GreenTech Metals (#ASX: GRE) has begun a 1,500m diamond drilling program at the Osborne Joint Venture (JV) lithium tenement in Western Australia.
The $38.17 million market capitalisation company says the drilling is designed to test stratigraphic and structural information in the southern pegmatite zone to support the planning of future detailed drilling.
The southern pegmatite zone comprises 4km of pegmatite strike along which previous rock chip samples have returned assays of up to 3.63% lithium oxide (Li2O).
GreenTech Metals Executive Director Thomas Reddicliffe says the drilling will gather ‘valuable’ information relating to the subsurface characteristics of the pegmatite zone.
“The data from this drilling will aid in refining the more detailed follow-up drill program once the results from recently completed broader heritage clearances are received.
In light of the recent $1.6 billion takeover offer for Azure, the West Pilbara is continuing to cement its position as one of the premier global jurisdictions for hard rock lithium exploration. GreenTech is moving quickly with its exploration programs as it continues to reveal the true potential of its significant tenure in the region.”
“GreenTech is moving quickly with its exploration programs as it continues to reveal the true potential of its significant tenure in the region”
Following today’s announcement, GreenTech’s share price is up 19.3% to $0.65aas of 2:15pm AEDT.
The Osborne tenement sits within the Ruth Well Project and is a joint venture (JV) between GreenTech and Artemis Resources (ASX:ARV). GreenTech owns 51%, and Artemis owns the remaining 49%.
GreenTech notes while the initial heritage survey has been completed, further drill sites in the Northern and Southern trends within Osborne will become available in the next 4 to 6 weeks.
The company has approved relevant programs of work (PoW), which will facilitate current and future drilling programs on the project tenements.
GreenTech Metals is a battery and critical metals-focused explorer established to discover, develop, and acquire resource projects to supply the growing demand for global electrification.
As of 30 September 2023, the company had $2.9 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: GreenTech Metals
