AustroidCorporation acquired the Nevada Lithium Project from Future Battery MineralsLtd (ASX: FBM) inNovember 2024.
The Project is a large scaleclaystone lithium project located approximately 16km northwest of the historicmining town of Tonopah, Nevada, USA. The project is readily accessibleyear-round via US State Route 95, in Esmeralda and Nye County, Nevada (Figures1 & 2).
The Nevada Lithium Project consists of twokey prospects, Lone Mountain and Traction, and coversapproximately 56km2 of ground that is considered highlyprospective for large sedimentary-hosted lithium deposits (Figure 2). TheProject is 100% on leased Department of the Interior Bureau of Land Management(BLM) mining claims and situatedwithin a premier global mining district that is home to several advancedlithium claystone projects.
LoneMountain Project 516 claims for39 km2
Traction Project 204 claims for 17 km2
Geology
The Lone Mountain lithium mineralised clays are found within the Basin and Range physiographicregion of Western North America. This region is distinguished by north-southorientated fault-bounded basins that contain thick basin fill sedimentarydeposits comprising of eroded highland formations from the intervening rangesthat are understood to be the source of the lithium.
Thelithium resides within a sedimentary claystone which is part of theTertiary-age Siebert Formation deposited in a volcaniclastic-lake environmentand overlain with Quaternary alluvium (Figure 3). The Siebert claystones (lithium host unit) are interbedded with volcanics and conglomerates. The Siebert claystonebeds are generally flat to gentle dipping, with the lithium mineralisation hosted within three distinct lithological clay zones: upper, middle and lower Siebert. Basement is of Cambrian age.
Alluvial gravels are thicker to the east of the propertywhich has a thickness of approximately 250m and becomes thinner to the west ofthe property to approximately 50m.
Mineralisation
Themineralisation style is interpreted as a closed hydrologic basin containinglithium rich volcanic rock in an arid environment where the following threeproposed forms of genesis include:
1. thealteration of volcanic glass to lithium rich smectite,
2. precipitation from lacustrine waters, and
3. incorporation of lithium into existing smectites (clays).
Thereis a reasonably high-level of confidence in the geological model for theProject as the geology is relatively simple and contained within the mineralisedzone of the Tertiary Siebert Formation. The higher-grade lithium rich claymineralisation is contained within relatively uniform flat lying stratigraphythat dip gently to the northeast. Significant clay-hosted lithium intersectionsreturned to date are shown in Table 1.
Drilling and Mineral Resource Estimate
InMarch 2024 Stantec Consulting undertook a maiden Mineral Resource Estimate(MRE) for the Lone Mountain Project, incorporating 24 Reverse Circulation (RC)and 3 Diamond Drill (DD) holes for a total of 5,700m. The drilling has delineated the Lone Mountain lithium mineralisation over a north-south strike extent of approximately 3km (Figure3).
The maiden MRE is reported at cut-off grade of 500ppm Lithium and is 1.5Bt@ 783ppm Lithium for 6.2Mt lithium carbonate equivalent (LCE).
Drilling confirms mineralisation starts from only 35m below surface, with mineralisation consistently wide across its entire strike extent (Figure 4). The potential for substantial growth (scale) and upgrade (classification) exists with mineralisation remaining open at depth, and to the north and east.
