Sydney-based explorer Astute Metals (ASX:ASE) reports it has made a ‘strong start’ to its maiden 4,000m drilling program at the Polaris and Altair Lithium projects in Nevada, US.
In its latest quarterly report, the $16.84 million market capitalisation company says it has intersected lithium-bearing Siebert formation claystone in all assayed holes completed at Polaris, with ‘highly anomalous’ lithium intersected in drillhole PL01. This result demonstrates the potential for higher grades in the vicinity of the project.
Astute says both Polaris and Altair lie near outcropping tertiary sedimentary host rock units that are known to host ‘major’ claystone lithium deposits around Nevada, and drilling resumed at the end of the quarter, pivoting to deeper drilling.
Meanwhile, the company reports its footprint in Nevada is currently being expanded, with further details of this expansion expected ‘shortly’.
On the corporate side, during the quarter Astute raised $3.5 million through a two-tranche placement and a $400,000 share purchase plan (SPP). The company also changed its name from Astro Resources to Astute Metals to reflect its streamlined business strategy.
The company closed out the quarter with $3.24 million cash and cash equivalents at hand.
In Western Australia, Astute completed an infill drilling program on the eastern portion of the Jack Track deposit within its Governor Broome Mineral Sands Project. This program saw 502 holes completed across 4 deposits for a combined 5,351m.
The company reports assay results for these holes will be incorporated into a mineral resource update planned for Q3 2023, while a Scoping Study is planned for Q1 2024.
In the Northern Territory, Astute reports it has completed geophysical gravity and horizontal-to-vertical spectral ratio (HVSR) seismic surveying at the Georgina Basin Iron Oxide Copper-Gold (IOCG) Project.
During Q2 2023, the company acquired additional gravity data to complement existing datasets and secured $261,106 in grant funding under round 16 of the Northern Territory Geological Survey (NTGS) Geophysics and Drilling Collaborations Program.
Astute Metals is a critical minerals explorer focused on its portfolio of assets in Australia and the US. These assets include the Polaris and Altair Lithium projects and the Needles Gold Project in Nevada, along with the Governor Broome Mineral Sands Project in Western Australia and the Georgina Basin IOCG Project in the Northern Territory.
Write to Harry Mulholland at Mining.com.au
Images: Astute Metals NL