Future Battery Minerals Completes Phase 1 Drilling at Miriam, Eyes Resource Estimate
Future Battery Minerals has wrapped up its initial gold drilling phase at the Miriam Project, setting the stage for assay results and a planned resource estimate later this year.
- Phase 1 drilling completed with 21 holes totaling ~1,900m
- Targets focused on Forrest and Canyon gold prospects
- Assay results expected early September 2025
- Phase 2 drilling planned to expand exploration
- Initial Mineral Resource Estimate targeted for Q4 2025
Phase 1 Completion Marks Key Milestone
Future Battery Minerals Ltd (ASX, FBM) has announced the completion of its Phase 1 Reverse Circulation (RC) drilling program at the Miriam Project in Western Australia's Eastern Goldfields. The program, comprising 21 holes for approximately 1,900 meters, targeted gold mineralisation at the Forrest and Canyon prospects, with samples now submitted for assay. The company expects to release results in early September 2025.
Strategic Focus on High-Potential Prospects
The Forrest prospect, a focal point of the drilling, along with the newly identified Canyon prospect located about one kilometer south, represent promising targets within the Miriam Project. The Phase 1 drilling was designed to test these areas for gold mineralisation, building on previous geophysical and soil sampling work. The forthcoming assay results will be critical in validating these targets and guiding the next phase of exploration.
Looking Ahead, Phase 2 and Resource Estimation
Following the receipt of Phase 1 results, FBM plans to initiate Phase 2 drilling later in September 2025. This next stage will not only further test Forrest and Canyon but also extend to other regional targets identified through earlier evaluations. Importantly, the data from Phase 1 will feed into an updated geological model and support the company’s goal of delivering an initial Mineral Resource Estimate (MRE) for the Miriam Project in the fourth quarter of 2025.
Financial Strength Supports Ambitious Exploration
FBM enters this next phase well-capitalised, with a cash balance of A$7.4 million and no debt as of March 2025. This financial position provides a solid foundation to execute its exploration plans without immediate capital constraints. The company’s leadership, including CEO Nick Rathjen and Technical Director Robin Cox, bring proven expertise to advance the project efficiently.
Strategic Location and Infrastructure Advantages
The Miriam Project benefits from its location in the infrastructure-rich Eastern Goldfields, close to established mining hubs such as Coolgardie and major transport routes to ports and Perth. This proximity to existing mining operations and services enhances the project's commercial viability and potential for future development.
Bottom Line?
As FBM awaits assay results and prepares for Phase 2 drilling, the Miriam Project stands poised for a pivotal year that could unlock significant value.
Questions in the middle?
- What will the assay results reveal about gold grades and continuity at Forrest and Canyon?
- How extensive will the Phase 2 drilling program be, and which new targets will it prioritize?
- When exactly can investors expect the initial Mineral Resource Estimate, and how might it impact FBM’s valuation?
