ASX-listed Astute Metals has decided to relinquish two projects in Nevada, as it focuses its resources and time on the projects it believes have the greatest potential to create value for shareholders.
The company will let go of the Polaris and Altair projects. Although these projects have delivered encouraging anomalous to low-grade lithium results, the mineralisation sits beneath significant thickness of gravel overburden.
By contrast, the recently discovered, thick, high-grade intersections of lithium mineralisation at the Red Mountain project occur from surface. Astute believes the project is rapidly emerging as a “discovery of significance” in North America.
In addition, the Cobre project, in north-eastern Nevada, is considered to have strong potential as being a significant lithium clay project. Astute is considering opportunities to add to the project area in order to make it economically viable project.
“The optimisation of our North American lithium portfolio will allow management to focus on the Red Mountain project, which has the demonstrable scale and grade potential to become a lithium deposit of significance on the stage of emerging North American battery metals projects,” chairperson Tony Leibowitz says. 