The company looks to optimise its exploration portfolio with the decision. Credit: BJP7images/Shutterstock.

Astute Metals has decided to relinquish its Polaris and Altair Lithium Projects in Nevada, US, after a strategic review.

Through this review, the company seeks to optimise its exploration portfolio and redirect its resources to projects with the highest potential to generate value such as the Red Mountain Lithium Project.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Astute mentioned that while both the Polaris and Altair projects have shown promising results with anomalous-to-low grade lithium, the mineralisation is located beneath substantial layers of gravel overburden.

On the other hand, the recent discovery at the Red Mountain Project shows thick, high-grade lithium intersections from the surface.

Astute will book an impairment charge in its 30 June 2024 results statement owing to the relinquishment of assets. 

See Also:

“The effect will be a decrease to the net profit before tax of $1,859,653,” noted the mineral exploration company.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Additionally, the Cobre Project in north-eastern Nevada shows significant promise as a potential major lithium clay project.

There are ongoing efforts to explore opportunities to expand the project area to improve its economic feasibility.

Astute chairman TonyLeibowitz said: “The regular evaluation of exploration assets ensures that capital invested by shareholders is directed to projects with the greatest potential to create value.

“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.”

Astute was also recently in the news for its alliance with Fleet Space Technologies to carry out an ambient noise tomography geophysical survey on the Ranken tenements, with an aim to identify seismic velocity anomalies.