Iris Metals Limited (ASX:IR1) has announced a diamond drilling rig on site at its wholly owned Beecher Project in South Dakota, with a program of core drilling to test the strike and depth extensions at the mineralised pegmatites.
Figure 1: Location of IRIS’ BLM and patented claims
In August of this year, the inaugural RC drilling campaign at Beecher concluded, encompassing 38 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.
After a successful maiden campaign, Iris intended to follow up the drilling to better understand the geology of Project.
Situated in South Dakota’s Black Hills, the Beecher Project is located seven kilometres from the Custer township, and covers a 15-acre patented claim, encircled by 20,300 hectares of Bureau of Land Management (BLM) staked claims.
The Company has secured 2387 BLM claims and holds agreements for two patented claims.
The Beecher Project includes the historic Longview, Beecher and Black Diamond Mines, which have returned significant results for Iris during the inaugural campaign.
Notably, Longview recorded a true width pegmatite intersection of 88 metres, and Black Diamond reported a downhole width of 107 metres.
Following the maiden drilling of 38 holes, the Company completed an additional 12 RC holes at the Beecher Project with all samples sent to SGS laboratories in Canada.
The assay results for the initial six holes were promising, with significant near-surface mineralisation hit in all holes including:
- 60m @ 1.21% Li₂O (true width) from 16m in BDH-23-001, including 40m @ 1.40% Li₂O from 36m.
- 54m @ 1.30% Li₂O (true width) from 1m in BDH-23-009, including 35m @ 1.58% Li₂O from 4m and 13m @ 2.10% Li₂O from 24m
The inferences drawn from this RC drilling indicate the spodumene pegmatites continue as expected along strike and at depth, remaining open in all directions.
The purpose of the diamond drilling program was to test the strike and depth extensions of the Beecher pegmatites.
Now completed, the Company has a better understanding of pegmatites, and in addition with the information obtained from selected holes, will plan further metallurgical and geotechnical test work for use in future scoping studies.
SGS Laboratory has informed Iris that the results from the remaining 44 RC holes will start being released to the Company in early October.
Iris’s Chairman Simon Lill commented on the delays experienced in the Company’s program.
“Unfortunately we have experienced delays in processing of our samples which we have attributed to an exceptionally busy period for the Canadian laboratory as it processes samples from many lithium exploration companies operating within Canada,” he said.
“As a new client we have struggled to have our samples prioritised. We look forward to advising shareholders as the results are received which we believe are imminent.”
“Clearly we are happy to announce the commencement of our new drilling program as well.”
IR1’s Australian Stock Exchange-listed share price is currently trading at $1.935 (10.15am UTC+ 8 hours).