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IRIS Metals Restarts RC Drilling at Beecher Project

23 August 2023 15:26
ASX: IR1

IRIS Metals (ASX:IR1) have announced the re-start of its drilling program at its 100% owned Beecher Project.

RC Drilling Program

The focus of the re-drilling was to test strike extensions of the Black Diamond and Beecher pegmatites, with follow up deeper diamond drilling planned, contingent on the outcome of results.

The outcome of the initial RC program’s 32 holes is pending, while a diamond rig is set to arrive within a month to assess the scope of mineralised pegmatites.

The Beecher Project

Situated in South Dakota’s Black Hills, the Beecher Project stands 7km away from the Custer township. Covering a 15-acre patented claim, it is encircled by 20,300 hectares of Bureau of Land Management (BLM) staked claims.

IRIS Metals has secured 2387 BLM claims and holds agreements for two patented claims.

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Figure 1: Location of Iris’ BLM and patented claims.

In August of this year, the inaugural drilling campaign at Beecher concluded, encompassing 28 holes across 4077 metres. Assay outcomes from this RC drilling unveiled substantial, expansive pegmatite encounters, underscoring the extensive project potential.

The drilling affirmed the expected continuation of spodumene pegmatites along the strike and at depth, while retaining openness in all directions.

Notably, Longview recorded a true width pegmatite intersection of 88 metres, and Black Diamond reported a downhole width of 107 meteres.

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Figure 2: Cross section showing reported lithium intersections in maiden drilling earlier this year

Building upon the encouraging outcomes of the initial campaign, Iris Metals expedited additional RC drilling, which began last week, alongside preparations for the deployment of a diamond drill rig scheduled for next month.

Future Outlook

Preparations are underway for additional drill pads at the Beecher Project as the Company readies for diamond drilling to explore deeper mineralised targets, including metallurgical and geotechnical assessments for engineering and mining studies.

IRIS aims to leverage geological mapping and sampling from the Edison Lithium Mine acquisition to define prime drill testing targets.

Over the South Dakotan summer, the Company will persist in regional mapping and soil sampling, with results slated for later this year.

IRIS Metals Chairman Simon Lill said that the Company is fortunate to have uncovered the potential of the South Dakota pegmatites in its initial results.

“Having just completed the $15M raising we have cash to support drilling programs to rapidly establish the possible scale of the Beecher Project,” he commented.

“We should have two rigs operating within a month and have further rigs under consideration. The initial holes certainly indicate that we are in a significant fertile lithium field, with mineralisation commencing near to surface. That will be better delineated within the next few months.”

IR1’s Australian Stock Exchange-listed share price is currently trading at $1.865 (3.15pm UTC+ 8 hours).

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