Iris Metals (ASX:IR1) is preparing applications for further drill pads to diamond drill test deeper mineralised targets at its Beecher Project in South Dakota, US.
The $140.8 million market capitalisation company says the planned diamond drilling will also be used for metallurgical and geotechnical testwork for engineering and mining studies.
This announcement comes after the company completed its maiden reverse circulation (RC) drill program at the Beecher Project, comprising 4,077m in 38 holes. Iris expects the initial results from this work to be received within 4 weeks.
The company says the RC drilling has shown the spodumene pegmatites continue as expected along strike and at depth and remain open in all directions. Thick intersections of pegmatite were logged at both the Longview and the Black Diamond areas.
Iris notes that while some holes confirmed faulting and potential offset or displacement of the pegmatite, the majority of the RC holes intersected the targeted pegmatite units as the company anticipated.
Commenting on the drill program, Iris Metals Chairman Simon Lill says: “We are fortunate to have had the support of the vendor to allow this program to commence and for Iris to hit the ground running following the successful completion of the company’s re-listing.
“We look forward to receiving the results to aid in targeting the next drill program for which planning is currently underway”
We look forward to receiving the results to aid in targeting the next drill program for which planning is currently underway.”
Iris also reports that regional mapping and soil sampling will be continuing throughout the summer period at the recently acquired Edison Lithium Mine. This will support delineating priority targets for drill testing.
Iris Metals is an ASX-listed Australian-based exploration company focused on its assets prospective for gold, nickel, and lithium in Western Australia and South Dakota, US.
As of 30 June 2023, the company had $13.4 million cash at hand, according to its latest quarterly report published on 31 July 2023.
Images: Iris Metals Ltd