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- IRIS Metals (IR1) receives assays from six drill holes out of a 38-hole reverse circulation program, confirming lithium potential at its Beecher project in the USA
- Results include 60 metres at 1.21 lithium oxide from 16 metres, which includes 40 metres at 1.4 per cent lithium oxide from 36 metres
- Mineralisation is near the surface at the Longview pegmatite, with current drilling indicating all three known pegmatites remain open in all directions
- Another 32 holes remain at the assay laboratory with updates expected in the coming weeks
- IR1 shares have skyrocketed 43.2 per cent, trading at $2.22 at 3:00 pm AEST
IRIS Metals (IR1) has received assays from the first six drill holes at its 38-hole reverse circulation program, confirming the lithium potential at its Beecher project in the United States.
Results include 60 metres at 1.21 lithium oxide from 16 metres, which included 40 metres at 1.4 per cent lithium oxide from 36 metres, as well as 22 metres at 1.9 per cent lithium oxide from 46 metres.
All six holes returned “significant” near-surface intersections from the company’s Longview pegmatite, and current drilling indicates all three known pegmatites in the area remain open in all directions.
“These broad, near-surface initial results confirm my confidence in the Beecher project and the Black Hills as a future lithium mining district of great importance for supplying the US market,” IRIS Technical Director Chris Connell said.
“These first drill holes are testing only a tiny portion of the company’s 2,400 plus mining claims staked over fertile LCT pegmatites that were historically mined for lithium from
the 1940’s.”
IR1 is the only ASX-listed company with US-granted hard rock lithium pegmatite mining
licences with the company ramping-up drill testing at the project aiming to be the sole provider for the US market.
The company noted wide and high-grade lithium results from the surface are supportive of a low mining strip ratio, benefiting its mining economics.
A further 32-hole results remain at the company’s laboratory for testing with more updates in the coming weeks.
IR1 shares skyrocketed 43.2 per cent, trading at $2.22 at 3:00 pm AEST.
