Astute Metals' Red Mountain Project Yields High-Grade Lithium Discoveries
ASE (ASE) Share Update July 2024 Sunday 21st
Astute Metals Reports Promising Lithium Intersections at Red Mountain
Astute Metals NL (ASX: ASE) has announced promising results from its latest drilling campaign at the Red Mountain Lithium Project in Nevada, USA. The company reported multiple high-grade lithium intersections, further highlighting the project's potential.
Instant Summary:
- High-grade lithium intersections up to 83.8m thickness.
- Lithium grades exceeding 1,000ppm in all four drill holes.
- Assay results for the remaining four drill holes expected in late July.
- Significant intersections include: RMRC004: 83.8m @ 1,230ppm Li, RMRC005: 80.8m @ 1,270ppm Li, RMRC006: 70.1m @ 1,090ppm Li, RMRC007: 74.7m @ 1,160ppm Li.
Drilling Results
Astute Metals NL has received assay results from the next four holes (RMRC004-007) of its inaugural Reverse Circulation (RC) drilling campaign at the Red Mountain Lithium Project. These results have returned high-grade mineralization, with intersections up to 83.8 meters thick and lithium grades exceeding 1,000 parts per million (ppm).
Key intersections include:
- RMRC004: 83.8m @ 1,230ppm Li from 16.8m
- RMRC005: 80.8m @ 1,270ppm Li from 56.4m
- RMRC006: 70.1m @ 1,090ppm Li from 89.9m
- RMRC007: 74.7m @ 1,160ppm Li from 18.3m
Project Significance
The Red Mountain project, located in central-eastern Nevada, was staked by Astute in August 2023. The project area is known for its broad mapped tertiary lacustrine sedimentary rocks, which host large lithium deposits elsewhere in Nevada. The latest assay results demonstrate the scale and grade potential at Red Mountain, reinforcing its significance as a major lithium project in North America.
Astute Metals' Chairman, Tony Leibowitz, expressed confidence in the project's potential, stating, 'Our confidence in the scale and significance of this discovery continues to increase with each successful drill-hole at Red Mountain.'
Next Steps
Astute Metals is awaiting assay results for the remaining four drill holes (RMRC008-011), expected later this month. These results will be integrated into an updated geological model for Red Mountain, with the aim of expediting the process to achieve a maiden Mineral Resource Estimate.
The high-grade lithium intersections at Red Mountain are likely to positively impact Astute Metals' stock price as investors react to the promising results. The project's potential to become a significant lithium source in North America could attract further investment and boost investor confidence.
Investor Reaction:
Analysts have noted the impressive thickness and grades of the lithium intersections, highlighting the project's potential. Investor sentiment has been positive, with many expressing optimism about the future prospects of the Red Mountain project.
Conclusion:
Investors should keep an eye on the final assay results expected later this month and monitor Astute Metals' strategic plans for the Red Mountain project. The company's ability to capitalize on these promising results will be crucial in maintaining investor confidence and driving future growth.