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IRIS Metals Limited (ASX:IR1)

ALERT: Price-sensitive ASX Announcement for IR1
Current share price for IR1 : $0.048 -0.018 (-27.27%)+
Announcement
Release
15 Jul 2026 8:40AM
Price at Release
$0.066
Full Release
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Summary
IRIS Metals Limited has initiated Phase I exploration activities at the Finley Basin Tungsten Project located in Montana, USA. This marks a key step in the project, following a comprehensive review of historical data by Union Carbide from the late 1970s and early 1980s, which identified a significant tungsten mineralization. The exploration aims to validate and expand upon these findings through up to 7,000 meters of diamond drilling across 16 locations. The project aligns with IRIS's strategy to strengthen its North American critical minerals portfolio, which includes lithium and other critical minerals from South Dakota. The Finley Basin Tungsten Project is strategically positioned to contribute to the North American supply chain of critical minerals, benefitting from established infrastructure and year-round access. The drilling is expected to commence in the third quarter of 2026, subject to the necessary permits.
Key Points
  • Phase I exploration at Finley Basin Tungsten Project initiated.
  • Historical data review by Union Carbide supports exploration.
  • Up to 7,000m of drilling planned across 16 sites.
  • Project aims to validate and expand historical tungsten findings.
  • The project is part of IRIS's North American critical minerals strategy.
  • Drilling to commence in Q3 2026 pending permits.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.