FBM Secures Full Control of Miriam Project, Accelerates Gold Exploration
Future Battery Minerals Ltd has acquired 100% ownership of the Miriam Project, extinguishing royalties and advancing multiple high-priority gold targets with initial drilling completed. Assay results are expected in early September 2025.
- Acquisition of 100% ownership of Miriam Project including all gold and base metal rights
- Extinguishment of 2% Net Smelter Return royalty over Miriam Project
- Identification of multiple high-priority gold targets including Forrest and Canyon prospects
- Completion of initial 1,900m RC drilling program with assay results due September 2025
- Expansion of Coolgardie Project tenure with new tenements at Burbanks East
Strategic Acquisition and Consolidation
Future Battery Minerals Ltd (ASX, FBM) has taken a decisive step in its gold exploration strategy by acquiring full ownership of the Miriam Project in Western Australia’s prolific Coolgardie Greenstone Belt. The company purchased the remaining mineral interests from Corazon Mining Ltd for A$350,000 in cash and exercised an option to extinguish a 2% Net Smelter Return royalty for an additional A$65,000. This consolidation means FBM now holds 100% ownership of all tenure within its Coolgardie portfolio, free from third-party royalties or offtake obligations, positioning the company for unencumbered development and exploration.
Promising Gold Targets and Historical Data Reappraisal
A comprehensive review of historical drilling and geochemical data has revealed consistent gold mineralisation over a strike length exceeding 600 metres at the Forrest prospect, with notable intercepts including 12 metres at 2.09 grams per tonne gold and 5 metres at 7.35 grams per tonne. The mineralisation remains open at depth and along strike, offering significant upside potential. Additionally, litho-structural interpretation of aeromagnetic data identified thirteen new structural targets, some extending up to 1.75 kilometres, while surface geochemistry highlighted fifteen anomalous gold zones, including a standout 1.75-kilometre Canyon target. These findings underscore the project's robust exploration potential.
Initial Drilling and Upcoming Milestones
Following the data review, FBM completed an initial reverse circulation (RC) drilling program totaling approximately 1,900 metres targeting the Forrest and Canyon prospects. This phase aimed to validate historical results and test extensions of mineralisation. Assay results from this drilling are anticipated in early September 2025, with a second phase of drilling planned shortly thereafter. The company also intends to advance the Forrest prospect towards an initial Mineral Resource Estimate by the fourth quarter of 2025, supported by detailed geological logging and further exploration.
Expansion at Burbanks East and Broader Coolgardie Portfolio
FBM has expanded its Coolgardie tenure with seven new tenement applications at Burbanks East, covering a 5-kilometre strike of prospective greenstone lithologies. Historical shallow drilling in this area returned encouraging gold intercepts, such as 8 metres at 3.37 grams per tonne, with several broad gold anomalies identified but yet to be fully tested. The company is conducting a detailed structural review of geophysical data to refine target definitions ahead of future drilling, further enhancing its regional footprint and exploration pipeline.
Financial Position and Strategic Outlook
FBM enters this next phase of exploration with a strong balance sheet, holding approximately A$6.4 million in cash and zero debt as of June 30, 2025. This financial strength supports ongoing and planned exploration activities, including further drilling campaigns and potential acquisitions. Managing Director Nicholas Rathjen emphasised the transformational nature of the quarter, highlighting the company’s strategic consolidation and the emergence of a regional-scale gold opportunity within the Coolgardie belt.
Bottom Line?
With assay results imminent and a strengthened landholding, FBM is poised to redefine its gold resource potential in Coolgardie.
Questions in the middle?
- Will the upcoming assay results confirm the high-grade potential indicated by historical drilling at Forrest and Canyon?
- How will FBM prioritize and sequence its extensive list of new structural and geochemical targets across Miriam and Burbanks East?
- What impact might further regional consolidation or strategic partnerships have on FBM’s exploration and development timeline?
