Astute Metals (ASX:ASE)
Newly appointed Executive Director of Astute Metals (ASX:ASE) Matt Healy explains how the company is getting ready to tackle some strategic scout drilling early in 2024 to follow up on its latest round of ‘outstanding’ rock chip assays at its Red Mountain project in Nevada. With lithium grades of up to 2,190 parts per million (ppm) found in rock chip samples, Astute plans to use its winter hiatus in Nevada ‘wisely’ to optimise the design of the upcoming drilling work.
Astute Metals (ASX:ASE) General Manager of Exploration Matt Healy has been appointed as the company’s new Executive Director effective from today (30 November).
The management shift comes as current Executive Chairman Tony Leibowitz announces he intends to transition to Non-Executive Chairman.
Astute, which has a $13.13 million market capitalisation, says Healy’s appointment to the board in an executive capacity is considered to be critical to its ongoing success.
The company states Healy has been instrumental in the formulation and execution of its corporate strategy and in the implementation of its exploration and growth strategy across its growing North American lithium portfolio.
Healy is also noted to have made an invaluable contribution to the establishment of a solid platform with ‘significant’ growth potential.
Leibowitz says: “I am thrilled to have overseen Matt’s rapid growth and progression with the company and to now announce his appointment as an Executive Director.
Matt has and will continue to make a significant contribution to the company’s strategy and the continued creation of value for the benefit of all shareholders.”
Healy is a geologist with more than 17 years’ experience working at senior levels within ASX-listed explorers and private resources companies exploring for and developing critical minerals, base metal, and precious metal ore deposits.
Prior to joining Astute, he served as Chief Executive Officer for Greenvale Energy (ASX:GRV) and Exploration Manager at Round Oak Minerals (a then wholly owned subsidiary of diversified investment company Washington H. Soul Pattinson & Co).
Healy joined the team at Astute in November 2022 following Astute’s acquisition of an 80% interest in the Georgina Basin iron oxide copper gold (IOCG) Project from Greenvale Energy
Astute Metals is a diversified explorer focusing on finding and developing critical minerals 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
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
Astute Metals (ASX:ASE) has intersected additional intervals of prospective claystone host rocks through a follow-up drilling program at its wholly owned and ‘highly prospective’ Altair Lithium Project in Nevada, US.
The $11.49 million market capitalisation company says follow-up drilling consisted of 2 widely spaced drillholes (AL02-03) and flagged claystone at locations across a 7km cross-section of Altair.
The company will await assays from both holes before determining further exploration activities at the project. Assays are scheduled to be posted before the end of the calendar year.
Hole AL03 intersected 22.9m (75ft) of claystone and gravelly clay from 153.9m (50ft) to the end-of-hole, while hole AL02 intersected a combined 45.7m (150ft) of claystone and gravelly clays over 9 zones with interbedded gravels.
The company notes follow-up drilling was designed to target extensions of the mineralised Siebert formation claystone east of initial drillhole AL01 which intersected 2 ‘broad’ zones of claystone-hosted lithium mineralisation, as reported in July.
Samples from the follow-up drilling have been despatched to ALS Laboratories in Reno, Nevada.
Astute Metals Executive Chairman Tony Leibowitz says these new intersections represent another ‘encouraging’ development in the company’s North American lithium strategy and reinforce the potential scale of opportunity that this project offers.
“These new intercepts are located to the east of our first hole, substantially expanding the prospective horizon to 7km and further reinforcing the potential scale of the opportunity at this project. We look forward to receiving assay results by the end of this year.”
Astute Metals is a diversified explorer with a clear focus on finding and developing critical metals required for electrification and the global energy transition.
The company’s project portfolio sits in tier-one resource 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
Astute Metals (ASX:ASE) is getting ready to plan an initial scout drilling campaign to test a recently discovered lithium soil anomaly at the Red Mountain Lithium Project in Nevada, US.
Once the final hole designs for drilling are complete, the $12.72 million market capitalisation company plans to submit a Notice of Operations to the Bureau of Land Management (BLM) to permit the disturbance required for drilling.
Astute expects to have permitting approved and a bond in place by the end of 2023 and to mobilise a drill rig towards the end of Q1 2024.
This news comes after the company conducted a surface sampling campaign that generated ‘large-scale’ lithium anomalies at Red Mountain.
Astute reports the zone of anomalous lithium returned results of more than 50 parts per million (ppm) in soil stretches over a north-south strike extent of 8km and a width of up to 2.8km, with internal coherent zones of more than 100ppm lithium and a maximum value of up to 1,110ppm lithium.
The company notes that these results are ‘highly encouraging’, as they suggest ‘excellent’ potential for ‘thick’ underlying lithium-bearing sedimentary rocks on a scale of kilometres.
Astute Metals Executive Chairman Tony Leibowitz says the company has also completed an ‘extensive’ rock chip sampling program and is awaiting assay results to help plan the next phase of exploration.
“Our exploration targeting strategy in Nevada is delivering excellent results, demonstrating our ability to expand our project pipeline by identifying and securing highly prospective areas.”
“Our exploration targeting strategy in Nevada is delivering excellent results”
The rock chip sampling assay results are due later this month.
Astute Metals is a diversified minerals explorer focused on discovering and developing critical minerals. The company’s assets lie in tier-one resource jurisdictions, including Nevada, 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 latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Astute Metals
Astute Metals (ASX:ASE) has reported a ‘significant’ 18% increase to the Measured and Indicated Mineral Resource Estimate (MRE) for its Governor Broome Heavy Mineral Sands Project in Western Australia.
The $14.36 million market capitalisation company says the updated MRE and mineral assemblages will be incorporated into an upcoming Scoping Study for the project, currently slated for Q1 2024.
Astute reports the upgraded MRE includes a combined 93.4 million tonnes (Mt) of resources now in the ‘high-confidence’ measured and indicated resource categories.
All up, the MRE now sits at 102Mt @ 4.4% heavy minerals and 11% slimes.
This updated MRE incorporates the results of Astute’s 502-hole aircore drilling program carried out earlier this year, specifically designed to upgrade the category of mineral resources.
Astute has engaged TZ Minerals International to carry out the Scoping Study on Governor Broome.
The study will include the review and assessment of mining and processing options, alongside a mineral products market review.
Results from the review will be used to generate capital cost and operating cost estimates for and conduct an economic evaluation of the Governor Broome Project.
Astute Metals Executive Chairman Tony Leibowitz says the mineral resource upgrade marks a step forward in the company’s ‘value-realisation’ strategy for the project.
“Successful infill drilling programs completed earlier this year have resulted in a substantial uplift of the higher-confidence indicated and measured categories.
This means these resources can be included in the upcoming Scoping Study and will ultimately be available for conversion to ore reserves.
With this key resource upgrade now finalised, the data will be handed over to our consultants for inclusion in the Scoping Study — which remains on track for completion in Q1 2024.”
“With this key resource upgrade now finalised, the data will be handed over to our consultants for inclusion in the Scoping Study — which remains on track for completion in Q1 2024”
Meanwhile, Astute has also secured a 2-year extension of term (EoT) on its wholly owned East Kimberley Diamonds Exploration Licence in Western Australia.
The company says it can now resume previous negotiations for a joint venture and/or alternative means of reducing its funding obligations associated with the tenement.
Until then, Astute plans to conduct necessary work on the East Kimberley project to ensure compliance with the requirements of its licence.
As previously announced, the company executed an agreement with traditional landowners over the project in August. Now, Astute is aiming to finalise cultural heritage survey matters with the traditional owners.
The company is also finalising a program of work (PoW) submission to the Western Australia Department of Mines, Industry Regulation and Safety (DMIRS) for an exploration program to take place in Q2 2024.
Astute Metals is a diversified explorer focused on finding and developing critical metals. The company’s portfolio spans tier-one resource jurisdictions such as Nevada, 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 latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Astute Metals
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
Astute Metals (ASX:ASE) General Manager of Exploration Matt Healy talks through a string of company updates, including the first drill results from the company’s Altair Project in Nevada and the staking of a new project in the region, ‘very positive’ results from metallurgical testwork at the Jack Track deposit in WA, and a funding boost from a major shareholder.
It’s a big day for junior explorer Astute Metals (ASX:ASE), which has released a string of news regarding its lithium and heavy mineral sands projects in Western Australia and Nevada, respectively
The company, which has a $14.09 million market capitalisation, reports it has produced ‘marketable’ heavy mineral products from its wholly owned Governor Broome Project in Western Australia and has also encountered ‘broad’ lithium hits at its Altair Project in Nevada, US.
As of 1:45pm AEST on Wednesday 23 August, Astute Metals shares are up 19.5% to $0.049.
Astute reports it has produced ‘marketable’ heavy mineral sands products following a wet and dry testwork program on a 2-tonne bulk sample from the cornerstone Jack Track deposit within its Governor Broome project in Western Australia.
The company notes a heavy mineral concentrate (HMC) has been produced in the wet concentrator circuit through the use of conventional mineral sands processing equipment, with tests returning a ‘high’ 85.5% recovery of heavy minerals.
Heavy mineral grades for this HMC are reported to exceed 90%.
The company also notes it has produced ‘high-value’ ilmenite, rutile, and zircon products from the HMC through the use of conventional dry plant mineral separation equipment.
This rutile product has been interpreted to meet ‘premium’ criteria and is suitable for ‘high-value’ welding applications. Meanwhile, the zircon encountered has been confirmed to meet standard ceramic and foundry specifications.
Further, a concentrate rich in monazite has also been generated, which has the potential to be sold into the Chinese markets.
Astute states these results from the bulk sample testwork will be incorporated into the completion of a Scoping Study in the hope of demonstrating the potential of the project.
Speaking on the results, Astute Executive Chairman Tony Leibowitz says: “These excellent bulk sample testwork results mark another important step in our value-realisation strategy at the Governor Broome Project. Because of its scale and Tier-One location, Governor Broome is a valuable asset which probably doesn’t receive the recognition that it should in our portfolio.
The bulk sample testwork on the Jack Track deposit has further de-risked the project, demonstrating the ability to produce the three high-value saleable products rutile, zircon, and ilmenite, from the eastern portion of the deposit. Previous testwork focused on the western part of the deposit. The results, together with the impending resource upgrade due next quarter, will be incorporated into the Scoping Study scheduled for completion early next year. This should provide investors with a clear line of sight to the value proposition that we can see emerging at Governor Broome.”
“Governor Broome is a valuable asset which probably doesn’t receive the recognition that it should in our portfolio“
Meanwhile, Astute Metals announces it has also secured a land access agreement with the traditional owners of the land on which its wholly owned East Kimberley Diamonds Exploration Licence is located.
As a result, Astute states it has moved forward with the submission of a proposed work plan to the traditional owners to undertake work on the tenement.
This work is considered to be of a nature that necessitates the completion of a cultural heritage survey.
However, the protracted period taken to obtain the land access agreement — followed by the wait to undertake a heritage survey — has prevented fieldwork from being undertaken on the project during the term of the tenement as was proposed under the last extension of term (EoT) submitted in 2021.
As such, a new EoT application for a period of 2 years, with an associated proposed work program, has been submitted to the Western Australian Department of Mines, Industry Regulation and Safety (DMIRS).
Looking at its US assets, Astute has today announced it has completed the physical staking of a new lithium project, the Cobre Lithium Project, in northeast Nevada.
The company says this new project is situated east of Wells and close to the locality of Cobre, a historical interchange between the Southern Pacific Railroad and the Nevada Northern Railway.
This region has historically serviced the copper mining industry in Ely, Nevada, with the claims of the project being considered prospective for claystone-hosted lithium deposits.
The staking of this new project comes in conjunction with the definition of ‘broad’ lithium intercepts within the first drillhole of a maiden drilling program at Astute’s Altair Project in Nevada.
Astute declares these results have led to the discovery of 2 zones of ‘significant’ lithium mineralisation, with key results including drillhole AL01 with 33.5m at 481 parts per million (ppm) lithium from 80.8m and 33.5m at 508ppm lithium from 147.8m.
This hole ended in lithium mineralisation, which indicates further potential beyond hole depth.
Therefore, the company is in the advanced stages of securing a drill rig to test over 7km of strike potential in 2 further permitted holes at Altair in Q4 this year.
The company’s series of announcements today also includes the completion of tranche two of its recently launched share placement. Under this final stage of its capital raising plan, Astute raised $1.35 million to pursue its ‘transformational growth strategy’, which includes progressing its lithium-based exploration at Altair and the Polaris Project in Nevada.
Under tranche two, Astute has issued over 25.413 million shares to sophisticated investors and directors at $0.053 per share, raising under $1.347 million before costs.
Alongside the lithium exploration work, the money raised is expected to be used to fund the delivery of a Mineral Resource Estimate (MRE) upgrade for the Governor Broome Project in Western Australia.
Leibowitz states the completion of the tranche two placement puts the company in a ‘strong’ financial position.
“The proceeds received under the company’s tranche two placement, along with the company’s existing cash reserves, place the company in a strong financial position.
The proceeds received will further enable the company to achieve its objective of becoming a major player in the USA lithium industry, as well as unlock the significant value in the Georgina Basin IOCG and Governor Broome Mineral Sands Project in Western Australia.”
“The proceeds received under the company’s tranche two placement, along with the company’s existing cash reserves, place the company in a strong financial position“
Topping off newsflow for the day, Astute Metals has informed the market it has entered into a binding subscription agreement with ‘major’ shareholder Holdmark Property Group.
Under the agreement, Holdmark is expected to inject $2.063 million into Astute and subsequently increase its stake in the company to 19.9%. The funds are expected to be raised through the issue of over 41.273 million fully paid ordinary shares at $0.05 per share.
These proceeds are expected to be used in the execution of Astute’s growth strategy.
Astute also views this agreement and continued investment from Holdmark as a ‘strong’ endorsement of its strategy to create value from its ‘high-calibre’ critical metals exploration assets and Governor Broome.
The Executive Chairman adds Astute is ‘fortunate’ to have Holdmark in its corner while it continues to develop its quality assets in North America and Australia.
“We are very pleased to see Holdmark increase its shareholding back to 19.9%. The company is fortunate to have such a large supportive shareholder who is aligned with the board’s focused strategy in developing its quality assets in North America and Australia. I would like to thank Holdmark for their continued support.”
Astute Metals is an ASX-listed diversified explorer with a clear focus on finding and developing critical metals required for electrification and the global energy transition.
The company’s Governor Broome Project is located in the heart of mineral sands country in southwest Western Australia. Meanwhile, its Altair Project is located southwest of the township of Tonopah in the heart of one of the world’s most active lithium exploration districts.
Write to Adam Drought at Mining.com.au
Images: Astute Metals
Mining.com.au is Australia’s leading online daily Mining news service, reaching hundreds-of-thousands of mining professionals, investors, and industry participants each month. The Weekly Wrap-Up with Harry Mulholland provides listeners with a recap of the mining headlines each week.
In this episode, Harry reports on news from Astute Metals (ASX:ASE), Hamelin Gold (ASX:HMG), Australian Critical Minerals (ASX:ACM), and Great Boulder Resources.
Mining.com.au is Australia’s leading online daily Mining news service, reaching hundreds-of-thousands of mining professionals, investors, and industry participants each month. The Weekly Wrap-Up with Harry Mulholland provides listeners with a recap of the mining headlines each week.
In this episode, Harry reports on news from ABx Group (ASX:ABX), Heavy Minerals (ASX:HVY), Tempest Minerals (ASX:TEM), and Astute Metals (ASX:ASE).
Astute Metals (ASX:ASE) reports once it completes an ambient noise tomography (ANT) geophysical survey at its Georgina Basin Iron Oxide Copper-Gold (IOCG) Project, surfaces of 2 broad cover sequences of the Georgina limestones and Kalkarindji flood basalt will be established over the company’s project area.
These will be used to construct a series of constrained geophysical inversion models for gravity and magnetic data, which will provide a greater insight into the basement geophysical anomalies that could be characteristic of IOCG-style mineralisation, and warrant drill testing. Astute says this targeting work will be completed in Q4 2023.
The company has now launched an ANT geophysical survey over its ‘highly prospective’ central tenement within the Georgina Basin Iron Oxide Copper-Gold Project in the Northern Territory.
The $16.16 million market capitalisation company reports the ANT survey utilises nanosatellite developer Fleet Space Technologies’ ExoSphere technology, which is the ‘first of its kind’ to be employed in the frontier IOCG-prospective East Tennant region.
The ANT survey comprises 192 planned survey points stretching across a 14km survey axis that incorporates previous drilling and is expected to be completed during August 2023.
Astute says geodes are placed in the field and left in place until sufficient seismic data has been collected, after which they are relocated to a new survey point.
The intent of the ExoSphere survey is to gain an improved understanding of the subsurface structure, which, when used to contain Astute’s existing gravity and magnetic data, is expected to be a ‘highly powerful’ tool for identifying IOCG-style targets for future drill testing.
This survey is also being co-funded by a $100,000 grant awarded to Astute under round 16 the Northern Territory government’s Geophysics and Drilling Collaborations program. The company notes the award of this grant is a testament to the ‘sound’ technical rationale employed by Astute’s technical team in the survey design.
Commenting on the ANT survey, Astute Metals Executive Chairman Tony Leibowitz says: “Drilling to date has indicated excellent potential for a significant copper-gold deposit within the central tenement area.
Data from this new ANT survey, which is supported by a co-funding grant from the NT government, will allow the Astute technical team to refine existing geophysical information and narrow in on drill targets, providing an elegant solution to the challenge of exploring for a world-class deposit undercover.”
“Drilling to date has indicated excellent potential for a significant copper-gold deposit within the central tenement area”
Previous drilling conducted across the central tenement area at Georgina and its previous operator Greenvale Energy (ASX:GRV), targeted coincident magnetic and gravity anomalies. This drilling intersected prospective host rocks that displayed alteration and geochemical anomalism that could be associated with an IOCG-style mineralising system.
Astute Metals is a Sydney-based 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, US, along with the Governor Broome Mineral Sands Project in Western Australia, and the Georgina Basin IOCG Project in the Northern Territory.
As of 30 June 2023, Astute had $3.24 million cash at hand, according to its latest quarterly report published on 28 July 2023.
Write to Harry Mulholland at Mining.com.au
Images: Astute Metals NL
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
Critical minerals explorer Astute Metals (ASX:ASE) has intercepted thick lithium claystone host rocks during a maiden drilling program at its Altair and Polaris Lithium projects in Nevada, US.
Since drilling restarted at the project, the $16.84 million market capitalisation company reports it has completed its first drillhole at Altair and redrilled a hole at Polaris.
Drillhole AL01, completed at Altair, intersected 109.7m of Siebert formation claystone, including a thick continuous zone of blue-green claystone and clayey gravels from 71.6-181.4m. The company says this is the thickest intersection of the Siebert formation encountered to date by Astute in Nevada.
Astute says the thick intersection of Siebert formation at Altair confirms the presence of prospective lithium host rocks at the project, demonstrating the ‘excellent’ potential for lithium mineralisation.
Meanwhile, the redrill strategy at Polaris has seen hole PL04A intersect 59.5m of Siebert formation, which is considered a ‘significant’ extension beyond the original PL04 intersection of 27.4m that ended in ‘low-grade’ lithium mineralisation of 3.05m grading 140.8 parts per million (ppm) lithium.
The deepening of the claystone intersection in PL04A was designed to test for higher-grade lithium mineralisation beyond this original intersection given the general increase in lithium grade observed towards the end of the hole.
The company says the redrill has ‘significantly’ extended the claystone encountered in PL04A, highlighting the potential of the project area. Astute also notes all drillholes at Polaris and Altair ended in Siebert formation claystones, indicating further potential beyond the extent of current drilling.
Astute reports samples collected from both holes will be dispatched to ALS Laboratories in Reno for analysis, with results expected by mid-September.
The company says the ‘challenging’ ground conditions encountered while drilling the initial sites at Polaris and Altair have led it to demobilise the rig from site to return with a higher-powered rig to complete the remaining holes at Altair. Astute says it has conducted initial discussions with its current drill contractor, which has availability for a higher-powered rig in October 2023.
Commenting on the results, Astute Metals Chairman Tony Leibowitz says: “Our lithium exploration strategy in North America is beginning to deliver some exciting results, with wide intercepts of the prospective claystone host rocks in the first hole at Altair and the redrilled hole at Polaris.
“Our lithium exploration strategy in North America is beginning to deliver some exciting results”
This is exactly what we wanted to see in the drilling and provides significant encouragement that our exploration strategy in this highly sought-after district is firmly on track. We look forward to assays and further results from the drilling.”
The Siebert formation is the local name for lacustrine (lake) sedimentary rocks mapped across parts of Nevada. The formation is known to host 2 of the largest lithium resources in the US, including the 15.8-million-tonne lithium carbonate equivalent (LCE) Tonopah Flats deposit and the 9.79-million-tonne LCE TLC Lithium deposit.
Astute is a Sydney-based critical minerals explorer formerly known as Astro Resources. Across its portfolio of assets in Australia and the US, the company is focused on finding and developing critical minerals for the global energy transition.
Along with the Altair and Polaris projects, Astute also holds the Needles Gold Project in Nevada, as well as the Governor Broome Heavy Minerals Project and Kimberly Diamonds Project in Western Australia, and the Georgina Basin Iron Oxide Copper-Gold (IOCG) Project in the Northern Territory.
On 13 July 2023, Astute reported it acquired the Fouracres property that adjoins its Governor Broome Project for $150,000 and a 1% royalty on future production.
Write to Harry Mulholland at Mining.com.au
Images: Astute Metals NL
Diversified explorer Astro Resources has changed its name to Astute Metals and, from today, is trading under the ticker code ASE.
The $17.19 million market capitalisation company reports the name change was registered with the Australian Securities and Investments Commission (ASIC) after shareholder approval was received on 17 July 2023.
Astute says the decision to change its name was made following several ‘important’ corporate and strategic developments, including the expansion of its portfolio of ‘highly prospective’ claystone-hosted lithium exploration licences in Nevada, US, the ‘substantial’ progress being made at the Governor Broome Mineral Sands Project in Western Australia, and a focus on exploring and developing critical minerals.
The company reports the new name reflects its core focus on business development and growth activity and incorporates the use of ‘metals’, considering the ‘critical’ nature of the minerals for which it is searching, including lithium and copper.
Astute Metals is an Australian diversified explorer with a portfolio of assets across Australia and Nevada. These assets include the Needles Gold Project in Nevada, the Governor Broome Mineral Sands Project and Lower Smoke Creek Diamond Project in Western Australia, and the Georgina Basin Iron Oxide Copper-Gold (IOCG) Project in the Northern Territory.
On 5 June 2023, Astute received a $261,106 grant through the Northern Territory Geological Survey (NTGS) Geophysics and Drilling Collaborations program to complete geophysics and deep drilling at Georgina.
Write to Harry Mulholland at Mining.com.au
Images: Astute Metals
This article is a sponsored feature from Mining.com.au partner Astute Metals Ltd (formerly Astro Resources). It is not financial advice. Talk to a registered financial expert before making investment decisions. This is the second in a two-part series.
In part one of this series, we took a look at Astro Resources — soon to be officially called Astute Metals (ASX:ASE) after shareholders approved a name change yesterday morning (17 July 2023) — and its efforts in self-reinvention over the past 12 months.
With a new name, board, and management team — not to mention a portfolio of assets that would be the envy of many junior explorers — Astute finds itself in a healthy position to move forward with a specialised focus on copper, gold, and lithium.
The company is currently waiting for confirmation to be received from the Australian
Securities and Investment Commission (ASIC) in respect to the name change to Astute.
The Georgina Basin IOCG Project, in which Astute acquired an 80% stake through a deal with Greenvale Energy (ASX:GRV) last year, could very well satisfy the matters of copper and gold.
“You find an IOCG out there, or a big sediment-hosted deposit, it’s game on,” says Matt Healy, Astute’s General Manager of Exploration. “These things are absolute company-makers.”
But it’s Astute’s newly staked lithium projects in Nevada, US, that are the real source of giddy anticipation.
In March 2023, Astute acquired 2 new projects — Polaris and Altair — in the southern extent of Nevada’s Montezuma Valley, south-west of Tonopah.
“We did project generation a bit at the desktop level for a couple of months and went, okay, these are our best areas in Nevada,” Healy says.
“We want to find new lithium projects. We want to find them away from everyone else. We want to be first-mover in a new region for lithium in Nevada because the rocks that host them are actually relative. They’re more widespread than you might think.”
In Nevada, there are two primary areas for lithium exploration: McDermitt to the north, where Thacker Pass — North America’s largest known lithium deposit, owned by Lithium Americas (NYSE:LAC) — is located; and Tonopah to the south.
“We did project generation a bit at the desktop level for a couple of months and went, okay, these are our best areas in Nevada”
But given the size and extent of lithium host rocks in the state, Healy couldn’t help thinking an entirely new and untapped region might exist. Determined to do something different, Astute undertook a detailed review of regional open file data, including mapped geology, topography, stream sediment geochemistry and land administration, and stumbled across something very interesting.
In 1946, during the fallout of World War II, the US established the Atomic Energy Commission (AEC) to oversee the peacetime development of atomic technologies. Until then, the primary sources of uranium had been Canada and what was then the Belgian Congo. So the AEC launched its own uranium procurement program, and set about the ambitious task of collecting thousands of samples before analysing them largely for uranium.
“These samples they took were sitting in a shed,” Healy says.
“They got re-assayed by the US Geological Survey two years ago, and that data you can download. You’re talking about 390,000 samples that were re-assayed by the USGS — that’s a lot of data points. It’s just sitting there. We couldn’t believe our eyes.”
Healy and the Astute team overlaid this data across Nevada and found that, in addition to uranium, the re-assayed samples also show lithium in areas that were at the time unclaimed. They identified 128 anomalies across the state, narrowed those down to the best 12, then flew to the US and sampled 7 of them.
“It’s quite remarkable to think that 50 years ago, these samples were assayed for uranium, because that’s all they were after. And then the samples were put in a shed or a container somewhere. If I was exploring for other things over there, that’d be the first place I’d be going,” Healy explains.
“That’s where I think our big value uptick is going to be, because we’re going to get a big project, it’ll have capacity to hold a world-class lithium deposit. And we’ve already done some sampling, we know there’s some lithium there. It’s a matter of getting the drill on — what is the extent, and how thick is it. That’s what I’m excited about. Surprise, surprise — a geologist excited about exploration.”
Astute Metals is, if nothing else, true to its word. At the end of June 2023, the company announced the results from three scout holes completed at the Polaris Project, with assays clearly indicating highly anomalous lithium mineralisation within the Siebert Formation — sedimentary host rocks mapped across Nevada.
All three holes terminated in strong lithium mineralisation, with one returning 12.2m at 145 parts per million (ppm) lithium from 129.5m.
“This is a very positive development for the project as it confirms the lithium-bearing nature of the Siebert Formation in this area, with strong indications that higher grades and thicker mineralised zones may occur nearby,” Astute’s Chairman Tony Leibowitz said at the time.
“This potential will be the focus of the now-resumed drilling campaign, which will target thicker zones and extensions of the holes which terminated in strong lithium anomalism.”
Given lithium mineralisation in 2 holes improved at greater depths, Astute has launched a re-drill campaign to further deepen the holes to roughly 213.4m, after which the rig will move to Altair where another three holes have been planned.
It’s work that Nevada’s regulatory bodies have been only too happy to facilitate.
“It’s the place to be. Once you start getting up to the north, like Oregon, for example, that’s a different kettle of fish because it’s a very green state. They haven’t permitted a mine for some time,” Healy says.
“But Nevada is very much a mining state, they’re very familiar with mining. They pump out loads of gold, but they also pump out copper, lithium, oil. They’ve got geothermal resources over there, they’ve got all sorts of resources in Nevada. So, the state is used to resources investment and they’re used to approving projects. It’s a great place to be.”
Asked if Astute might be considering any further acquisitions to build out its portfolio, Healy acknowledged that the company would look at anything that might be interesting. He has, in fact, reviewed a number of opportunities over the last few months.
“At the moment, it would have to be quite a significant opportunity, because we’re really trying to clean things up and demonstrate that focus we’ve told our shareholders we’re going to have,” Healy explains.
“We’ve said we’re going to be a critical minerals explorer. Our focus is going to be lithium, and then copper and gold. We’ve got our identity sorted. We’ve bedded down our projects in the lithium space, and we’re progressing those. Maybe we go back to that surface sampling data set I told you about, and we see what’s out there. It’s always a balance.
“We’ve said we’re going to be a critical minerals explorer. Our focus is going to be lithium, and then copper and gold”
But I think, generally, people don’t want to see an explorer trying to look at the next shiny thing. I think they want to see some focus, they want to see us deliver on our promises.”
At the Resources Rising Stars conference on the Gold Coast last year, Healy told attendees that the then-Astro team held a new strategic focus, and that it would include lithium in Nevada. He said the company would go out and stake some new projects, which it did in March. Healy said those projects would then be drilled, as they were in April.
“I think we need to continue building that trust out there. Particularly because it’s Astro, it’s had a history that at times hasn’t been the best. So, let’s put some runs on the board.”
But even the best laid plans are nothing without the money to make them work.
At the end of the March quarter, Astute had $1.5 million cash in the bank. That amount was bolstered in April this year by $3.9 million from a placement to sophisticated investors, while another $416,000 came from a share purchase plan in May.
“The share purchase plan — we got a bit out of that, not as much as we hoped,” Healy says.
“We said, this is the new team, this is the new board, these are the new projects, this is the work we’ve done, this is the work we’re going to do”
“It was the existing shareholder base, and I think some of them were a little bit burned, historically, by Astro. But, look, it is what it is. We wanted to give them the opportunity. We said, this is the new team, this is the new board, these are the new projects, this is the work we’ve done, this is the work we’re going to do.”
Either way, Astute is well capitalised for the work that needs to be done. And with the influence of non-core assets like the Governor Broome Mineral Sands Project, the Needles Gold Project, and the Smoke Creek Diamonds Project — the latter of which the company is already looking to divest — there is potentially a very healthy nest egg that’s yet to deliver value.
Indeed, with the company’s name change now in full effect, Astute Metals may have finally completed its transformation. A certain trajectory has been set. The slingshot has been pulled back, as it were, and things are ready to fly.
Write to Oliver Gray at Mining.com.au
Images: Astute Metals Ltd
