Company is selling Australian gold mine to fund project
RAPID CITY, S.D. – Iris Metals Ltd. is deepening its investment in South Dakota’s Black Hills, reporting Thursday, August 28, some of its strongest lithium drilling results to date at the Edison project.
The company completed a Phase I diamond drilling program of 15 holes totaling 2,278 meters at the historic mining site near Keystone. Results included 6.65 meters at 3.30 percent lithium oxide and 2.95 meters at 2.76 percent lithium oxide. Earlier drilling had shown 13.4 meters at 1.78 percent lithium oxide.
Matt Hartmann, Iris’s U.S. operations president, said the results confirm Edison as one of the highest-grade lithium systems found so far in the Black Hills. The findings will guide a larger Phase II drilling campaign aimed at defining resources, he said.
The company plans a “hub and spoke” model in South Dakota, with several lithium projects supplying a central processing hub. All pegmatites intersected in Phase I remain open at depth, signaling room for expansion. Iris is also evaluating other acquisitions in the state and expects to complete a project study in early 2026.
Chair Peter Marks said the company’s strategy is to prioritize South Dakota’s lithium properties as part of a U.S. supply chain for critical minerals. To fund that work, Iris is divesting its Kookynie gold project in Western Australia.
The sale to Arika Resources is expected to bring up to $535,000 in cash and 15 million Arika shares, with closing targeted in about 45 days pending regulatory approval. Marks said the deal provides immediate non-dilutive funding while maintaining shareholder exposure to gold exploration.
He said the divestment frees the company to accelerate drilling, resource growth, and development across its South Dakota portfolio, positioning Iris as a potential near-term lithium supplier for the U.S. market.