Astute Metals (ASX: ASE) has announced the sale of its diamond assets in Western Australia to JBJ Capital, enabling the company to refocus its efforts on its copper-gold and lithium projects.
Under the terms of the deal, Astute has sold its East Kimberley Diamond tenement E80/4210 and the Heavy Mineral Separation plant to JBJ for $125,000 in cash. The transaction also includes the formal disposal of its subsidiaries, East Kimberley Diamonds and Argyle Resources.
With a market capitalisation of $13.25 million, Astute plans to allocate more resources to its Georgina Basin Iron Oxide Copper-Gold Project in the Northern Territory and its Red Mountain Lithium Project in Nevada, US.
Chairman Tony Leibowitz expressed satisfaction with the sale, noting that the transaction strengthens the company’s cash position while simplifying its portfolio. “This allows management to focus on our two core assets,” Leibowitz added.
In a separate update, Astute revealed promising new findings at the Red Mountain Lithium Project, with new zones of lithium mineralisation identified following initial results from a diamond drilling program. The assay results have exceeded expectations, with a high-grade intercept of 25.9 meters at 1,530 parts per million (ppm) lithium, including a 13.1-meter section grading 1,820 ppm lithium.
Further assay results are expected within the next two weeks.
Astute Metals continues to focus on the exploration and development of critical mineral projects in top-tier jurisdictions. The Red Mountain Lithium Project is viewed as highly prospective, while the Georgina Basin project spans 4,522 square kilometers in the East Tennant Mineral Province, a known hotspot for mineral exploration.
Related topic:
Johnny Depp to Open Jewelry Store in Moscow
Tiffany & Co. Unveils Innovative Diamond-Inspired Facade in Stuttgart
Phillips New York Auction Sees $2.5 Million in Sales
