | ● The results of any audits or reviews of samplingtechniques and data. |
● No independent audit or review has been undertaken. |
Section 2: Reporting of Exploration Results
| CRITERIA | EXPLANATION | COMMENTARY |
|---|---|---|
| Mineral tenement and land tenure status |
● Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. ● The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. |
● The Kangaroo Hill Lithium Project consists of 8 prospecting leases. ● P15/5740, P15/5741, P15/5742, P15/5743, P15/5749, P15/5750, P15/5963, P15/5965, M15/1887 (in application), P15/6681 (in application), P15/6813 (in application) ● All leases are held by Eastern Coolgardie Goldfields Pty Ltd (ECG), a joint venture company of Future Battery Minerals Ltd (80%) and Lodestar Resources Ltd (20%). ● No known royalties exist on the leases. ● There are no material issues with regard to access. ● The tenement is in good standing and no known impediments exist. |
| Exploration done by other parties |
● Acknowledgment and appraisal of exploration by other parties. |
● Exploration drilling has been conducted by the previous lease holders, Metals Exploration NL, Endeavour, St Francis Mining, Anaconda, Spinifex Nickel, Ausminex NL - Consolidated Nickel Pty Ltd. ● Focus Minerals owned the project between 2007-2020. ● Data collected by these entities has been reviewed in detail byFBM. |
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[email protected] +61 8 6383 7817 futurebatteryminerals.com.au
Future Battery Minerals Ltd Suite 10, 38 Colin St, West Perth WA 6005 ABN 91 148 966 545
ASX: FBM
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| CRITERIA | EXPLANATION | COMMENTARY |
|---|---|---|
| Geology | ● Deposit type, geological setting and style of mineralisation. |
● The Kangaroo Hills Lithium Project is regarded as a Lithium Caesium Tantalum (LCT) enriched pegmatite which intrudes older archaen aged greenstone lithologies. |
| Drill hole Information |
● A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: ● easting and northing of the drill hole collar ● elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar ● dip and azimuth of the hole ● down hole length and interception depth ● hole length. ● If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearlyexplain whythis is the case. |
● A drill hole locations refereced have been supplied in previous cross- referenced announcements. |
| Data aggregation methods |
● In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. ● Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. ● The assumptions used for any reporting of metal equivalent values should be clearlystated. |
● Exploration Results were reported by using the weighted average of each sample result by its corresponding interval length, as is industry standard practice. ● Grades >0.3% Li2O are considered significant for mineralisation purposes. ● A lower cut-off grade of 0.3% Li2O has been used to report the Exploration results. Top-cuts were deemed not applicable. ● Metal equivalent values have not been used. |
| Relationship between mineralisation widths and intercept lengths |
● These relationships are particularly important in the reporting of Exploration Results. ● If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. ● If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length,true width not known’). |
● Most drill holes were angled to the East so that intersections are orthogonal to the orientation of stratigraphy. |
| Diagrams | ● Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. |
● Relevant diagrams have been included within the announcement. |
| Balanced reporting |
● Where comprehensive reporting of all Exploration Results is not practicable, |
● All significant intercepts have been previously reported in cross referenced |
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[email protected] +61 8 6383 7817 futurebatteryminerals.com.au
Future Battery Minerals Ltd Suite 10, 38 Colin St, West Perth WA 6005 ABN 91 148 966 545
ASX: FBM
16
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| CRITERIA | EXPLANATION | COMMENTARY |
|---|---|---|
| representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. |
announcements. | |
| Other substantive exploration data |
● Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminatingsubstances. |
● No other substantive data exists. |
| Further work | ● The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). ● Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. |
● FBM is currently reviewing data to determine if further drilling is warranted. If it is determined that additional drilling is required, the Company will announce such plans in due course. ● Metallurgical and mineralogical test work has been noted, exact test work and scale of work is yet to be designed. ● Refer to figures/diagrams in the main bodyof text. |
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[email protected] +61 8 6383 7817 futurebatteryminerals.com.au
Future Battery Minerals Ltd Suite 10, 38 Colin St, West Perth WA 6005 ABN 91 148 966 545
ASX: FBM
17
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