Astute Metals (ASX:ASE) has established a foundation for a maiden resource to advance this year at the Red Mountain Lithium Project in Nevada, US.
This news comes after the company received assay results from the second of two holes drilled in the inaugural diamond drilling program at Red Mountain.
Astute, which has a market capitalisation of $12.82 million, says drillhole RMDD002 returned a thick intersection of some of the highest grade lithium mineralisation seen to date at the project. The result includes 86.9m @ 1,470 parts per million (ppm) lithium from 18.3m, including an internal “high-grade” zone of 32.1m @ 2,050 ppm lithium.
Chairman Tony Leibowitz says Red Mountain continues to grow and improve the more the company drills.
“The manifest scale and high tenor of mineralisation are testament to Red Mountain being one of the most important recent US lithium discoveries,” Leibowitz says.
“This drillhole is the latest in a succession of 13, all of which intersected strong lithium mineralisation.”
With all of the results from the drilling program now received, Astute Metals is finalising geological mapping ahead of planning and permitting for the next round of drilling. This work will be completed and integrated with surface sampling data to assist the company in refining its drilling plans.
The company says areas of potential lithium mineralisation identified to the north and down-dip to the east of drillhole RMDD002 will be tested in future drilling programs at the project.
Astute intends to conduct the next round of drilling at the earliest opportunity during the 2025 field season.
According to Trading Economics, lithium carbonate prices sit at about $17,155 per tonne. This follows the price hitting a two-month low of $16,528 per tonne at the start of this year.
Write to Aaliyah Rogan at Mining.com.au
Images: Astute Metals



