Junior explorer IRIS Metals (ASX:IR1) has unearthed a spodumene pegmatite up to 67m wide following channel rock saw sampling across 3 trenches at its recently acquired Beecher Project in South Dakota, US.
The company, which has a $219.76 million market capitalisation, says assays from 3 trenches on the existing pit floor of the historic Longview Lithium Mine have confirmed the presence of lithium mineralisation.
Iris reports results indicated the presence of lithium mineralisation within all trenches, with trench 3 exposing the ‘freshest’ material, and also confirmed the existence of a 67m-wide and 200m-long spodumene pegmatite that remains open to the west.
Further rock chips gathered from various locations at the project returned results of up to 4.23% lithium oxide (Li2O) from within the Longview prospect. Key results include 44.13m @ 1.02% Li2O from trench 3, including 4m @ 2.26% Li2O and 5.23m @ 1.52% Li2O.
With these results from sampling now delivered, IRIS Metals announces reverse circulation (RC) drilling is currently underway at Beecher, with the first results expected to be in hand in the coming weeks.
Addressing the results, IRIS Metals Director Bruce Smith says: “Having viewed the spectacular wide and coarse-grained spodumene pegmatites in each trench at Beecher Project, it’s exciting to be drilling and get into the fresh spodumene zones.
In general, the surface material in the Longview pit is strongly weathered with corresponding leached lithium content. The weathered horizon is limited to a few metres, and the fresher material at Trench 3 produced strong results.
“it’s exciting to be drilling and get into the fresh spodumene zones”
The historic Beecher and Longview mines produced high-grade lithium ore for several years during the 1940s. It’s a pleasure to join the IRIS team, and I look forward to a constant flow of drill results in the coming months and advancing the multiple projects IRIS has managed to secure in the historic Black Hills mining district, South Dakota.”
IRIS Metals is an ASX-listed explorer with an ‘extensive’ suite of assets considered prospective for hard rock lithium located in South Dakota.
The company’s recently acquired Beecher Project is located about 7km from the township of Custer in the Black Hills of South Dakota and comprises patented claims with granted mining licences over the entire project.
IRIS Metals had $800,000 cash at hand on 31 March 2023 following a pre-emptive capital raise of $1.5 million through the issuance of 1.5 million fully paid ordinary shares, as stated in its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: IRIS Metals Ltd
