Company: Freedom Battery Metals
Stock Symbol: CSE:FBAT
Date Published: Aug 10, 2022
Transcript: Available

Video Transcript:

Freedom Battery Metals (CSE:FBAT), currently exploring for economic mineral properties in the battery metals space, has announced a non-brokered private placement.

The company is looking to raise gross proceeds of up to $1 million from the placement of up to 9,523,809 units priced at $0.105 per unit.

The units consist of 1 share and one-half a warrant, with each full warrant exercisable at $0.15 for 24 months.

The shares, which began trading on August 8th, are currently trading at $0.30, pretty much guaranteeing that the placement has immediately sold out.

The net proceeds are intended for new property acquisitions, exploration expenditures and working capital.

The company has an option on the Zigzag Lake Lithium Property, located approximately 325 kilometers northeast of Thunder Bay and 75 kilometers northeast of Armstrong, Ontario.

The property comprises 8 mining cell claims covering approximately 2,710 hectares in Crescent Lake/Falcon Lake Areas of the Thunder Bay Mining District.

The Zigzag Lake Property is located in an active and historical mining and mineral region where many operators carried out exploration and development work for lithium and rare metals.

As reported in the Technical Report filed on Sedar, the deposit model as described in Ontario Geological Survey reports for the area is that the spodumene occurs in lithium-caesium-tantalum or “LCT” rare-element pegmatite dikes.

The Zigzag Lake stock indicated high cesium, niobium and tantalum values which are typical characteristics of LCT type pegmatites.

The Dempster East pegmatite is described as a dike which cuts obliquely across the metavolcanics and has been traced in a general northwest direction for about 150 feet.

Throughout much of its length it is exposed across widths of 5 to 10 feet.

To the southeast, however, it curves for about 35 feet, and is exposed across widths up to 15 feet, with the dip of the deposit is not known.

The mineralization is based in the pegmatite dikes, concentrated in the spodumene crystal which are consistent throughout the entire unit.

The primary elements of interest are lithium, which is typically concentrated in spodumene, and tantalum, which is concentrated in tantalite.

Spodumene is readily observable in outcrop and in drill core, with crystal sizes ranging from 3 to 15 centimeters, on average.

Tantalum is not as noticeable, as it still occurs as finer-grained crystals even in pegmatite.

The property area is an underexplored area but has geological characters favoring discoveries of more lithium pegmatites.

The company has budgeted an estimated $111,000 for a Phase 1 program consisting of prospecting, trenching, sampling, and soil geochemical surveys.

For more information, please refer to the Technical Report on Sedar or contact David Bowen, CEO at 778-858-9639.