Nevada Lithium Project (NLP)
Future Battery Minerals acquired 80% stake in the Nevada Lithium Project (NLP) located in USA in June 2022. The Nevada Lithium Project consists of five key prospects, Traction, San Antone, Heller, Lone Mountain Prospect and Western Flats comprising >90km2 of ground that is considered highly prospective for larger sedimentary-hosted lithium deposits.
The region is home to several large sedimentary-hosted lithium deposits including Ioneer Resources’ (ASX:INR) Rhyolite Ridge and American Lithium Corporation’s (TSX.V: LI) (US OTC: LIACF) (Frankfurt: 5LA1) TLC Lithium Project. Albemarle Corporation’s (NYSE:ALB) Silver Peak Lithium Mine, currently the only producing lithium mine in North America, lies approximately 45 km to the west of the NLP.
Despite sharing the same mineralisation formation that hosts other large lithium deposits in the region, there has been limited exploration specifically targeting lithium within the NLP until recently. Furthermore, the NLP benefits from its strategic location near the Tesla Gigafactory and has access to US ports along the West Coast. This proximity offers a clear down-stream processing path for any significant lithium mineralisation that is encountered.
The Company completed its Phase 1 maiden 2,900m reverse circulation (RC) programme in March 2023, which successfully discovered Lithium bearing claystone lithologies of the Siebert Formation. Significantly, thick high-grade Li–claystone was intersected in four drill holes at Western Flats which neighbours American Lithium Corp’s (TSXV: LI) TLC deposit and American Battery Technology Corps’ (ABTC) (OTCQB: ABM) Tonopah Flats deposit. Moreover, the Li claystone intercepts reported by FBM are of a similar grade and thickness to those reported by LI and ABTC. Li–Claystone was also intercepted in one drill hole at the San Antone East prospect highlighting the potential for further mineralisation in this prospect. Stand-out intercepts from the programme include:
- 109.7m @ 766ppm Li from 135.6m depth (WF23-011),
- Including 29m @ 1,010ppm Li from a depth of 210.3m;
- 44.2m @ 570ppm Li from 169.2m (WF23-006),
- Including 1.5m @ 1,080ppm Li from a depth of 201.2m;
- 35.1m @ 463ppm Li from 106.7m (WF23-001),
- Including 9.1m @ 669ppm from a depth of 108.2m;
- 4.6m @ 448ppm Li from 77.7m (SAE23-001); and
- 6.1m @ 532ppm Li from 153.9m (WF23-009). Down Hole Lengths only.
The planning and permitting for Phase 2 reverse circulation (RC) drill programme have been completed and approved, with earthmoving and drilling commenced in early June 2023. The Phase 2 programme, consisting of up to 3,000m of RC drilling is aimed at extending the known Lithium (Li) claystone horizon intercepted in drill hole WF23-011 at the Western Flats Prospect, which terminated within mineralisation. The significant intercept of 109.7m @ 766ppm Li from a 135m down-hole depth, importantly hosted a high-grade portion of 29m @ 1,010ppm Li. The significant intercept has the potential to extend and shallow to the south and west towards the Lone Mountain Prospect and the newly staked claims contiguous to Western Flats. The programme will also drill the regional Heller Prospect with 3-4 RC holes to test the stratigraphy for potential Li bearing units. The programme is expected to be completed within 4-6 weeks. All clay stone intercepts will be sampled and sent for assay with results expected in 6-8 weeks post drilling completion.