In 2023, FE Battery Metals conducted 277.2-line kilometres of highly detailed magnetic survey on the Property. The new drone-borne survey spanned over 5.5km east to west and served to extend our 2022 magnetic coverage of the Augustus project further to the south and southeast quadrants of the property. The survey revealed new structural anomalies that appear very similar to those observed within the main Augustus mineralized pegmatite zones. One such area, in the southeast quadrant, sits only 2.9kms from
In 2023, the Company continued to expand its two main showings, Augustus and Beluga, through further diamond drilling as well as prospecting of showings like Bella, Outcrop 900, and Keyboycon. During this year, the Company has, so far, completed 27 drill holes (LC23-42 to LC23-68) with a cumulative length of 5,124 m. Out of the 2023 drill holes, 12 holes intersected positive lithium mineralization while eight holes did not encounter significant lithium intercepts. Some of the new drill locations appear to connect the two main lithium zones and the geologic consensus indicates that lithium bearing mineralization all sits along a structural corridor of 5.5 kilometres with a potential to extend to over seven kilometers. Seven of the completed drill hole results are still pending.
FE Battery Metals has continued its ground prospecting, geological mapping, trenching and channel sampling program. The original focus of this work was aimed at locating and confirming historical lithium pegmatite occurrences, however, new lithium bearing pegmatite bodies have since been located that have served to greatly expand the footprint of the current mineralized area. Results of these efforts, such as released on
In 2022, the Company engaged
The Company has successfully established two potential key areas of interest (Augustus and Beluga) from our systematic multi-year drill program. All the trenching and drill data is being incorporated into a three-dimensional database model which the Company hopes will lead to its maidan resource estimate. The modelling work will be completed after finishing the current phase of exploration work. The Company is aiming to have a maiden mineral resource estimates on the Property in the fourth quarter of 2023.
FE Battery Metals has also added claims adjacent to its existing claim block in the
Lastly, further to the Company's news release dated
Inclusive of the above noted RSU grant, the Company intends to grant a total of 3,800,000 RSU's to certain directors of the Company, the RSU's vest immediately and are subject to the statutory four-month hold period plus one day under applicable securities laws.
ON BEHALF OF THE BOARD OF
FE BATTERY METALS CORP.
"Gurminder Sangha"
CEO & Director
Neither the Canadian Securities Exchange (CSE) nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this news release and has neither approved nor disapproved the contents of this news release.
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes information about the Company's information concerning the intentions, plans and future actions of the parties to the transactions described herein and the terms thereon. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to obtain required approvals. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
SOURCE
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