Astute Metals (ASX:ASE) is seeking to permit additional holes in the west and north of its Altair Lithium Project in the US, amid more lithium-bearing clays intersected via follow-up drilling.
The $16.42 million market capitalisation company expects permitting to be completed in H1 2024, which will allow further drilling to be carried out in the second half of this year.
Today (12 January 2024), Astute reports lithium claystone mineralisation is now confirmed over 1.9km of strike at Altair, as follow up drillhole AL03 intersected 13.7m @ 365 parts per million (ppm) lithium (Li) from 163m to end-of-hole.
Astute Executive Chairman Tony Leibowitz says the results are very ‘encouraging’.
“We have lots of unfinished business at Altair and we plan to permit additional holes there while we progress exploration activities at the exciting new Red Mountain Project.”
Based on the drilling to date, the mineralisation remains open to the west and north of Altair, with ‘excellent’ potential to expand the extent of lithium-bearing clays. Mineralisation also remains open, to an unknown degree, between holes AL03-AL02.
The company completed the first hole at Altair in Q3 2023, with drillhole AL01 intersecting 2 zones of lithium mineralisation.
Astute restarted drilling in November 2023 with a higher-powered reverse circulation (RC) drill rig, which was more appropriate to contend with the drilling conditions encountered previously at the project. Holes AL03 and 02 were drilled for a combined 312.4m.
Astute Metals is a mineral explorer focused on discovering and developing its critical metals assets in tier one jurisdictions. The company’s assets lie in Nevada, US, Western Australia, and the Northern Territory.
As of 30 September 2023, the company had $4.182 million cash and cash equivalents at hand, according to its quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Astute Metals
