Its Over, page-17200

Back in 2021, PAC Partners (Analyst) valued FBM (previously known as Auroch Minerals) at 32c, with Nepean Nickel project alone valued at 12c a share. At the time, FBM was not even onboard the two lithium projects at Nevada and WA that are now showing very promising signs.

The undervaluation of this stock cannot be IMO more emphasised as if PAC is correct, FBM is not valued for anything on its two lithium projects. This could be IMO a strong candidate for a 10-bagger stock over time.

FUTURE BATTERY MINERALS (FBM) Market Cap: $33mil @7.6c

NEVADA LITHIUM PROJECT

80% interest in the Nevada Lithium Project (NLP) in USA from the shareholders of Nevada Australia who will retain the remaining 20% interest.

The Nevada Lithium Project consists of four key prospects, Traction, San Antone, Heller and Lone Mountain Prospect, comprising of 65km² 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.

To date there has been limited lithium focused exploration, despite covering the same mineralisation formation that hosts other large lithium deposits in the region. Additionally, the NLP is located within close proximity to the Tesla Gigafactory and has access to or US ports on the West Coast providing clear down-stream processing path for any significant lithium mineralisation that is encountered.

Location of the Nevada Lithium Project (NLP) comprising the Traction, San Antone, Heller and Lone Mountain Prospects in relation to known large lithium deposits, the Tesla Gigafactory, and the mining town of Tonopah, Nevada, USA

Future Battery Minerals Limited operates the Kangaroo Hill Lithium Project (KHLP) as a Joint Venture with the Company holding an 80% participating interest and Lodestar Resources (ASX: LSR) the remaining 20%.
Kangaroo Hills is a new lithium discovery the Company made in December 2022, which forms part of the Nepean Nickel Project in Western Australia.
Exploration Activity

Following previously announced high-grade lithium results intersected by RC exploration drilling, Future Battery Minerals completed a detailed mapping and rock-chip sampling exercise over Kangaroo Hills. Assay results of these samples exceeded expectations with 2.37% Li₂O (ND28060) and 0.17% Li₂O (ND28059) being returned. Significantly, the mineralised outcrops are located over 600m south-east of drill hole NPRC084 where lithium mineralisation was first observed at KHLP (6m @ 1.38% Li₂O from 198m) in November 2022.
The Company completed a fourteen hole follow up RC drill programme totalling 3,440m targeting Lithium–Caesium–Tantalum (LCT) pegmatites at KHLP. The programme was the first lithium specific exploration drilling programme conducted by the Company in WA. Initial assay results have been received for the first four holes with significant results including:

• 29m @ 1.36% Li₂O from 38m (KHRC011)
• 7m @ 1.00% Li₂O from 198m (KHRC002)
• 2m @ 1.68% Li₂O from 1m (KHRC001)
• 5m @ 0.51% Li₂O from 42m (KHRC004)

Significantly, KHRC011 intercepted a 35m thick pegmatite. Following observations made by the geological team the pegmatite intercept was marked for priority analysis. The vertical depth of the intercept is a shallow 35m, highlighting the potential for a large-scale shallow lithium rich pegmatite. The thickness of the intercept exceeded expectations and at present the mineralised pegmatite remains open to the east, north and south. Peak assay within the mineralised zone is 2.91% Li₂O @ 49m, with grades consistently >1% Li₂O from 46m to 67m. While drill hole data remains limited, the pegmatites are interpreted to be relatively flat lying, aiding predictive targeting.

Kangaroo Hills Lithium Project, drill hole location map

Auroch and Goldfellas Pty Ltd operate the recently acquired Nepean Nickel Project as a joint venture with Auroch holding an 80% participating interest and Lodestar Minerals (ASX:LSR) the remaining 20%.
The Nepean Nickel Project contains the historic high-grade Nepean nickel sulphide mine, which was the second producing nickel mine in Australia, producing 1,108,457t of ore between 1970 and 1987 for 32,202t of nickel metal at an average recovered grade of 2.99% Ni.
Exploration upside

In addition to the remnant high-grade nickel sulphide mineralisation, the project also hosts significant exploration upside. Much of the ultramafic strike to the north remains untested, and very little deep exploration beneath the existing mine has been conducted. Auroch believes there is great potential to both increase the resources at depth and to discover new mineralisation along strike of the historic mine.
Exploration activity

3,500m RC drill programme currently underway designed to test the extents of shallow near-mine mineralisation, as well as several aeromagnetic targets along the 10km of prospective strike at Nepean which have very high potential to host further significant nickel sulphide mineralisation.
Early results have revealed an extension to the existing shallow high-grade nickel sulphide mineralisation for at least 500 meters with best intersections including:
3m @ 3.70% Ni & 0.33% Cu from 91m, including 2m @ 5.09% Ni & 0.47% Cu from 91m
1m @ 5.57% Ni & 0.25% Cu from 60m
2m @ 3.02% Ni & 0.30% Cu from 55m
3m @ 1.35% Ni & 0.10% Cu from 40m
Historical drilling intersected very high-grade nickel sulphide mineralisation with shallow reverse circulation (RC) drill-holes along strike to the south of the existing Nepean mine and resources, including:
3m @ 11.78% Ni from 37m (NP084470-2)
3m @ 9.93% Ni from 49m (NP084480-1)
4m @ 6.63% Ni from 46m (NP084470-1)
6m @ 2.82% Ni from 53m (NP084490-1)

Geology

The nickel sulphide mineralisation in the Nepean mine is typically massive to semi-massive sulphides with a very high nickel tenor, contained predominately in two main bodies that are located on ultramafic-mafic contacts. The stratigraphy is intruded and cross-cut by pegmatite veins, with one large pegmatite cutting across the entire stratigraphy at depth below the existing underground mine.