Astute’s wholly owned Lower Smoke Creek Diamond Project is located immediately south west of Lake Argyle in Western Australia, just 20km north east of one of the world’s largest diamond deposits, Rio Tinto’s AK1.
Alluvial diamonds that have been recovered from Lower Smoke Creek Project area are derived from the AK1 diamondiferous pipe. Mining of alluvial diamonds derived from the pipe has been undertaken commercially since the discovery of the AK1 pipe (1979).
The initial work plan will focus on the reliability of GPR mapping of the paleostream and undertake interpretation of the passive seismic and/or detailed gravity surveys.
The Company is planning a spin-off of its interest in East Kimberly Diamonds and will be retaining its interest in that entity.
The Needles Gold Project is located in the State of Nevada, USA. Nevada is considered to be a “gold hotspot” having produced over 215 Moz since 1835.
Needles is located approximately 100km southeast of the 15 Moz Kinross Round Mountain open cut gold mine, considered to be one of the world’s largest epithermal, low-sulphidation volcanic-hosted gold deposit. The Project was historically mined for epithermal gold and silver mineralisation in the early 1900s and subsequent geophysical exploration has identified the potential to host an orebody of similar size and structure to the Round Mountain Deposit.
Astute has been undertaking drilling activity since October 2021 including four holes drilled to test a high-ranking IP anomaly undertaken in 2021-2022.
Astute is conducting a full technical review of all historical exploration data, including the recent drilling, planned for Q1 2023.