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The latest assays from Big Red include 23m at 1.03% from 53m and 13m at 1.23% from 41m. Five diamond hole assays remain outstanding.
The prospect remains open in the north and northwest, and may extend along a 1km of strike based on identification of a new resistivity anomaly.
Additionally, a single hole testing the Rocky prospect, 500m from Big Red, returned 5m at 1.12% from 104m. The prospect is open to the south and east.
Rocky may be part of the same system.
A third phase of drilling for 4000m of RC drilling is about to start, which will infill Big Red and test regional targets at Rocky, Eastern Grey, Wallaroo and Pademelon.
An additional 7000-10,000m of RC and diamond is planned to extend Big Red as soon as approvals are confirmed.
It may be extended to assess Big Red North, Western Grey and Quokka prospects.
The pair made the initial Big Red discovery in March within the wider Nepean project, near Coolgardie.
FBM shares were off 7%, capitalising the company at 14c, while Lodestar was off 20% at 0.4c, valuing it at $7 million.
