Astute Metals (ASX:ASE) has released its latest soil sampling results from the group’s Red Mountain Lithium Project in the US with the company describing the anomaly as ‘outstanding’, amid relinquishing the Cobre Project from its portfolio.
Soil sampling results outlined a 2.1km-long anomaly with a grade above 250 parts per million (ppm) lithium. The results from a subsequent rock chip sampling campaign have confirmed lithium mineralisation in the underlying bedrock, returning grades of up to 2,690ppm lithium.
The anomalism observed in the Red Mountain Extension soils, coupled with the mineralisation in rock chip results, is interpreted to be due to a continuation of the lithium-bearing host rocks southward into the extension area – representing a compelling future target.
Astute, which has a market capitalisation of $12 million, expects to begin reverse circulation drilling shortly at the Needles Gold Project, after which the rig will move to Red Mountain for an infill program. The results from this program will inform a maiden resource estimate.
Chairman Tony Leibowitz says the staking of the Red Mountain Extension in 2024 has proved prescient with identifying “high-grade” lithium-bearing rocks.
“While the company’s focus remains firmly on advancing the Red Mountain Project towards a maiden mineral resource estimate and beyond, the Red Mountain Extension represents substantial value-creation upside for the greater project in the event that the Nye County Public Lands Bill is successfully passed through Congress,” Leibowitz says.
The Red Mountain Project is located in central-eastern Nevada, adjacent to the Grand Army of the Republic Highway. The Red Mountain Extension lies on the south-western boundary of the project and abuts a zone of strong lithium-in-soil anomalism in the Red Mountain claim block and is interpreted to have strong lithium mineralisation potential.
Astute Metals is a mineral explorer focused on developing its assets considered prospective for critical minerals in the US and the Northern Territory.
Write to Aaliyah Rogan at Mining.com.au
Images: Astute Metals
