IRIS Metals (ASX:IR1) said the first phase diamond drilling program at the Tin Mountain project in South Dakota confirmed high-grade lithium and cesium mineralization, according to an Australian bourse filing on Thursday.
Significant intersections include 5.2 meters at 2.05% grade of lithium oxide from a depth of 39.2 meters and one meter at 1.54% grade of cesium oxide from a depth of 31.2 meters.
It drilled 23 diamond drill holes, for a total depth of 1,122 meters in the first phase.
The second phase of drilling will target deeper and central core pegmatite zones with horizontal drilling technology, alongside mineralogical mapping studies.
The firm continues to evaluate and conduct due diligence on potential acquisitions in South Dakota-based tenure to further strengthen its portfolio, the filing added.
Its shares fell 11% on market close on Thursday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.