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Iris Complete South Dakotan Lithium Drilling

2 August 2023 11:13
ASX: IR1

Iris Metals (ASX:IR1) continue to demonstrate the lithium pegmatite potential of its Beecher Project in South Dakota, with the Company returning numerous pegmatite intersections from the Project’s initial 4,077m drilling campaign.

Hitting Historic Pegmatite

Pegmatite was intersected in the majority of the 38 holes drilled across Black Diamond and Longview Prospects, with thick continuous pegmatite intersections up to 107m downhole width and 88m downhole width being logged at Longview and Black Diamond respectively.

Drilling targeted pegmatite strike extensions for the historic Longview, Beecher and Black Diamond Lithium Mines, with results showing that the pegmatites continue along strike and at depth while remaining open in all directions, demonstrating the continuity of these pegmatites which have been historically mined for lithium.

On top of hitting the historic targets, the RC campaign also drilled beneath a recently identified target where channel sampling returned a lithium assay of 44.13m @ 1.02% Li₂O.

Looking Ahead

Samples from the Project have now been sent to the SGS Laboratory in Canada lithium for assay, with the Company anticipating that it will have the first results returned within the next four weeks.

Completion of this initial drilling campaign is a massive step forward for both the Project and the Company since it returned to the ASX in June with a renewed focus on its lithium assets in South Dakota following an oversubscribed $15 million dollar capital raise.

Iris plans to keep up the pace following the return of assay results from this successful campaign, with the Company already preparing applications for additional drill pads for a diamond drilling campaign to test deeper targets alongside preparing regional mapping and soil sampling programs to identify further pegmatite targets.

The Company is also looking to ramp up exploration at its recently acquired Edision lithium mine, with geological mapping and sampling planned to assist in identifying priority targets for drill testing.

The Company said that as targeted pegmatite was intersected in the majority of holes, it is encouraged in the Project and is eagerly awaiting results from this initial drilling campaign.

“We are fortunate to have had the support of the vendor to allow this program to commence and for IRIS to hit the ground running following the successful completion of the Company’s re-listing. We look forward to receiving the results to aid in targeting the next drill program for which planning is currently underway,” Chairman Simon Lil said.

IR1’s Australian Stock Exchange-listed share price was trading at $1.41 today (11:12 am UTC+ 8 hours).

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