IRIS Metals sniffs 75 metres of lithium in South Dakota, pushing share price up 9.99%

IRIS Metals Ltd (ASX:IR1) saw its share price move up nearly 10% as it reported the best intercept to date at its Beecher lithium project in South Dakota, based on ongoing program of diamond drilling.

The intercept – which measured 75.1 metres at 1.41% Li2O (lithium oxide) from 25.1 metres – underlined the presence of wide zones of high-grade lithium mineralisation at the project, with significant intersections shown in four holes from the 14 overall reported.

This included 56.7 metres at 1.43% Li2O from 40.4 metres, including: 3.8 metres at 2.63% Li2O from 40.4 metres, 2.6 metres at 1.90% Li2O from 50.4 metres, and 3.6 metres at 1.91% Li2O from 89.4 metres – taken from one hole.

Additionally, another hole yielded 9.9 metres at 2.21% Li2O from 144.7 metres, including 2.1m at 3.47% Li2O from 144.7 metres, and 4.1 metres at 3.13% Li2O from 148.55 metres.

The Beecher project – located 7 kilometres from the town of Custer in South Dakota’s Black Hills – comprises 50.88 hectares pf patented claims, and includes the historic lithium mines Longview and Beecher, together with gold and silver mine Black Diamond.

With IRIS looking ahead to releasing a maiden mineral resource estimate for the project, the company’s President of U.S Operations Matt Hartmann said the wide and high-grade mineralisation from these intercepts boded well.

“IRIS Metals’ latest assay results from drill hole BDD-24-031 demonstrate the potential of the Beecher Project to deliver meaningful scale as the Company advances on a path to
lithium production,” he said.

“Located in the United States, near significant existing infrastructure in a mining friendly jurisdiction, and with permits already obtained for mining operations, the differentiation of the Beecher Project is obvious.”

At 13:54 AEST, IRIS shares were trading at 22 cents, a rise of 9.99% since the market opened.