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IRIS Metals’ Announce Further High-Grade Lithium Results

28 November 2023 11:18
ASX: IR1

IRIS Metals Limited (ASX:IR1) has released further results from 18 Reverse Circulation (RC) drill holes at its wholly owned Beecher Project. The results have continued to impress with reports of wide and high-grade lithium intersections at Longview and Black Diamond within the Project.

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Figure 1: RC drill plan of hole locations.

The Successful Campaign

The Company’s Beecher Project, located in South Dakota across 15-acres of patented claims, has yielded promising results in exploration so far, with two key holes revealing encouraging insights into the potential of this mineral-rich region.

The Company has obtained permits for 42 drill pads across the Project, having completed two RC drill programs for a total of 50 RC holes.

The 18 RC holes in this phase one campaign have returned similar results to predecessor exploration, highlighting the width, grade and shallow depths of lithium mineralisation of the Longview pegmatite.

High-grade lithium intersections include:

  • 30 metres @ 1.41% Li₂O from 52 metres in BDH-23-016, including: 20 metres @ 1.90% Li₂O
  • 22 metres @ 1.53% Li₂O from surface in BDH-23-010, including: 13 metres @ 2.07% Li₂O
  • 35 metres @ 1.01% Li₂O from 27 metres in BDH-23-008, including: 23 metres @ 1.21% Li₂O
  • 14 metres @ 1.18% Li₂O from 65 metres in BDH-23-035, including: 9 metres @ 1.92% Li₂O
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Figure 2: One of several rich zones of spodumene in BDD-23-005 between 157.2 – 165.9 metres in the western Black Diamond pegmatite.

Encouraging Implications

The results returned today are from areas covering the Longview and Beecher pegmatites with three holes testing the Black Diamond pegmatite.

The results demonstrate the Longview pegmatite is robust, shallow and wide with mineralisation striking over 340 metres.

The Company reports the drilling program is continuing at the Project, with remaining samples currently at the SGS Laboratory in Canada for assaying.

In total, five diamond holes have been drilled to date, with the most recent BDD-23-005 intersecting two thick mineralised pegmatites including the blind pegmatite located approximately 20 metres west of the main Black Diamond pegmatite.

The eastern Black Diamond pegmatite was intersected for over 57 metres downhole and the western parallel pegmatite was intersected over 97 metres downhole with zones of very rich spodumene content.

With so many targets that remain either open or untested, a second diamond drill rig is being contracted to continue exploration at the Project and help Iris advance toward a maiden resource estimation.

Future Exploration

A diamond drill rig is on site continuing testing the pegmatites along strike and at greater depth, whilst providing metallurgical and geotechnical samples for mining feasibility studies.

Applications have been submitted to the State for additional drill pads at the Beecher Project, which will be employed to test deeper mineralised targets and extensions of the newly discovered Black Diamond parallel pegmatite.

Company Comments

Iris Metals’ Technical Director Chris Connell commented on the results.

“The recent results confirm the continuity of the mineralisation at the Longview pegmatite and point to the potential of the extensive Black Diamond pegmatite,” he said.

“The recent success of discovering an extensive blind parallel mineralised pegmatite at Black Diamond increases our confidence of significantly growing the deposit at the Beecher Project through extending known mineralization and new discoveries.”

“Our team on the ground in South Dakota are preparing to ramp-up operations with additional drill rigs.”

IR1’s Australian Stock Exchange-listed share price is currently trading at $1.220 (11.11am UTC+ 8 hours).

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