Nevada Lithium Project (NLP)

The Nevada Lithium Project (NLP) (80% ASX: FBM) comprises four compelling prospect areas: Lone Mountain, Traction, San Antone and Western Flats, on a landholding of over 90 km² immediately southeast of Tesla’s Nevada Gigafactory. The region is considered highly prospective for sedimentary-hosted lithium deposits with a number of advanced lithium projects located within 50 km of NLP, 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.

Since the acquisition of NLP in mid-2022, three phases of drilling totalling 5,700 m have successfully delineated the Lone Mountain deposit over a north-south strike extent of over 3 km. These programs also demonstrated that the Lone Mountain mineralisation starts from only 35 m below surface, is very thick across its entire strike extent, and remains wide open at depth.

This drilling success culminated in the delineation of a large-scale, high-grade maiden Mineral Resource Estimate (MRE) at Lone Mountain deposit. The MRE was delivered in less than 12 months from the initial discovery and  incorporates all 24 Reverse Circulation and 3 Diamond Drill holes drilled to date.