Fulcrum Lithium Nears Maiden Resource Estimate at Alkali Flats Nevada

Fulcrum Lithium Alkali Flats Maiden Resource Estimate in Nevada Now Within Reach

Fulcrum Lithium (ASX: FUL) has delivered its strongest drilling results to date at the wholly owned Alkali Flats lithium project in Esmeralda County, Nevada, with final Phase 3 assay results exceeding management expectations. The completion of 39 holes across 5,787 metres of drilling marks a decisive step toward the Fulcrum Lithium Alkali Flats maiden resource estimate in Nevada, with the deposit now delineated across more than 32km² and remaining open in three of four directions.

The headline result — hole AF3-E13 returning 147.9 metres at 507ppm Li, including internal values up to 1,145ppm Li — represents the thickest single intersection of lithium mineralisation recorded at Alkali Flats to date. Combined with the broader dataset, where 18 of the final 20 holes intersected zones above the 300ppm Li threshold and 11 holes returned more than 70 metres of continuous mineralisation, the Phase 3 programme has materially advanced the scale and confidence of this discovery.

Chief Operating Officer Scott Keenan commented on the results, stating: "The final assay data has not only confirmed the large scale potential identified in Phase 2 discovery and geophysical survey data but has exceeded expectations in several respects. The thickness of the mineralised zone in the core of the discovery, the large lateral extent proven by step out holes and the highly correlatable and continuous nature of the mineralised zones over more than 8km in strike, with the deposit remaining open in 3 of the 4 directions bodes well for the upcoming MRE."

What Phase 3 Delivered: Key Results at a Glance

The Phase 3 programme — comprising 34 reverse circulation (RC) holes and 5 diamond core holes — represented a fivefold increase in drilling density over the deposit compared to Phase 2. Hole spacing was reduced from approximately 2,000 metres to 600 metres in the core of the project, dramatically improving data density and geological confidence ahead of the Fulcrum Lithium Alkali Flats maiden resource estimate in Nevada.

Across both reporting batches, the combined Phase 3 programme delivered:

• Lithium mineralisation above 300ppm Li intersected in 34 of 39 holes
• 11 holes in the final batch alone returning more than 70 metres of continuous mineralisation
• 4 holes exceeding 100 metres of continuous mineralisation above 300ppm Li
• Multiple holes — AF3-E12, AF3-E19, and AF3-E23 — ending in mineralisation and remaining open at depth
• Diamond core twinning confirming a very close match with RC assay values, validating data integrity

The Standout Intersections

The thickest and highest-grade results from the final batch demonstrate both the vertical thickness of the mineralised system and the presence of high-grade cores within broader zones.

Notable observations from the drilling programme include:

• Hole AF3-E17 and AF3-E18 returned average grades of 696ppm Li and 695ppm Li respectively — among the highest average grades in the programme
• AF3-E13 at 147.9 metres is the single thickest intersection recorded at Alkali Flats to date
• Several intersections carry high-grade internal zones exceeding 800ppm Li, pointing to grade variability that will be important to capture in the upcoming resource model

Diamond Core Twinning: Why Does This Matter for Investor Confidence?

One of the less headline-grabbing but genuinely important elements of the Phase 3 programme is the twinning of five RC holes with diamond core holes. The results from these twin holes confirm a very close match with the original RC assay values — a critical quality control outcome.

The twin hole results are summarised below:

The strong correlation between RC and core results provides assurance that the RC sampling methodology — the primary drilling technique used across the deposit — is reliably capturing the lithium grades present. For investors, this means the dataset underpinning the forthcoming Fulcrum Lithium Alkali Flats maiden resource estimate in Nevada carries a high degree of integrity.

What Is a Maiden Mineral Resource Estimate?

A Mineral Resource Estimate (MRE) is a formal, independently verified calculation of the quantity and grade of mineralisation within a defined area, prepared in accordance with recognised reporting codes — in this case, the JORC Code 2012.

A maiden MRE is a foundational milestone for any exploration-stage company. Before an MRE is published, a project exists primarily as a collection of drill results and exploration data. The MRE converts that data into a standardised, classifiable resource figure — expressed in tonnes and grade — that the market can evaluate and compare against peers.

How Are Resources Classified?

Resources are classified into three categories based on geological confidence:

1. Inferred — reasonable prospects of eventual economic extraction, but lower confidence
2. Indicated — higher confidence, supports preliminary economic studies
3. Measured — highest confidence, sufficient for detailed feasibility work

The quality and density of drilling data directly influences what proportion of a resource can be classified at Indicated or higher confidence. Fulcrum's Phase 3 programme — by reducing drill spacing to 600 metres in the core and confirming mineralisation continuity over more than 8km of strike — is specifically designed to maximise the confidence of the upcoming resource estimate.

Glossary of Key Terms

A Deposit Built for Scale: The Geological Picture

The geological setting at Alkali Flats is an important part of the investment story. The project targets claystone-hosted lithium deposits within a hydrogeologically closed basin — the same deposit style as several of Nevada's most advanced lithium projects.

The Siebert Formation, which hosts the mineralisation, is flat to gently dipping (less than 5 degrees), meaning reported drill intersection lengths are a very close approximation of true widths. This structural simplicity is a meaningful advantage when it comes to resource modelling and eventual mine design.

Key geological highlights from Phase 3 include:

• Mineralisation confirmed to be highly correlatable and continuous over more than 8km of strike
• The deposit remains open in 3 of 4 directions, indicating meaningful potential for further resource growth
• Three holes — AF3-E12, AF3-E19, and AF3-E23 — ended in mineralisation, leaving depth extensions undrilled
• Over 32km² of lithium mineralisation above 300ppm Li has now been delineated

Furthermore, the project sits approximately 15km south of the Tonopah Flats and TLC projects, and 10km east of Silver Peak — the only currently operating lithium mine in the United States, owned by Albemarle Corporation. This neighbourhood speaks directly to the geological prospectivity of the region.

What Comes Next: The Path to Maiden Resource

With Phase 3 drilling now complete and all assays received, Fulcrum is focused on one near-term deliverable: the maiden Mineral Resource Estimate.

The geological modelling work, which incorporates all drilling, geophysical, and engineering data from Phase 2 and Phase 3, is described as progressing well. Beyond the MRE, the deposit's open extensions in three directions and multiple holes ending in mineralisation suggest there is further resource growth potential to be tested in future programmes.

The Investment Case: Why Alkali Flats Deserves Attention

Fulcrum Lithium's Alkali Flats project has evolved rapidly from a greenfield exploration target to a deposit with confirmed scale, high-grade mineralisation, and a clear path to maiden resource. Several attributes distinguish this project within the exploration landscape.

Scale and Continuity — Over 32km² of mineralisation has been delineated, with more than 8km of strike confirmed and continuity described by the company's COO as exceeding expectations. Few exploration-stage projects at this point in their development present such a well-defined, laterally extensive system.

Grade Quality — Multiple holes returning average grades above 500–700ppm Li over thick intervals, with internal zones exceeding 1,000ppm Li, place Alkali Flats at the higher end of the grade spectrum for claystone-hosted lithium deposits.

Data Integrity — The diamond core twinning programme has independently confirmed the reliability of the RC assay dataset. This directly supports the integrity of every figure that will flow into the upcoming resource estimate.

Location and Jurisdiction — Nevada is consistently ranked as one of the world's most mining-friendly jurisdictions, and the project's proximity to Silver Peak and other advanced projects provides direct geological and commercial comparisons.

100% Ownership — Fulcrum holds a 100% interest in 802 lode claims covering approximately 66km², with no joint venture partners or royalty obligations disclosed that would dilute the upside.

Why Investors Should Keep Watching Fulcrum Lithium

Fulcrum Lithium has methodically advanced Alkali Flats from discovery through geophysical surveying, initial metallurgy, and now a comprehensive Phase 3 drilling programme — each step building the geological and technical foundation for a credible resource. The final Phase 3 assays validate and, by management's own assessment, exceed what Phase 2 had indicated was possible.

The combination of record intersection thicknesses, multiple high-grade zones, a large lateral footprint, confirmed data reliability, and a deposit still open in three directions creates a compelling setup for the Fulcrum Lithium Alkali Flats maiden resource estimate in Nevada. For investors focused on lithium exploration in Tier 1 jurisdictions, this represents a well-located, well-drilled deposit at a clear inflection point in its development story.

Key Takeaway: Fulcrum Lithium (ASX: FUL) has delivered its strongest drilling results to date at Alkali Flats — including the thickest intersection in the project's history at 147.9 metres at 507ppm Li — and confirmed mineralisation across more than 32km² with the deposit open in three directions. With geological modelling underway and a maiden Mineral Resource Estimate imminent, investors with exposure to Nevada lithium exploration should have Alkali Flats firmly on their radar.

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