Astute Metals (ASX:ASE) has returned encouraging soil sample results at the recently staked Cobre Project and has added the Red Mountain Project to its Nevada lithium portfolio.
Results from reconnaissance and surface sampling campaigns over several areas identified the 2 areas that warranted the staking of claims. The Cobre Project was staked in August, and Astute is currently in the process of completing the staking process at Red Mountain.
Over the coming month, the $17.72 million market capitalisation company will plan drill locations at Cobre, conduct site inspections, and submit permitting documentation to the Bureau of Land Management.
Astute is undertaking these activities with the aim to drill initial holes at Cobre in Q4 this year.
In parallel with drill planning activities, Astute is also actively reviewing opportunities in the region to add to the project.
The company notes after the Red Mountain Project claims have been filed with Nye County, Astute will begin a soil sampling campaign to identify lithium anomalies and generate targets for drilling next year.
Astute Metals Executive Chairman Tony Leibowitz says: “We are continuing to build our strategic presence within the USA’s lithium exploration ‘hot-spot’ in Nevada. The successful staking of the Cobre and Red Mountain projects marks another step in our systematic and patient approach to building a long-term battery materials business in North America.
“the company will actively engage for expansion opportunities to further enhance the overall potential of this project”
A fast-tracked soil sampling program has returned highly encouraging results from Cobre, vindicating our approach and providing a solid foundation for upcoming drilling. In addition, the company will actively engage for expansion opportunities to further enhance the overall potential of this project.”
Following the recent staking of the Cobre project, Astute conducted a soil sampling program to detect lithium in soil.
Astute collected a total of 229 samples, which returned ‘highly encouraging’ results with a peak value of 1,640 parts per million (ppm) lithium and 23 results of over 100ppm lithium, which is considered ‘highly’ anomalous.
Red Mountain is located 195km northeast of the Polaris and Altair projects in Nevada, US.
Astute Metals is a diversified ASX-listed exploration company focused on finding and developing critical metals. The company’s project portfolio is located in tier-one resource jurisdictions such as Western Australia, the Northern Territory, and Nevada, US.
As of 30 June 2023, the company had $3.24 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Astute Metals
