Kangaroo Hills Lithium Project

The Kangaroo Hill Lithium Project (KHLP) (100% ASX: FBM) is a recent and exciting hard rock lithium discovery located in the Goldfields of Western Australia, approximately 17km south of the major township of Coolgardie. High-grade spodumene mineralisation within Lithium-Caesium-Tantalum (LCT) pegmatites was discovered during regional exploration drilling in late 2022. Further exploration efforts significantly expanded the initial results, with the completion of four drilling programmes totalling 178 holes for over 28,000m. Located on the doorstep of a premier mining district, the region is host to a professional mining and exploration workforce, providing ready access to skilled labour and regional infrastructure critical to the development of any future mining project. The Goldfields region is also a notably lithium endowed province of Western Australia, with numerous operating and developing lithium projects. Notably, the KHLP is only 30km west of the Mt Marion Lithium Mine operated by Mineral Resources (ASX: MIN). The KHLP site is accessible via a sealed road leading south from Coolgardie, ensuring continuous access to site all year round.

Maiden Reverse Circulation drilling at KHLP in January 2023 confirmed the discovery of a thick, high-grade LCT pegmatite with KHRC0011 returning 29m @ 1.36% Li₂O from 38m. This transformational discovery at the Big Red prospect area has been followed by numerous further exploration successes, significantly broadening the known mineralised system. 

Initial metallurgical testing in February 2024 confirmed spodumene is the predominant lithium mineral (~90% of the Li₂O ) in the Big Red pegmatite. Results demonstrate that Big Red is readily amenable to conventional Dense Media Separation (DMS) and Froth Flotation separation techniques. It is currently anticipated that a hybrid flowsheet design, consisting of DMS + Froth Floatation will maximise process outcomes.

The Phase 4B results have extended the known footprint of Big Red to over 600m. The high-grade Big Red pegmatite sits within the broader approximately 900m long mineralised footprint of the KHLP, which includes the recent Potoroo pegmatite discovery identified in Phase 4A drilling.

The recently acquired Miriam Project represents complementary lithium tenure located approximately 10 km south-southwest of Coolgardie and immediately north and contiguous to KHLP. The tenure occupies an area of approximately 6.0 km by 1.5 km, comprising four Prospecting Licences (P15/61356 to P15/6139 inclusive) and one Prospecting Licence application (P15/6135). Historic large lithium soil anomalies have been identified at the Miriam Project which extend from an outcropping spodumene-rich pegmatite, where weathered rock samples have returned grades of up to 1.85% Li₂O. The identified primary target is approximately 1.6 km in strike, with a second trend spanning approximately 600 m. The absence of historic drilling for lithium at the Miriam Project provides significant opportunity for future exploration success.