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Astute Metals NL (ASX: ASE) (“ASE”, “Astute” or “the Company”) is pleased to advise that rock chip assay results from its 100%-owned Red Mountain Lithium Project in Nevada, USA have returned high-grade mineralisation of up to 4,150ppm Lithium, further enhancing the project’s exploration and discovery potential. Notable results returned up to 1.4km north of the recently reported discovery include:
- 4,150ppm Li, brown-green claystone sampled 490m north of RMRC002
- 2,900ppm Li, brown claystone sampled 990m north of RMRC002
- 2,550ppm Li, brown claystone sampled 1.40km north of RMRC002
Key Highlights
- 81 rock-chip samples reveal the presence of high�grade lithium claystone mineralisation in outcropping and sub-cropping claystones at Red Mountain.
- North-south trend of high-grade samples extends the claystone mineralisation 1.4km north of hole RMRC002, expanding the prospective horizon at Red Mountain
- Exceptional grades of up to 4,150ppm lithium reported.
- 20 samples return grades over 1,000ppm lithium indicating high-grade clays across the Project.
- Assay results for the remaining eight drill holes expected in two batches by the end of July.
A total of 81 samples were collected and assayed, adding to Astute’s understanding of the prospective horizons at Red Mountain and complementing the initial drill results from its maiden drilling campaign,for which assays for eight holes remain pending. The rock chip assays are shown, along with previous results including the recently announced high-grade lithium discovery, in Figure 1.
These results suggest that the targeted high-grade lithium horizon persists further north than previously interpreted, with a number of high-grade samples located along an approximate north-south trend stretching 1.4km north of the northernmost drill hole, RMRC0021. The extended zone will be tested by future drilling at the project.
Astute Chairman, Tony Leibowitz, said:
“Our exploration team continues to deliver exciting results, with these latest rock chip results returning exceptional lithium grades and further expanding the potential scale of the Red Mountain Project. The latest results come from an area up to 1.4km north of the discovery we announced recently on 18 June and provide further evidence of the scale and potential of this project.
“We are eagerly awaiting the assays from eight drill holes along the initial 4.6km of strike tested by our recent drilling, with these new rock chip results further extending the prospective horizon to over6km – adding a significant new area for drill testing later this year.
“The latest results suggest that Red Mountain could be a very large and significant lithium discovery, and we are looking forward to systematically unlocking its full potential.”
Figure 1. Rock chip and Drill-hole locations, intersections, and gridded soil sample geochemistry over aerial image.
Background
Located in central-eastern Nevada (Figure3), the Red Mountain Project was staked by Astute in August 2023.
The Project area has broad mapped tertiary lacustrine (lake) sedimentary rocks known locally as the Horse Camp Formation2 . Elsewhere in the state of Nevada, equivalent rocks host large lithium deposits (see Figure 3) such as Lithium Americas’ (NYSE: LAC) 16.1Mt LCE Thacker Pass Project3 , American Battery Technology Corporation’s (OTCMKTS: ABML) 15.8Mt LCE Tonopah Flats deposit4 and American Lithium (TSX.V: LI) 9.79Mt LCE TLC Lithium Project5 .
After staking was completed, Astute completed an 819-point soil sampling campaign that revealed strong lithium anomalism in soils, with grades of up to 1,110ppm lithium and a coherent 50ppm+ lithium anomaly that extends over a strike length of 8km and is up to 2.8km wide2 (Figure 1).
After completing the soil sampling campaign, the Company embarked on a rock-chip campaign at Red Mountain designed to test for lithium at strategic locations and across a range of outcropping and shallowly sub-cropping rock types (see Figure 2).. The results of this initialrock chip sampling revealed the presence of strongly mineralised claystone, with 10 claystones grading on average 1,102ppm lithium, ranging from 132-2,190ppm lithium2
In May through June 2024 a maiden Reverse Circulation (RC) drilling campaign was completed at the Project, with initial results indicating the potential discovery of a significant lithium deposit1 .
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This article includes content from Astute Metals NL licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
ASE:AU
High grade Massive Sulphide Intercepts Confirmed at Oval
HIGHLIGHTS:
- OVD027 confirms the continution of high grade massive sulphide from OVD0211 with an intercept of 6.1 metres of 4.16% Cu, 3.51% Ni, 0.G3g/t E3, and 0.13% Co from G8.2 metres encountered between broader high grade zones of:
- A dense disseminated intercept - 26.2 metres of 0.44% Cu, 0.52% Ni, 0.12g/t E3, and 0.03% Co from 72.0 metres and
- A net textured intercept - 15.3 metres of 1.15% Cu, 0.79% Ni, 0.35g/t E3, and 0.04% Co from 104.3 metres;
- A high grade broad intersection is confirmed at the central part of the Oval area by OVD026. It includes a massive sulphide intercept in hole OVD026 of 1.8 metres of 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co from 105.0 metres within broader mineralisation of:
- 19.8 metres of 1.23% Cu, 0.98% Ni, 0.36g/t E3, and 0.05% Co from 91.2 metres.
OVD026 is located 100 metres northwest of the previously announced 8.8 metres of massive sulphide identified in drillhole OVD021.
On completion of the Phase 2 exploration work and receipt of all assays, Managing Director Gan-Ochir Zunduisuren, commented:“The 2024 Phase 1 and 2 drilling and exploration programs have confirmed the broad presence of high-grade mineralisation in the Oval gabbroic intrusion. The grades intercepted in some of the drillholes are exceptional and may be indicative of broader potential over a larger area, given Oval is a greenfields discovery.
The 2025 exploration program will focus on obtaining information on the size/metal content potential of the Oval Cu-Ni-PGE mineral system as well as targeting the possible deeper magmatic sources at Oval. Broader exploration is also planned at potential extensions of Oval and nearby look-a-like prospects. We look forward to updating shareholders on progress, with drilling expected to commence in around 8 weeks”.
Summary of Phase 2 exploration drilling at Oval Cu-Ni-PGE project
The Company’s recent drilling work has predominantly focused on finding high-grade mineralisation in the olivine-amphibole gabbro at the Oval project. The multiple intercepts of massive sulphide mineralisation with different ratios of metal contents throughout the Oval gabbroic intrusion is highly encouraging for the presence of one or more deeper sources of high grade mineralisation in the opinion of ABM.
Figure 1. Plan view of drillhole locations on high resolution magnetics map (RTP)
Drillhole OVD02c
Drillhole OVD026 was designed to test the Down-Hole Electromagnetic (DHEM) conductor plate identified as OVD007_L2_B (reinterpretation of OVD007_L2_A2 by Southern Geoscience Consultants), which exhibits a conductance of 1,000 siemens. The drilling intersected a total of 1G.8 metres of mineralisation with 1.23% Cu, 0.G8% Ni, 0.36g/t E3, and 0.05% Co from G1.2 metres including;
- 4.8 metres of @ 0.45% Cu, 0.43% of Ni, 0.14g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 91.2 metres,
- 6.6 metres of @ 1.56% Cu, 0.G0% Ni, 0.50g/t E3, and 0.04% Co of net textured mineralisation from G6.0 metres,
- 2.4 metres of @ 1.52% Cu, 1.3G% Ni, 0.43g/t E3, and 0.07% Co of semi massive sulphide mineralisation from 102.6 metres,
- 1.8 metres of @ 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co of massive sulphide mineralisation from 105.0 metres, and
- 4.2 metres of @ 0.57% Cu, 0.45% of Ni, 0.21g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 106.9 metres (Table 1 provides a detailed breakdown of mineralisation intervals).
OVD026 is located in the Oval area, which is approximately 100 metres northwest of the previous intersection identified in drillhole OVD0213. This intercept may represent an extension of the known massive sulphide mineralisation in the Oval area and highlights the potential for further expansion of massive sulphide zones within the broader prospect area (Figures 1 and 3).
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This article includes content from Asian Battery Metals PLC, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
