Astute Metals NL (ASX:ASE) Discovers New Zones of Lithium Mineralisation
16 December 2024
Price Sensitive Announcement $
Highlights:
- New zones of lithium mineralisation intersected in the first diamond drill-hole completed at the Red Mountain Lithium Project in Nevada, including:
- 25.9m @ 1,530ppm Li from 76.2m, including 13.1m of high-grade mineralisation @ 1,820ppm Li from 76.2m
- 7.3m @ 1,350ppm Li from 50.3m
- Both intersections are higher-grade than previously reported drill intercepts, indicating that Red Mountain continues to offer outstanding untapped exploration
potential. - Assay results for diamond drill-hole RMDD002 expected in the coming fortnight.
Overview:
Astute Metals NL (ASX: ASE) (“ASE”, “Astute” or “the Company”) is pleased to report assay results from the first of two holes from its inaugural diamond drilling campaign at the 100%-owned Red Mountain Lithium Project in Nevada, USA. The hole has returned strong lithium mineralisation with the highest lithium grades seen to date at the Project, including the following drill intersections:
- 25.9m @ 1,530ppm Li / 0.82% Lithium Carbonate Equivalent1 (LCE) from 76.2m, including a high-grade zone grading 13.1m @ 1,820ppm Li / 0.97% LCE from 76.2m; and
- 7.3m @ 1,350ppm Li / 0.72% LCE from 50.3m.
Both intersections in this hole are higher-grade than all other previously reported intersections at Red Mountain7,9,10. Furthermore, drill-hole RMDD001 contains the highest single drill sample assay observed to date at the Project, grading 3,070ppm Li over 1.5m from 86.9-88.4m (285-290ft). The identification of new lithium-bearing horizons within the sedimentary package at Red Mountain highlights the outstanding untapped exploration potential at the project, with every hole assayed to date intersecting strong lithium mineralisation. In addition, the identification of notably higher-grade lithium mineralisation in this hole indicates that high-grade zones remain to be tested and characterised.
The Company is awaiting assay results for diamond drill-hole RMDD002, as well as for the completion of geological mapping work conducted at the Project. Once finalised, the Company intends to proceed with planning and permitting the next round of drilling at the Project, to be conducted at the earliest opportunity in the 2025 field season.
Company Notes:
Astute Chairman, Tony Leibowitz, said:
“The results from our first diamond hole have well and truly exceeded our expectations, delivering thick intercepts of strong lithium mineralization, including in newly identified lithium-bearing horizons. This is a fantastic outcome that increases our confidence in the future potential of this rapidly growing discovery. We are looking forward to receiving results from the second hole, as well as from geological mapping that will help us to plan our next round of drilling and begin to quantify the scale of the deposit through an Exploration Target and ultimately a Mineral Resource.”
Full ASX Announcement: Announcement Document-02