ASX-listed Future Battery Minerals (FBM) has moved to acquire 100% ownership of all mineral interests in the Miriam project, in the Western Australian Goldfields, from fellow-listed Corazon Mining.

Corazon is set to receive a further A$350 000 in cash from FBM for the remaining 15% interest in Coolgardie Nickel, which holds the lithium and industrial mineral rights for the Miriam project and also agreed to relinquish the base and precious metals rights over the project.

“The acquisition of 100% ownership of all mineral rights at Miriam reflects FBM’s continued commitment to the exploration and development of this highly prospective project,” said FBM MD and CEO Nick Rathjen.

“In addition to lithium, Miriam represents an attractive gold exploration opportunity, which also offers multiple long-term commercialisation pathways given its proximity to established processing mills and transport infrastructure,” he added.

Further, FBM has exercised its option to acquire the existing 2% net smelter royalty over the project for A$65 000, which will result in the extinguishment of the existing royalty over Miriam.

“We have also effectively cleared the decks of any non-government third-party obligations or rights with respect to royalties at the Coolgardie gold and lithium project. Coupled with a robust cash balance, FBM retains complete flexibility to strategically time and execute our future planned exploration activities at Miriam and undertake additional gold-focused acquisitions,” said Rathjen.

FBM’s priority at Miriam will be geophysical review to better define new targets, as well as review historical data relating to gold occurrences. The results of these evaluation workstreams are set to inform the design of a maiden drilling programme targeted for July.

FBM pointed out that any future gold discoveries at Miriam would benefit from commercialisation optionality, with several operating gold mills in close proximity to the project area. The Burbanks mine, for instance, is about 1 km north of the Miriam project tenure and contains a mill and processing plant owned by Auric Mining.