FE Battery Metals Corp. (OTCQB: FEMFF) (CSE: FE) is a Canada-based mineral exploration company, which is focused on acquiring, identifying and exploring mineral-rich properties across North America. U.S.-listed shares of the exploration company are rallying 28% through early trading on Monday, April 10, 2023. Over the past thirty days, FE Battery Metals has seen average daily volume of 611,008 shares. However, volume of 1.3 million shares or dollar volume of around $819,260, has already exchanged hands through early trading.
Shares of FE Battery Metals are gaining after the company provided results of drill hole LC23-50 located at its flagship Augustus Lithium property in Quebec, Canada. The drill hole results come as a part of the company’s 2023 drill program on the property. The results showed drill hole LC23-50 having multiple intersections of lithium, including a notable 17.45-meter-wide section showing 1.19% lithium oxide (Li2O) at a drill depth of 82.4 meters. Aside from Li2O, the drilling results also showed presence of other rare metals such as beryllium (Be), cesium (Cs), niobium (Nb) and tantalum (Ta).
The latest results come as FE Battery Metals focuses on an eastward expansion of a previous drill hole, LC21-16, which resulted in 1.17% Li2O over 19 meters at a 126-meter depth. The LC23-50 drill results will help the company gain a better understanding of the Augustus Lithium property’s main higher-grade lithium pegmatite zone.
Here is a summary of the LC23-50 drill hole, as provided by FE Battery Metals:
- Pegmatite intercept 1 with average 1,915 ppm Li or 0.41% Li2O over 1.77 meters at 11.23 m drilled depth.
- Pegmatite intercept 2 with average 1,610 ppm Li or 0.35% Li2O over 2 meters at 25 m drilled depth.
- Pegmatite intercept 3 is a low-grade zone with average 917 ppm Li or 0.20% Li2O over 4.4 meters at 31m drilled depth.
- Pegmatite intercept 4 with average 5,558 ppm Li or 1.19% Li2O over 17.45 meters at 82.85m drilled depth.
- Pegmatite intercept 5 with average 5,099 ppm Li or 1.10% Li2O over 10 meters at 106m drilled depth. This intercept also has a 1.67 m section with 1,700 ppm cesium and 2,030 ppm chromium. Rubidium in two sections is over 5,000 ppm which is above the method detection limits.
- Pegmatite intercept 6 with average 6,625 ppm Li or 1.42% Li2O over 2 meters at 180m drilled depth.
- Pegmatite intercept 7 is a low-grade zone with average 244 ppm Li or 0.05% Li2O over 4 meters at 194m drilled depth.
- Pegmatite intercept 8 with average 3,146 ppm Li or 0.68% Li2O over 8.5 meters at 210m drilled depth.
- All pegmatites have anomalous values of other rare metals.
- All intersections reported are based on drilled width and have not been converted to the true width.
Gurminder Sangha, CEO & Director: “We are very excited to see such promising drill results at Augustus and are currently endeavouring to define the size and shape of the high-grade zones. With Quebec now a hard rock lithium hotspot, this is a significant milestone for our company. We look forward to further unlocking the potential of Augustus, which is located just a few kilometres from the now-operational North American Lithium Mine.”
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