Significant Lithium Discovery in Inaugural Drill Campaign at Red Mountain Project, USA

Astute Metals NL (ASX: ASE) (“ASE”, “Astute” or “the Company”) is pleased to advise that assays results from the first three holes of the maiden RC drilling campaign at its 100%-owned Red Mountain Lithium Project in Nevada, USA have returned high-grade mineralisation, indicating the potential discovery of a significant lithium deposit.

The assay results included the following high-grade drill intersections:

• RMRC001 : 59.4m @ 1,300ppm Li / 0.69% Lithium Carbonate Equivalent1 (LCE) from 73.2m
• RMRC002 : 15.2m @ 810ppm Li / 0.43% LCE from 15.2m
• RMRC003 : 6.1m @ 1,050ppm Li / 0.56% LCE from surface, and
  • 12.2m @ 1,060ppm Li / 0.56% LCE from 18.3m

A total of 11 holes were drilled for a combined 1,518m as part of the maiden RC drilling campaign, which targeted lithium clay mineralisation in zones of strong soil anomalism and/or rock chip anomalism with a view to understanding the thickness and grade potential of the project (Table 1 and Figure 1).

These initial results have confirmed the anticipated discovery of sub-surface lithium mineralisation at Red Mountain, which has clear potential to emerge as a significant project in the context of North American exploration efforts for battery metals.

Once assays for the remaining drill holes have been received by the Company, results will be collated and interpreted in order to guide the next steps for exploration at the project, which is now expected to include a follow-up drilling campaign in the second half of the calendar year. The remaining assays are expected to be received in two batches in early and late July.

Astute Chairman, Tony Leibowitz, said:

“This is a very exciting start to our drilling campaign at Red Mountain, with all three of our initial drill holes intersecting high-grade lithium mineralisation. The results have been returned over 4.6km of strike, indicating the potential for a major new discovery.

We are now eagerly awaiting the results from the remaining eight holes, which are expected to be received in July, with assays from all holes to be integrated into an updated geological model for Red Mountain with a view of expediting the process to achieving a maiden resource for our Red Mountain Project.”

Figure 1. Drill-hole locations and intersections, and gridded soil sample geochemistry over aerial image.

About Lithium Carbonate Equivalent (LCE)

Unlike spodumene concentrate, which is a feedstock for a value-added battery product, Lithium Carbonate is a principal lithium-ion battery product, which may be used directly in battery production or converted to other battery products such as lithium hydroxide. The Benchmark Mineral Intelligence Lithium Carbonate China Index priced lithium carbonate product at US$13,710/t6 as of 12 June 2024.

Lithium carbonate is the product of many of the most advanced lithium clay projects around the world, including Lithium Americas’ (NYSE: LAC) 16.1Mt LCE Thacker Pass Project3 which is currently under construction. Accordingly, exploration results for Red Mountain have been reported as both the standard parts-per-million (ppm) and as % Lithium Carbonate Equivalent (LCE). A full table of tabulated assay results is provided in Appendix 2.

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