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Iris Metals Deliver South Dakotan Lithium

11 July 2023 10:27
ASX: IR1
Longview

Under a month after returning to the ASX with a $15 million dollar capital raise, Iris Metals are already demonstrating the immense potential of its South Dakotan portfolio, with Channel Rock saw sampling at its Beecher Project showing results up to 44.13m @ 1.02% Li₂O.

Historical Lithium

Samples were taken from three trenches cut along strike on the existing pit floor of the historic Longview Lithium Mine, one of the three historically mined spodumene-bearing pegmatites located on the Beecher Project, with spodumene mineralisation being uncovered in all three trenches.

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Figure 1: Aerial view showing the location of the mineralised trenches and tunnel at Longview Mine with Li₂O grade

The trenches also showed spodumene mineralised pegmatite up to 67m wide, with Trench 3 returning the highest grade results due to it being the deepest and least affected by the 70 years of weathering that the Project has seen, with Trench 3 returning the peak result of 44.13m @ 1.02% Li₂O alongside other compelling results up to 2.26% Li₂O.

Spodumene mineralisation was observed along the entirety of Trench 3, which is 44 metres wide and remains open to the west, with spodumene crystals having grain sizes up to 28 centimetres.

Chipping In

Alongside the Channel Sampling, the explorer also undertook limited rockchip sampling at the Project targeting additional exposed pegmatites across the 42-thousand-acre project, with 16 of the 33 samples showing lithium grades above 1 per cent Li2O with the best sample, taken from Longview, grading up to 4.23% Li₂O.

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Figure 2: Beecher Project pegmatite rock chip sample locations with Li₂O grade and geology

The Company said that drilling is currently underway at the Project, with first results expected in the coming weeks.

“Having viewed the spectacular wide and coarse-grained spodumene pegmatites in each trench at Beecher Project, it’s exciting to be drilling and get into the fresh spodumene zones. In general, the surface material in the Longview pit is strongly weathered
with corresponding leached lithium content,” Director Bruce Smith said.

“The weathered horizon is limited to a few meters and the fresher material at Trench 3 produced strong results. The historic Beecher and Longview mines produced high-grade lithium ore for several years during the 1940s.”

IR1’s Australian Stock Exchange-listed share price was trading at 1.71c today (10:07 am UTC+ 8 hours).

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