Only One of Five Holes Hits Lithium Above 300 ppm at Fairway Project
Fulcrum Lithium’s initial drilling at its Fairway project in Nevada returned modest lithium results, prompting the company to relinquish the claims. The move sharpens focus on its Alkali Flats project, where assay results are pending.
- Maiden drilling campaign completed with 5 reverse circulation holes averaging 103m depth
- Only one drill hole intersected lithium mineralisation above 300 ppm
- Drilling hampered by hole stability and water influx issues limiting depth
- Decision made to not maintain Fairway project claims beyond August 31, 2025
- Focus shifts to Alkali Flats project awaiting further assay results
Exploration Results and Challenges
Fulcrum Lithium Ltd (ASX – FUL) has announced the results of its maiden drilling campaign at the Fairway project, located in Esmeralda County, Nevada. The program consisted of five reverse circulation drill holes averaging 103 metres in depth, designed to test the lithium-bearing Fish Lake Valley Formation. Despite promising surface sampling that showed lithium concentrations up to 1,084 ppm, the subsurface results fell short of expectations.
Only one of the five holes intersected lithium mineralisation exceeding 300 ppm, with the remainder showing modest clay horizons but no significant lithium content. The drilling effort was further challenged by hole stability problems and strong water influx, which prevented reaching planned depths in several holes. These technical difficulties may have limited the ability to fully assess the lithium potential at depth.
Strategic Decision to Exit Fairway
Given the limited lithium results and the operational challenges encountered, Fulcrum has decided not to maintain ownership of the Fairway project lode claims beyond 31 August 2025. The project comprises 327 lode claims over 27 square kilometres, but the company believes it has definitively tested the prospectivity of this area. This decision reflects a pragmatic approach to portfolio management, focusing resources on more promising assets.
Scott Keenan, Fulcrum’s Chief Operating Officer, emphasised the company’s commitment to efficiently and cost-effectively testing its projects. He noted that while the Fairway results were disappointing compared to surface sampling, the company remains on track with its strategy to concentrate on its highest-potential lithium assets.
Looking Ahead – Alkali Flats and Beyond
Fulcrum’s Alkali Flats project, also situated in Esmeralda County, is currently undergoing a Phase Two drilling program, with assay results pending. This project lies within the same lithium-rich Nevada ‘lithium belt’ that hosts the only producing lithium mine in the USA, operated by Albemarle Corporation. The company’s broader portfolio includes the Summit project, all strategically located in a mining-friendly jurisdiction with proven geological potential.
The exit from Fairway allows Fulcrum to sharpen its focus and capital allocation on Alkali Flats and other projects that may offer better returns. Investors and analysts will be watching closely for the upcoming assay results from Alkali Flats, which could provide a clearer indication of Fulcrum’s near-term growth prospects.
Bottom Line?
Fulcrum’s Fairway exit underscores the challenges of lithium exploration but sets the stage for renewed focus on more promising Nevada assets.
Questions in the middle?
- Will the pending Alkali Flats assay results validate Fulcrum’s strategic focus shift?
- Could technical drilling challenges at Fairway have masked deeper lithium potential?
- What are Fulcrum’s next steps for exploration or partnerships in Nevada’s lithium belt?
