Listed explorer and developer GreenTech Metals (ASX:GRE) has encountered further ‘high-grade’ lithium up to 1.8% lithium oxide from rock chip sampling at its Ruth Well Project in Western Australia.
The company says the results confirm lithium mineralisation within the Kobe prospect area, which has increased from 6km to 7.5km in strike length.
The results, generated from 43 reconnaissance samples, also confirm the presence of a consistent zone of lithium-bearing pegmatite at Kobe, with key results including sample 23GT11-041 with 1.8% Li2O and sample 23GT11-042 with 1.7% Li2O.
Sampling was designed to target the pegmatite zone over a further 5.5km and extend into the company’s adjoining tenements. The pegmatite zone was tracked into tenement E47/3719, which falls under a joint venture (JV) between GreenTech (51%) and Artemis Resources (ASX:ARV) (49%).
Shares in GreenTech Metals were up 11.07% to $0.62 at 3:45pm AEST. The company has a market capitalisation of $30.86 million.
GreenTech says sampling and mapping are currently ongoing with the goal of defining the spatial extent of the pegmatite zone and the consistency of the lithium mineralogy and grade within the mineralised system.
The company notes preparations relating to regulatory requirements are underway in order to enable the undertaking of a maiden drilling program.
With sampling ongoing, GreenTech Metals announces results from samples sent to Curtin University will be reported when analytical results are received.
Speaking on the results, GreenTech Metals Executive Director Thomas Reddicliffe says: “These recent additional reconnaissance samples are a follow-up from the original program, so we are extremely pleased to see a persistence in the tenor of the mineralisation over the entire length of the pegmatite zone identified to date. We believe the consistency of the grades over a new 7.5km strike is evidence of a large mineralising system and underscores the prospectivity of this pegmatite zone.
“We believe the consistency of the grades over a new 7.5km strike is evidence of a large mineralising system…”
GreenTech has a strong foothold in one of WA’s exploration hotspots, and with high-quality lithium and copper projects in its portfolio, GreenTech is exceptionally well-placed to capitalise on the decarbonisation and energy economy transformation that is now taking place around the world.”
GreenTech Metals is an explorer and developer primarily established to discover, develop, and acquire Australian and overseas projects containing minerals and metals that are used in the battery storage and electric vehicle (EV) sectors.
The company’s Ruth Well Project is located in the West Pilbara region of Western Australia and is home to the Kobe lithium prospect, which is considered prospective for lithium mineralisation.
GreenTech Metals had $1.32 million cash at hand at the end of 31 March 2023, as reported in its latest quarterly report released on 28 April 2023. However, the company completed a placement to raise $3.5 million from institutional and sophisticated investors in May.
Write to Adam Drought at Mining.com.au
Images: Greentech Metals Ltd
