Astute Metals NL (ASX: ASE) has chalked up a strong close to its latest diamond drilling program, reporting the final batch of assay results from its wholly-owned Red Mountain Lithium Project in Nevada.
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The standout result came from drill-hole RMDD008, which returned six zones of lithium mineralisation totalling 170.4 metres in clay-rich sedimentary rocks.
Key intercepts from RMDD008 included:
33.8m @ 1,130ppm Li (0.60% LCE) from 34.8m, including a high-grade core of 10.7m @ 1,320ppm Li (0.70% LCE); and
62.4m @ 1,210ppm Li (0.64% LCE) from 152.2m, with a high-grade zone of 27.5m @ 1,421ppm Li (0.76% LCE) from 176.7m.
The Australian company noted drill-hole RMDD004 intersected a different geological setting, encountering polymictic conglomerate with limited claystone intervals and low lithium values.
This discovery has been interpreted as a localised alluvial fan, with lithium-bearing clays observed at surface up-dip from the hole.
These final assays round out a successful campaign, which has significantly extended the Red Mountain lithium system. Recent drilling has now confirmed lithium mineralisation over a 5.6km strike and to depths exceeding 180 metres.
Highlights from earlier in the program include the highest-grade intercept (RMDD003) and the widest mineralised interval (RMDD007) recorded to date.
“This is a great way to finish what has been a highly successful drilling campaign,” said Astute Chairman Tony Leibowitz today.
He continued: “Hole RMDD008 intersected over 170 metres of lithium mineralisation. The consistent high-grade intercepts reinforce the Red Mountain Project as a standout among U.S. lithium clay projects.”
Planning is underway for the next phase of drilling, which will inform a maiden Mineral Resource Estimate expected by the end of CY25.
With these latest assays, Astute has further cemented its position as an emerging player in the North American lithium sector. The next key catalyst will be the upcoming resource estimate — expected sometime in the near future — which could elevate the project’s strategic appeal.
ASE has been trading flat at 2.1cps heading into Friday’s close.
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