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.

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. 

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

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.