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Astute Metals NL (ASX: ASE) has chalked up a strong close to its latest diamond drilling program, reporting the final batch of assay results from its wholly-owned Red Mountain Lithium Project in Nevada.
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The standout result came from drill-hole RMDD008, which returned six zones of lithium mineralisation totalling 170.4 metres in clay-rich sedimentary rocks.
Key intercepts from RMDD008 included:
- 33.8m @ 1,130ppm Li (0.60% LCE) from 34.8m, including a high-grade core of 10.7m @ 1,320ppm Li (0.70% LCE); and
- 62.4m @ 1,210ppm Li (0.64% LCE) from 152.2m, with a high-grade zone of 27.5m @ 1,421ppm Li (0.76% LCE) from 176.7m.
The Australian company noted drill-hole RMDD004 intersected a different geological setting, encountering polymictic conglomerate with limited claystone intervals and low lithium values.
This discovery has been interpreted as a localised alluvial fan, with lithium-bearing clays observed at surface up-dip from the hole.
These final assays round out a successful campaign, which has significantly extended the Red Mountain lithium system. Recent drilling has now confirmed lithium mineralisation over a 5.6km strike and to depths exceeding 180 metres.
Highlights from earlier in the program include the highest-grade intercept (RMDD003) and the widest mineralised interval (RMDD007) recorded to date.
“This is a great way to finish what has been a highly successful drilling campaign,” said Astute Chairman Tony Leibowitz today.
He continued: “Hole RMDD008 intersected over 170 metres of lithium mineralisation. The consistent high-grade intercepts reinforce the Red Mountain Project as a standout among U.S. lithium clay projects.”
Planning is underway for the next phase of drilling, which will inform a maiden Mineral Resource Estimate expected by the end of CY25.
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With these latest assays, Astute has further cemented its position as an emerging player in the North American lithium sector. The next key catalyst will be the upcoming resource estimate — expected sometime in the near future — which could elevate the project’s strategic appeal.
ASE has been trading flat at 2.1cps heading into Friday’s close.
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