Astute Metals (ASX:ASE) has its sights set on an initial scout drilling program at its Red Mountain Lithium Project in Nevada, US.
The upcoming drilling will test the lithium in soil anomalism in a number of strategic locations at the project.
Permitting is also expected to be approved by the end of the year and a drill rig mobilised to site towards the end of Q1 2024.
The $13.13 million market capitalisation company recently returned ‘outstanding’ rock chip assays which confirm the presence of ‘high-grade’ lithium claystone mineralisation in outcropping and sub-cropping claystones at Red Mountain.
Astute reports these results, generated from 36 rock-chip samples, include lithium grades of up to 2,190 parts per million (ppm) and a trend of plus 500ppm lithium grades in samples along the project’s north-south strike.
The company notes the lithium grades in many rock-chip samples exceed proximal soil grades, indicating ‘excellent’ sub-surface potential.
Astute Metals Executive Chairman Tony Leibowitz says these results highlight the prospectivity for claystone-hosted lithium mineralisation.
Astute Metals is a diversified explorer focusing on finding and developing critical metals required for electrification and the global energy transition.
The company’s project portfolio sits in tier-one jurisdictions including Nevada, US, Western Australia and the Northern Territory.
As of 30 September 2023, Astute Metals had $4.182 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Astute Metals
