Multi-mineral explorer Astute Metals NL (ASX:ASE) has identified significant lithium mineralisation through drilling work at its Red Mountain project in Nevada, as results from a maiden reverse circulation (RC) program yields grades as high as 1,260 parts per million (ppm).
Of crucial focus was the thickness of this mineralisation, which went up to 50 metres wide in some cases, with standout assays including 25.9 metres at 1,120ppm lithium (Li) from 73.2 metres in one hole, 29.0 metres at 1,060ppm Li from 123.4 metres to end-of hole in another, and 33.5 metres at 1,260ppm Li from 19.8 metres.
Additionally, Astute reported the presence of multiple zones of lithium at the southern end of Red Mountain through geological interpretation, and a main prospective stratigraphic zone stretching around 4 kilometres from the north to middle of the project.
Astute Chairman, Tony Leibowitz, said the combination of assay results and interpretation work meant that Red Mountain’s potential was beginning to be delineated.
“With all results now received from the recent phase of drilling, the potential of the Red Mountain lithium discovery continues to grow,” he said.
The team has also now completed a detailed geological interpretation of the deposit which gives us excellent insights into its future commercial potential.
“Encouragingly, this work has identified multiple zones of lithium mineralization in the south, which also highlights the potential for further significant growth in the size of the mineralized system.”
He added that the company was now focused on the release of a mineral resource estimate (MRE) for the project.
The market has responded warmly to the news, and at 12:56 AEST, Astute shares were trading at 3.5 cents, a rise of 9.38% since the market opened.