IRIS Metals (ASX:IRS) has restarted reverse circulation (RC) drilling at its Beecher Project in South Dakota, US.
The $255.60 million market capitalisation company says the RC program is designed to test the strike extensions of the Beecher and Black Diamond pegmatites in the area and help to delineate the width and strike dimensions of these pegmatites.
The information gathered from this RC work will also help the company design deeper follow-up drilling, and IRIS says applications are being prepared for further drill pads at the Beecher Project for diamond drill testing of deeper mineralised targets.
The maiden RC drilling program completed at the project in early August comprised 38 holes for 4,077m of drilling.
This previous work returned ‘exceptional’ intersections such as 60m @ 1.21% lithium from 16m in BDH-23-001, including 40m @ 1.4% lithium from 36m.
Commenting on the new drill program, IRIS Metals Chairman Simon Lill says: “We are fortunate to have shown the potential of the South Dakota pegmatites in our initial results since the completion of the successful IPO in June.
Having just completed the $15 million raising, we have cash to support drilling programs to rapidly establish the possible scale of the Beecher Project. We should have 2 rigs operating within a month and have further rigs under consideration.
The initial holes certainly indicate that we are in a significant fertile lithium field, with mineralisation commencing near to surface. That will be better delineated within the next few months.”
“Having just completed the $15 million raising, we have cash to support drilling programs to rapidly establish the possible scale of the Beecher Project“
The upcoming diamond drilling will also be used for metallurgical and geotechnical testwork for engineering and mining studies.
Further, regional mapping and soil sampling programs are continuing throughout the summer, with results anticipated to be announced during the year. These regional programs will uncover new pegmatites for future drill testing.
IRIS Metals is an exploration company with an ‘extensive’ suite of assets considered to be ‘highly prospective’ for hard rock lithium in South Dakota, US. As of 30 June 2023, the company had $13.346 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: IRIS Metals
