Astute plans scout drilling at Red Mountain

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
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.