IR1 -Iris Metals Limited today closed up 11% to finish at 71.5c on $350k stock traded. The reason they were up today was because they announced it increased its its footprint in the Black Hills of South Dakota, USA.
IR1 is now the biggest land holder of lithium mining claims in the US with over 2,056 claims covering over 171km2 in the historic mining region.
The Black Hills of South Dakota are famous for historic lithium mining dating back to 1898 when Li-bearing spodumene (contains up to 7% Li₂O), and amblygonite (contains up to 10% Li₂O).
I own stock in this myself, for clients, know the boss who too reads this rag & in a few weeks I may well share some more on these guys once I get a chance to catch up with Tal & his team a little closer to drilling.
Back in May we mentioned them in our What's Doing section which you can find underneath:
https://bit.ly/3zaRBlN
Some details on today's news are listed below:
IRIS Now Largest Holder of Lithium Mining Claims in South Dakota, USA Footprint Grows by 290% to 2,056 Claims
Highlights:- IRIS Metals grows South Dakota footprint by 290% through newly staked claims under its control; securing highly mineralized corridors of spodumene bearing lithium-cesium-tantalum (“LCT”) pegmatites.
- IRIS now controls 2,056 claims (an increase of 1,531 new claims) covering approximately 42,287 acres or 171km2 in the historic mining region of the Black Hills of South Dakota, USA.
- The Company now controls the largest area of prospective lithium mining claims in the Black Hills.
- The Black Hills is famous for its historic lithium producing mines containing some of the largest spodumene crystals on record.
- IRIS is continuing to stake additional claims over historic lithium mining areas.
- The newly staked claims cover numerous historic lithium spodumene mines representing walk-up drill targets
- The Company is also in negotiation to access or purchase patented claims over historic lithium mines which provides freehold title to the minerals free of Federal obligations.
- Recent signing of the US Inflation Reduction Act provides a raft of positive outcomes for US based battery metal explorers and producers.
- Initial exploration, overseen by IRIS Technical Director Chris Connell currently on site has commenced with mapping, gridded soil and rock chip sampling programs underway with results expected in the coming months.
Executive Technical Director and Head of Exploration, Chris Connell, commented:
“IRIS has been fortunate in having the capability of mobilising multiple field teams working overtime to attain the largest land holding in the Black Hills prospective for Lithium.
Perhaps more importantly, we have been able to secure most of the historic lithium producing mines and their strike extensions.
The Company now has a great mix of drill-ready targets and extensive prospective corridors over known lithium bearing LCT pegmatites.
I am currently on site, directing and supervising the staking and exploration activities over an area that is exhibiting regional scale lithium potential.”
Non-Executive Chairman, Simon Lill, added:
“The decision to increase IRIS’ footprint in the Black Hills of South Dakota at such a rapid rate was aided by access to suitable in country staff and the willingness of our Technical Director to commit to being in the region to manage the exercise.
The recent activities of the US Government towards securing their own strategic metals supplies away from China should prove to be a significant boon to our plans.”
IRIS Metals Limited is pleased to announce it has moved expeditiously in increasing its footprint in the Black Hills of South Dakota, USA.
The Company’s exposure to the Black Hills has now increased through staking by 292% to 2,056 lode claims covering approximately 42,287 acres over areas highly prospective lithium pegmatites.
The magnitude of this tenure makes IRIS the largest holder of prospective lithium mining claims in South Dakota, providing the Company with a dominant landholding prospective for lithium bearing pegmatites in the Black Hills.
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