IRIS Metals - High-Grade Lithium Intersections at Beecher Project - 30 July 2024
IR1 (IR1) Share Update July 2024 Monday 29th
IRIS Metals Reports Significant Lithium Intersections at Beecher Project
IRIS Metals Limited (ASX: IR1) has reported impressive drilling results from its Beecher Project in South Dakota, USA, highlighting significant lithium intersections.
Instant Summary:
- BDD-23-005: 53.6m @ 1.73% Li₂O from 125.0m, including 5.2m @ 2.39% Li₂O and 9.7m @ 3.59% Li₂O.
- BDD-23-011: 27.8m @ 1.90% Li₂O from 70.7m.
- BDD-24-022: 41.8m @ 1.35% Li₂O from 45.2m, including 5.6m @ 2.30% Li₂O and 7.4m @ 2.22% Li₂O.
- Ongoing diamond drilling at Beecher with 50 holes completed to date.
- Exploration planning at Tin Mountain project advancing with expected drilling activities.
Drilling Results and Exploration Activities
IRIS Metals has continued its diamond drilling at the Beecher Project, achieving impressive lithium intersections. The most notable results include:
- BDD-23-005: 53.6m @ 1.73% Li₂O from 125.0m, including 5.2m @ 2.39% Li₂O from 144.1m and 9.7m @ 3.59% Li₂O from 157.3m, with a high-grade zone of 4.9m @ 5.07% Li₂O from 157.3m.
- BDD-23-011: 27.8m @ 1.90% Li₂O from 70.7m.
- BDD-24-022: 41.8m @ 1.35% Li₂O from 45.2m, including 5.6m @ 2.30% Li₂O from 55.3m and 7.4m @ 2.22% Li₂O from 63.8m.
- BDD-24-025: 39.8m @ 1.45% Li₂O from 53.7m, including 17.6m @ 2.08% Li₂O from 53.7m and 6.2m @ 1.84% Li₂O from 73.5m.
- BDD-24-029: 21.5m @ 1.25% Li₂O from 48.7m, including 4.5m @ 2.35% Li₂O from 62.5m, and 8.9m @ 1.59% Li₂O from 87.0m, including 5.1m @ 2.43% Li₂O from 90.8m.
Ongoing Exploration and Future Plans
The ongoing diamond drilling program at Beecher is testing the strike and down-depth extensions of the mineralized Longview and Black Diamond pegmatites. To date, 50 diamond drill holes have been completed. The Company is also advancing exploration planning at the Tin Mountain Project, with drilling activities expected to commence soon after final permit approvals.
Additionally, IRIS Metals is conducting a regional mapping and soil sampling program across its extensive mineral tenure in the Black Hills. This program aims to identify prospective pegmatites and generate new drill targets. Approximately 2,000 soil samples have been collected so far.
The high-grade lithium intersections reported by IRIS Metals are likely to positively impact the company's stock price as investors recognize the potential for significant lithium resources at the Beecher Project. The ongoing exploration activities and strategic positioning in the US, supported by government incentives for locally sourced critical minerals, further enhance the company's prospects.
Investor Reaction:
Analysts are expected to react positively to the high-grade lithium results, noting the potential for substantial resource development at the Beecher Project. The company's strategic focus on expanding its US presence and leveraging government incentives is also likely to be well-received by investors.
Conclusion:
Investors should keep a close eye on IRIS Metals' ongoing drilling results and exploration activities, particularly at the Beecher and Tin Mountain projects. The company's strategic initiatives and high-grade lithium intersections present a promising investment opportunity.