FE Battery Metals Corp. (FEMFF)

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FE Battery Metals (CSE:FE) (OTCQB:FEMFD) is a Canadian mineral exploration company with a focus on locating, acquiring, and investigating mineral prospects in North America for industrial, base, and precious metals.

On November 8, FE Battery Metals announced results from drill hole LC22-39 from the Phase 2 exploratory drill program at its 100% owned Augustus Lithium Property in Quebec, Canada. According to the results, drill hole LC21-39 intersected three lithium pegmatites, with the main 7.3 m wide pegmatite zone averaging 1.54% lithium oxide (Li2O) at 188.7m drilled depth.

The drill program is based on the historical and 2021 Phase 1 exploration data as well as the company's surface trenching and sampling program results. Several historical drill hole collars were also located on the Property, which helped in the current program's location and orientation of drill holes. A B-20 drill rig is deployed for this work, which can drill up to a 1,000-meter-deep hole. To date a total of 42 drill holes with a cumulative core drilling of over 7,500 m has been completed on the Property.

In October, FE Battery Metals announced the results of drill holes LC21-33 to 37 at Augustus. Among the highlights of the results was drill hole LC21-35 intersecting an 11.20-meter-wide zone with 0.91% lithium oxide (Li2O) at 146 meters, including a 5 meter zone with 1.03% Li2O at 146 meters and 3.2 meter with 1% Li2O at 154 meters. This drill hole also has a lower seven meters wide zone with 0.54% Li2O at 165 meters drilled depth and several other smaller intercepts with variable lithium grades.

The company also recently announced a corporate restructuring to spin off assets related to its current exploration properties located in Quebec and Ontario into a wholly-owned subsidiary. According to the company, each FE Battery Metals shareholder will receive one common share of Spinco for every post-consolidation share held.

FE Battery Metals also has completed a non-brokered private placement for gross proceeds of up to $1.5 million by issuing roughly 6.7 million shares at a price of $0.225.

For more information about FE Battery Metals Ltd (CSE:FE) (OTCQB:FEMFD), click here.

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