Astute Metals NL (ASX:ASE) has recorded its thickest intercept to date from the Red Mountain lithium project in Nevada, with assays from the second of two diamond holes also returning some of the project’s highest grades to date.
Results from hole RMD002 include 86.9 metres at 1,470 parts per million (ppm) ppm lithium from 18.3 metres, including 32.1 metres of high-grade mineralisation at 2,050ppm Li from 46.2 metres.
The company has highlighted how significant this find is, based on its location: evidence of thick and high-grade lithium in the northernmost drill hole indicates how large the Red Mountain project is, since strong lithium mineralisation has now been found in all drill holes.
The exploration boundaries thus far span a north-south strike extent of over 5 kilometres and surface sample geochemistry indicating further potential to the north, south and west of the current drilled extents.
Additionally, mineralisation remains open down-dip to the east and along strike to the north.
Astute chairman Tony Leibowitz said the company was particularly enthralled with the internal 32.1 metre zone of very high-grade lithium mineralisation averaging 2,050ppm.
“Like all great discoveries, Red Mountain continues to grow and improve the more we drill,” he said.
“The manifest scale and high tenor of mineralisation are testament to Red Mountain being one of the most important recent US lithium discoveries.
“This drill hole is the latest in a succession of thirteen, all of which intersected strong lithium mineralisation, establishing a solid foundation for a maiden mineral resource estimate to be advanced rapidly in 2025.”
Astute shares spiked up on the news, and at 12:45 AEDT, they were trading at 2.9 cents – a rise of 20.83% since the market opened.
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