Astute Metals Verifies Lithium Zones at Red Mountain

Astute Metals (ASX:ASE) has confirmed the presence of multiple lithium zones across its Red Mountain Project in Nevada, US, following the receipt of assays from the final four drillholes. The latest batch of results, derived from drillholes situated in the southern part of the project area, reveals several zones of lithium mineralization, underscoring the project's potential for the company. The lithium zones identified are intersected by drillhole RMRC004 and remain open to the north and south of the existing drilling sites.

Astute Metals, which has a market capitalization of $13.56 million, reports that these new findings, combined with previous results, suggest a highly promising scale and grade potential at Red Mountain. Noteworthy results include drillhole RMRC008, which returned 25.9 meters at 1,120 parts per million (ppm) lithium, and drillhole RMRC009, which showed 29 meters at 1,060 ppm lithium.

Chairman Tony Leibowitz expressed optimism about the growing potential of Red Mountain, stating, "With all results now in, the potential of Red Mountain continues to expand. Our detailed geological interpretation of the deposit has provided valuable insights into its future commercial prospects. Encouragingly, this work has identified several lithium mineralization zones in the south, indicating significant growth potential for the mineralized system."

Leibowitz also highlighted the company's plans to advance their exploration efforts, stating, "We are eager to plan our next work program and lay the groundwork for a maiden JORC Mineral Resource Estimate to accurately assess the opportunity for our shareholders."

Astute Metals intends to build on these results with further drilling to explore intersections at depth and along strike. Additionally, they plan to conduct metallurgical testwork to understand lithium liberation characteristics and initiate diamond drilling to enhance geological understanding of the deposit. In the latter part of 2024, the company will carry out its maiden diamond drilling program and start initial metallurgical testwork. They are also considering an airborne hyperspectral survey to efficiently identify additional clay-rich lithologies that may contain lithium mineralization.

Located in central-eastern Nevada, the Red Mountain Project encompasses extensive mapped tertiary lacustrine sedimentary rocks, known as the Horze Camp Formation.

Astute Metals NL is a diversified exploration company listed on the ASX, with a strong emphasis on discovering and developing critical metals essential for electrification and the global energy transition, particularly lithium and copper.

The company's project portfolio is situated in premier resource regions, including Nevada, USA—North America’s leading lithium province—Western Australia, and the Northern Territory.