- IRIS Metals (IR1) completes its strategic acquisition of White Rock LLC and its hard rock lithium projects
- The company’s review of the regional geology identifies additional areas of interest that are contiguous, complementary and strategic with staking activities currently in progress
- It also established a geology team that is currently on site, undertaking pegmatite mapping, rock chip sampling and planning initial exploration program
- The acquisition positions the company as the second ASX-listed US hard rock lithium explorer
- Shares in IRIS Metals were up 7.14 per cent to $0.30 at the close of trading on Wednesday
Australia-based explorer IRIS Metals (IR1) has completed its strategic acquisition of White Rock LLC and its hard rock lithium projects.
White Rock owns 525 lode claims covering about 10,846 acres in the mining friendly jurisdiction of South Dakota which reportedly has a 145-year history of continuous mining.
Overall, the 525 lode claims make up the South Dakota lithium project which has been divided into two sub-projects known as the Dewy and Custer projects.
Commenting on the completion, Chairman Simon Lill said securing the tenure in a globally significant jurisdiction is transformational for IRIS Metals.
“It diversifies the company geographically and by commodity, providing shareholders with exposure into the highly strategic battery metals space,” Mr Lill said.
“The US in general and South Dakota specifically present a supportive environment for the development of battery metals assets; leaving IRIS ideally positioned to leverage from exploration success.”
The company’s review of the regional geology has identified additional areas of interest that are contiguous, complementary and strategic with staking activities currently in progress.
IRIS has also established a geology team that is currently on site, undertaking pegmatite mapping, rock chip sampling and planning initial exploration program.
The acquisition positions the company as the second ASX-listed US hard rock lithium explorer.
Shares in IRIS Metals were up 7.14 per cent to $0.30 at the close of trading on Wednesday.