Astute Metals NL (ASX:ASE) Establishes Significant Exploration Target for Red Mountain Lithium Project
Exploration Target
Astute Metals NL (ASX:ASE) has established an initial JORC-compliant Exploration Target for its 100%-owned Red Mountain Lithium Project in Nevada, USA. The global Exploration Target is estimated to range from 1,136Mt to 1,515Mt with an average grade between 785 and 1,328ppm Li, or 0.42 and 0.71% Lithium Carbonate Equivalent (LCE).
Drilling Plans
The Exploration Target is divided into Target A and Target B. Target A will be the focus of upcoming exploration drilling in the first half of 2025, while Target B will undergo further surface sampling before drilling in the second half of 2025. Two drill campaigns are planned for 2025, with a Maiden Mineral Resource Estimate scheduled for Q4 2025.
Executive Comments
Chairman Tony Leibowitz stated:
“The declaration of an initial Exploration Target is a significant milestone for Astute, demonstrating to shareholders and investors that Red Mountain is a substantial lithium discovery with the potential to become a project of significance on the US critical minerals stage.
The initial Exploration Target shows the scope to rapidly drill out a substantial part of Red Mountain which we believe could rival some of the biggest lithium projects in North America.
The Project is located in the Tier-1 mining jurisdiction of Nevada and with the new Trump Administration is prioritising fast-tracked permitting and development of domestic critical metals projects, Astute is well-placed to unlock the significant value of this discovery for our shareholders.
We are looking forward to getting drill rigs back on site as soon as possible to focus on Target A, with the aim of establishing a maiden JORC compliant Mineral Resource by the end of this year.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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