Join our daily newsletter At The Bell to receive exclusive market insights
IRIS Metals (ASX:IR1) has today said it’s “extremely well positioned” after initiating field exploration at the Finley Basin tungsten project in Montana, with a 7,000-metre diamond drilling program planned for Q3 CY26.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
This phase marks a transition from historical data review to active field operations, setting the stage for the Oz company’s maiden drilling program.
IRIS just completed a comprehensive review of historical exploration data previously generated by Union Carbide, which identified a non-JORC-compliant historical “mineral reserve” of 850,000 tons at 0.68% WO₃, and will now be looking to validate and expand the known tungsten mineralisation on-site.
“Commencing field activities at Finley Basin is significant as we advance… from highly prospective historical exploration into modern drilling, with the ultimate objective of securing a strategic role in North America’s critical minerals supply chain,” the company’s chairman, Chris Evans, said today.
“Located in a premier mining jurisdiction, Finley Basin provides exposure to tungsten, a strategically important metal with growing applications across defence, aerospace, energy, electronics, and advanced manufacturing.
“As global demand continues to increase and Western governments prioritise supply chain security, Finley Basin is extremely well-positioned.”
Field work began in June with surface mapping, sampling, and night traverses using ultraviolet lamps to spot outcropping scheelite mineralisation. These early recon surveys have let IRIS to finalise drill pad locations and assess historical access tracks, which should minimise environmental disturbance.
IRIS has submitted applications to state and federal agencies, with approvals expected third quarter CY26. Pending these permits, the company plans to mobilise for its maiden drilling program by September.
The program includes up to 7,000m of diamond drilling in 16 locations. The plan involves twinning historical Union Carbide drill holes from the late 1970s and early 1980s, alongside oriented drilling designed to target mineralised horizons based on updated structural and stratigraphic interpretations.
IR1 opened at 6.6cps this morning.
Join the discussion: See what HotCopper users are saying about IRIS Metals Ltd and be part of the conversations that move the markets.
Disclaimer: This content has been prepared as part of a partnership with IRIS Metals Ltd and is intended for informational purposes only.
The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
