Future Battery Minerals (FBM) has agreed to acquire an 85% stake in Coolgardie Nickel, a subsidiary of Corazon Mining, in a move aimed at consolidating its lithium assets.

The Miriam Project, held by Coolgardie Nickel, is located immediately north of FBM’s Kangaroo Hills Lithium Project (KHLP) in the eastern Goldfields region of Western Australia and is known for its high-grade spodumene-bearing pegmatites.

Under the terms of the agreement, FBM will make an initial payment of A$250,000 upon the agreement’s execution, followed by A$750,000 at closing.

Additionally, FBM will issue 16,129,033 fully paid ordinary shares and 120,967,744 performance rights upon completion.

FBM managing director Nicholas Rathjen said: “Given 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. The 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 [the third quarter] CY24.”

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The Miriam Project, with rock chip samples containing up to 1.85% lithium oxide, lies 3.5km north of FBM’s Big Red discovery.

Previous geochemical soil sampling by Corazon identified a primary target of nearly 1.6km in strike and a secondary trend of around 600m.

The lack of historic drilling for lithium at the site presents a significant exploration opportunity for FBM, which plans to commence detailed target generative exploration immediately and a maiden drill programme during Q3 of calendar year 2024.

Corazon will retain full rights to the base and precious metals at the Miriam Project.

The deal is subject to certain conditions and due to complete around mid-May 2024.

FBM incoming non-executive chairman Neville Power said: “I am delighted to assume the Chair role moving forward.

“I look forward to playing my part in successfully guiding FBM’s excellent team in navigating the advancement of our lithium assets in Western Australia and Nevada. With our strategic positioning in these regions, we are well placed to capitalise on lithium’s critical global role.”

“On behalf of the Board and wider FBM team, I would like to express sincere gratitude to Mike for his immense contributions to FBM’s evolution, and his integral role in the significant, value-adding discoveries we have made to date.”