Vancouver-based FE Battery Metals Corp. (CSE: FE) (OTCQB: FEMFF) (WKN: A2JC89) intersected a 10-meter-wide section containing 1.03 per cent lithium oxide (Li2O) at 118 meters drilled depth near the high-grade zone.
The company released findings on Monday of the current 2023 drill program at its Augustus lithium property in Quebec. The discovery included where the Upper and Lower Pegmatite zones were intersected, with the former containing a four meter zone with 0.95 per cent Li2O at 99 meters drilled depth.
The Upper Pegmatite at drill hole LC23-51 had a 4-meter zone with 0.95 per cent Li2O at 99 meters drilled depth, and there were anomalous values of other rare metals in this section, such as beryllium (Be), cesium (Cs), niobium (Nb), and tantalum (Ta).
The Lower Pegmatite at LC23-51 had a 15-meter zone with 0.80 per cent Li2O at 116.5 meters drilled depth, including a 10-meter zone of 1.03 per cent Li2O at 118 meters, and there were also anomalous values of other rare metals in this section. The drill hole was positioned within the main Augustus zone approximately 53 meters away from the previously reported drill hole, LC23-50, which also encountered strong lithium mineralization over 17 meters.
Additionally, the company reported that a drill hole completed at the Landrienne Silver Prospect intersected a 39-meter-wide anomalous silver zone from 20 meters drilled depth. The company is exploring this area further as a silver exploration target within the over 60,000-acre Augustus claim block.
“As we continue to explore our lithium property, we are thrilled to report anomalous silver intercepts in our recent findings,” said Gurminder Sangha, CEO of FE Battery Metals.
“This showcases the potential of our property to host multiple valuable minerals, along with highlighting our commitment to a thorough and comprehensive exploration program at Augustus.”
Read more: FE Battery Metals drill results show high grade lithium intercepts at August Lithium in Quebec
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Global demand for lithium to grow to $7.25B in 2023
The drill core is logged and sampled at the core shack using a rock saw. The core shack is located at the village of St-Dominique du Rosaire, about 50km from the property, for drill core logging, sample preparation, and storage.
Field duplicates, standards, and blanks are inserted at industry-standard intervals for quality control and quality assurance. The samples are bagged and tagged using best practices and delivered to Activation Laboratories, Ancaster, Ontario, for sample preparation and analyses using laboratory code Ultratrace 7 and sodium peroxide fusion for lithium and 1E-Ag – Ag Aqua Regia – ICP-OES package for silver.
The global demand for lithium will grow to $7.25 billion in 2023 at a Compound Annual Growth Rate (CAGR) of 16.9 per cent according to analytics firm Report Linker. Major players in the lithium extraction industry include Albemarle Corporation (NYSE: ALB), Sociedad Química y Minera (NYSE: SQM), FMC Corporation (NYSE: FMC), Sichuan Tianqi Lithium Industries Inc., and Jiangxi Ganfeng Lithium Co. Ltd.
Also, earlier this month General Motors (NYSE: GM) invested USD$50 million into Energy Exploration Technologies (EnergyX) to develop a lithium extraction and refinery technology.
FE Battery Metals shares are flat today at $0.70 on the Canadian Securities Exchange.
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