Canyon Discovery Unveils Gold Potential for Future Battery Minerals

Canyon Discovery Expands Gold Potential for Future Battery Minerals

Future Battery Minerals (ASX: FBM) has reported significant gold anomalism from its final eleven drill holes at the Canyon discovery expands gold potential at the company's 100%-owned Miriam Project near Coolgardie, Western Australia. This discovery broadens the understanding of the greater gold system present across the Miriam tenement.

The results demonstrate increasing confidence in a widespread mineralised system that extends beyond previously explored areas, creating substantial opportunity for resource growth.

Miriam Shear Zone: A Major New Gold Structure Identified

The Canyon drilling has successfully identified a wide, mineralised shear zone, now named the "Miriam Shear," which extends for an impressive 6.2 kilometers through the centre of the Miriam tenure. This significant gold-bearing structure remains open to the east, north and at depth.

Key intercepts from the Canyon prospect include:

• 20m @ 0.55 g/t Au from 28m (CYRC001), including 4m @ 1.60 g/t Au from 40m
• 8m @ 0.78 g/t Au from 32m (CYRC007), including 4m @ 1.40 g/t Au from 32m
• 12m @ 0.43 g/t Au from 56m (CYRC004)

These results follow the company's previous announcement of impressive drill results at the Forrest prospect (located 1.5km north of Canyon), which included intercepts of 33m @ 1.57 g/t Au from 28m and 12m @ 1.56 g/t Au from 75m.

"Building on the success at Forrest, the Canyon discovery expands gold potential at Miriam and sets the stage for further growth-focused exploration drilling over the next 12 months," said Nick Rathjen, FBM Managing Director and CEO.

Strategic Significance of the Miriam Shear Zone

The newly identified Miriam Shear zone is located at the contact between two significant geological formations:

• The Lindsays Formation (consisting of more brittle metamorphosed tholeiitic basalts)
• The Brilliant Formation (comprising more ductile komatiitic ultramafics and high magnesium basalts)

This sheared contact represents a prospective conduit for gold mineralisation, particularly at sites with cross-cutting faults or potential intrusions.

Furthermore, the shear zone is coincident with multiple regional targets including:

• Forrest prospect
• Forrest South
• Burbanks Monarch
• Canyon prospect

The region sits within the Coolgardie Greenstone Domain, which hosts numerous large-scale gold deposits including Horizon Minerals' Burbanks (466koz @ 2.4 g/t Au) and Focus Minerals' Coolgardie Operations (2.7Moz @ 1.8 g/t Au).

Understanding Regolith Gold Anomalism

Regolith gold anomalism, as identified at Canyon, refers to gold concentrations found in the layer of weathered material that sits above bedrock. In gold exploration, these anomalies often serve as important indicators of underlying primary gold mineralisation.

In Western Australia's goldfields, regolith gold anomalism can result from:

• Weathering and concentration of gold from underlying primary sources
• Lateral dispersion of gold through groundwater movement
• Supergene enrichment processes that can concentrate gold in oxidised zones

The presence of strong regolith gold anomalism at Canyon suggests potential for:

1. Supergene enrichment zones similar to those identified at Forrest
2. Primary bedrock gold mineralisation at depth
3. Extensions along the 6.2km Miriam Shear structure

This Canyon discovery significantly expands gold potential for Future Battery Minerals by revealing a much larger mineralised system than previously understood.

How Does This Discovery Compare to Nearby Projects?

The Canyon discovery appears consistent with the geological setting of other significant gold deposits in the Coolgardie region. The identification of a major shear zone as a controlling structure for mineralisation follows a pattern seen across Western Australia's goldfields.

Additionally, the grade and width of intercepts reported are promising early indicators, particularly when considered alongside the more substantial results from the nearby Forrest prospect.

Expanded Phase 2 Drilling Program

Following the success of Phase 1 drilling, FBM has doubled its planned Phase 2 RC drilling program to over 3,000 meters. This expanded program, set to commence within a week, will target:

1. High-grade extensions at the Forrest prospect
2. Further definition of the Miriam Shear zone at Canyon
3. Testing of the Forrest South regional prospect

The company has also completed heritage surveys at the Jungle and Forrest South prospects, with additional surveys scheduled for October 2025 to clear the northern section of Miriam covering Burbanks Monarch, Goroke, and Burbanks Grand Junction West.

"We are very pleased with the full results from our Phase 1 drilling programme at Miriam. This modest initial programme has delivered a breadth of exploration success that strongly validates the current gold-focused strategy within our Coolgardie project portfolio," noted Nick Rathjen.

Strong Financial Position

FBM remains well-funded to undertake all planned exploration activities, with a cash balance of A$6.4 million and zero debt (as at June 30, 2025). This financial strength provides the company with the flexibility to pursue aggressive exploration of the Miriam Project's gold potential.

In the current market environment, this debt-free position with substantial cash reserves puts FBM in an advantageous position compared to many exploration peers who may struggle to fund ongoing programs.

Why Investors Should Follow Future Battery Minerals

The Canyon discovery expands gold potential at FBM's Miriam Project for several compelling reasons:

1. Structural Continuity: The identification of the 6.2km Miriam Shear zone provides a structural framework for targeting additional gold mineralisation across the entire tenement.

2. Multiple Prospective Targets: With successful drilling at both Forrest and Canyon, plus several untested prospects along the same structural trend, the company has a pipeline of exploration targets.

3. Geological Setting: The project sits within the productive Coolgardie Greenstone Belt, adjacent to multiple significant gold deposits, in a mining-friendly jurisdiction with excellent infrastructure.

4. Financial Strength: With $6.4 million in cash and no debt, the company is well-positioned to accelerate exploration across its project portfolio.

5. Exploration Momentum: The rapid progression from Phase 1 to an expanded Phase 2 drilling program demonstrates the company's commitment to quickly advancing the Miriam Project.

What's Next for the Miriam Project?

With drilling set to commence in the coming week and results expected between late October and early November 2025, investors should watch closely for further developments. Key milestones to monitor include:

• Results from the expanded Phase 2 drilling program
• Potential expansion of identified mineralisation at both Forrest and Canyon
• New discoveries along the 6.2km Miriam Shear zone
• Development of a maiden resource estimate if results continue to be positive

The Canyon discovery expands gold potential for Future Battery Minerals by establishing a consistent, property-wide mineralisation model that could significantly enhance the project's scale and value.

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