Astute (ASX:ASE) strike key lithium rocks in Nevada
July 28, 2023Astute Metals’ first hole into the Altair Project in Nevada has intersected wide stretches of the Siebert formation, the key claystone rocks which host the major lithium deposits in the most exciting lithium exploration region in the United States.
The first hole of a refired exploration campaign struck 109.7 metres of the prospective claystone which holds both American Battery Technology’s 15.8Mt Tonopah Flats deposit and American Lithium’s 9.97Mt TLC Lithium Project, while a redrilled hole from an interrupted program at the Polaris project struck 59.4 metres of the formation.
Astute Executive Chairman Tony Leibowitz said the company’s North American exploration strategy was starting to deliver some exciting results.
“This is exactly what we wanted to see in the drilling and provides significant encouragement that our exploration strategy in this highly sought-after district is firmly on track. We look forward to assays and further results from the drilling.”
US Lithium
The United States has been estimated to hold the world’s second largest lithium reserves after the Lithium Triangle in South America, and was once a top producer, but winded down its mining sector just as one of the largest commodity booms in history was about to erupt.
Now seeing supplies of critical minerals dominated by its geopolitical rivals, the United States is making a push to bring its mining industry back to life.
Former President Donald Trump began deregulating the industry to get domestic projects on the fast track, and under Joe Biden, has invoked the Cold War-era Defense Production Act to support production of critical minerals.
Forward plan
Astute expect assays by mid-September after samples from both holes are promptly dispatched to the lab in Reno for analysis and have sent for a higher-powered rig to finish off the remaining holes at Altair in October.
And with all drill holes at Polaris and Altair ending in the Siebert formation claystones, it indicates lofty potential well beyond the scope of the maiden campaign.
Chip tray from Altair
$0.028Please note the following valuable information before using this website.
Independent Research
Market Open Australia is intended to be used only for educational and informative purposes, and any information on this website should not be taken as investment advice or guidance. It is important to conduct your own research before making any investment decisions, which should be based on your own investment needs and personal circumstances. Any investment decisions based on information contained on this website should be taken in line with independent financial advice from a qualified professional or should be independently researched and verified.
