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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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ASE:AU
Maiden Drill Program Set to Commence at the High-Priority Cangallo Porphry Copper Project
- Maiden RC drill program to commence at Cangallo in mid-December
- Program will test a large-scale, undrilled porphyry copper target
- Assay results expected around the end of January 2025
- Permitting underway for drill programs across other high-priority, large-scale porphyry copper targets at Lantana and Playa Kali
Access and drill pad preparations have commenced with drilling scheduled to start around mid-December. The planned program, which comprises a minimum of eight drill-holes for a total of ~2,500m, will take 3 to 4 weeks to complete with assay results expected around the end of January 2025.
Figure 1: Cangallo Porphyry Copper Prospect showing copper and molybdenum values and permitted drill sites.
Geological mapping and rock-chip sampling has outlined a partially exposed potential copper (+/- gold) porphyry system, within a large-scale (3km x 2km) caldera-like structure containing extensive colluvial and younger sediment cover.
The initial drilling program will test areas containing relatively intense veining (quartz) and porphyritic dykes, where higher copper (up to 0.65% Cu) and gold (up to 0.3g/t Au) values have been found. The possibility of a buried porphyry copper system beneath the extensive cover within the interpreted caldera-like structure will also be tested.
Cangallo is located close to significant infrastructure and is approximately 25km from the town of Chala, and within 10km of the coast.
Commenting on the imminent commencement of drilling at Cangallo, AusQuest’s Managing Director, Graeme Drew, said:
“This is a very exciting time for the Company as we are about to commence the maiden drill program at this high-priority porphyry copper target in Peru which we have been working towards for over 12 months.
Cangallo has never been drilled before and demonstrates classic geochemical and alteration signatures which suggest there is significant potential to discover large-scale copper porphyry mineralisation.
Success at Cangallo has potential to create significant value for our shareholders and we look forward to keeping our shareholders updated as the results become available.”
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Significant Silver and Base Metals in Rock Chips at Lennons Find
HIGHLIGHTS
- Significant gold, silver and base metal results from rock chips, validating historical work at Hammerhead and Tiger deposits.
- Highest values: Gold (5.45 g/t OLRS4), Silver (988 g/t OLRS4), Copper (4.96% OLRS4), Lead (12.07% OLRS2) and Zinc (4.44% OLRS6)
- Planning for further ground works in Q1 2025 underway, in-conjunction with application for Exploration Incentive Scheme (EIS) for co-funding of a deep diamond drill program
Figure 1 – OMX Rock Chip Sample Locations – M 45/368
Rock Chip Sampling
Five rock chip samples were collected during the recent Lennons Find IP survey to validate samples collected by Jabiru Metals Limited in 2005 (Figure 1). Four of the samples were taken on the Hammerhead gossan and one sample from the Tiger deposit. Twenty-four samples were collected by Jabiru Metals Limited in 2005, over a strike length of 4km along the Lennons Find main zone. The highest assay results from the Orange Minerals sample were gold (5.45 g/t OLRS4), silver (988 g/t OLRS4), copper (4.96% OLRS4), lead (12.07% OLRS2) and zinc (4.44% OLRS6). These results correlated well with high grade values in the Jabiru Metals samples. Jabiru Metals assays are reproduced in Appendix 1 and Orange Minerals samples in Table 1. For historical drillhole collars and results see Laconia Resources Limited ASX announcements (9 March 2011, 3 October 2011 and 12 October 2011).
Table 1 – Lennons Find Rock Chip assays
Figure 2: – Lennons Find Location Map
Background Lennon’s Find
In August 2023 a binding term sheet was entered into with Musketeer Mining Ltd, to acquire up to a 75% share in the Lennon’s Find Polymetallic Project 75km south-east of Marble Bar in the Pilbara region, WA. Lennon’s Find includes a Mining Lease with an Inferred Mineral Resource of 1.55 Mt at 5.9% zinc, 0.2% Cu, 1.6% Pb, 0.28 g/t Au, and 84g/t Ag (Optiro 2019).
Orange can earn 51% of the Lennon’s Find Project (M45/368) by spending A$500,000 by 31 March 2026 (which included an upfront payment of A$200,000). Orange may earn up to 75% of the Lennon’s Find Project by spending an additional A$500,000 (A$1.0 million in total) by 31 March 2028.
Figure 3- Lennon’s Find Mining Lease M 45/368
Geological Setting
The Lennon’s Find project is located in the Archean Marble Bar greenstone belt on the SE boundary of the Mount Edgar Batholith. The greenstone rocks are comprised of felsic schists of the Duffer Formation overlain by the Apex Basalt, and both formations are part of the Warrawoona Group. The package dips to the SE beneath, or faulted against, rocks of the Fortescue Group. The Duffer Formation is comprised of three laterally persistent units: a basal quartzo – feldspathic schist (Unit 1), meta sedimentary rocks, mostly psammites and pelites (Unit 2) and an upper quartz – muscovite schist (Unit 3). All the known base metal sulphide deposits occur within the upper part of the Duffer Formation.
Base metal mineralisation at Lennon’s Find is considered to be VMS style and has been mapped over a strike of 4.5km as discontinuous gossans and disseminated sulphide zones (Figure 4). The base metal mineralisation is predominantly Zn – Pb – Cu – Ag – Au, with significant amounts of barite, and occurs as stratiform, lenticular bodies. Five deposits have been identified being Grey Nurse, Tiger, Hammerhead, Mako and Bronze Whaler (Figure 3).
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This article includes content from Orange Minerals, 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.