- GreenTech Metals (GRE) confirms the presence of spodumene-bearing pegmatites at its Ruth Well project in WA’s Pilbara region
- Results from 22 reconnaissance rock chip samples returned “encouraging” grades of lithium mineralisation, measuring up to 1.65 per cent lithium oxide
- A further 40 reconnaissance samples have been dispatched for analysis, with results due imminently
- Meanwhile, GreenTech has entered a services agreement with lithium exploration and development team Obsidian Metals Group (OMG) to fast-track its WA lithium exploration strategy
- GRE skyrockets 267 per cent, trading at 38.5 cents at 1:00 pm AEST
GreenTech Metals’ (GRE) shares skyrocketed after confirming the presence of spodumene-bearing pegmatites at its Ruth Well project in WA’s Pilbara region.
Results from 22 reconnaissance rock chip samples returned “encouraging” grades of lithium mineralisation, measuring up to 1.65 per cent lithium oxide.
Further sample assays included 1.63 per cent lithium oxide and 1.03 per cent lithium oxide.
The Ruth Well pegmatite bearing zone spans 200 metres in width and six kilometres strike, remaining open in all directions within the company’s tenements.
GreenTech Executive Director Thomas Reddcliffe said the company was “very encouraged” by the high-grade lithium assays from the reconnaissance program.
“The spodumene-bearing pegmatites occur in a zone up to 200 metres wide, which also includes barren pegmatites,” he said.
“This discovery in WA’s new lithium hot spot, combined with the company’s advanced Whundo copper project, where we recently reported a significant resource upgrade, positions GreenTech as a rapidly emerging critical metals business with an advanced project pipeline.”
A further 40 reconnaissance samples have been dispatched for analysis, with results due imminently.
Looking ahead, GreenTech announced a “strong pipeline” of near-term exploration activities planned for the area to refine priority targets, including rock chip sampling and soil geochemistry and trenching programs.
Additionally, GreenTech has entered into a services agreement with lithium exploration and development team Obsidian Metals Group (OMG).
OMG has agreed to invest $1 million via a placement of 6.9 million fully paid ordinary shares at 14.4 cents apiece – a 30 per cent premium to the last closing price – to support GreenTech’s West Pilbara assets.
The new capital will be deployed to fast-track GreenTech’s WA lithium exploration strategy.
GRE shot up 267 per cent, trading at 38.5 cents at 1:00 pm AEST.