Future Battery Minerals (ASX:FBM) staked seven new contiguous tenements at its Burbanks East gold project in Western Australia, expanding the project area to over 10 square kilometers, according to a Thursday Australian bourse filing.
It is reviewing historical data at the tenements with plans for geophysical interpretation and ground truthing to define new gold targets. The results are expected by the end of June.
At the time of application for five of the new Burbanks East tenements, it was determined that a third party had also lodged valid applications over the same area.
The firm reached an agreement with the competing applicant, under which the applicant agreed to withdraw their applications in exchange for AU$75,000 in cash and AU$75,000 in Future Battery Minerals shares, subject to a six-month escrow period.
It is also conducting litho-geophysical and geochemical soil sampling review of the Miriam project to better define the key structural gold targets.
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