Winsome Resources hits all time high on maiden Adina lithium assays
Winsome expanding its plans for a 5,000m drill run to 20,000m on strong results
Source: iStock
Mentioned
KEY POINTS
- Maiden assay results at Adina project show high-grade lithium in a spodumene pegmatite system
- Winsome has expanded its drill run from 5,000m to 20,000m
- Shares were up over 30% to $1.67 in lunchtime trade
Winsome Resources’ (ASX:WR1) share price jumped 33% to $1.67 in lunchtime trades on Friday as the company reported thick intersections of high-grade lithium at its Adina Project in Quebec, Canada.
Today’s price movement sees Winsome at an all time high.
The Adina Project is the second Canadian lithium project overseen by the company, with the Cancet Project being the flagship.
Today’s maiden assay results for Adina report a high-grade lithium average of 1.34% across a total of 107.6m.
Spodumene ahoy
Drills intersected a spodumene pegmatite body at the Jamar prospect, which the company’s exploration team predict remains open in all directions.
Spodumene is the holy grail of hard rock lithium mineralisation. The host rock poses low-complexity and low-cost implications downstream.
The company perceives the indicative average thickness of the pegmatite body to be approximately 50m and dipping down at a 60 degrees angle underground.
Numerous other areas of interest at Adina remain to be drill tested through 2023.
High grades and rich pockets
The average lithium oxide grade across that intersection sits at 1.34%—a high-grade result.
Investor advisory firm Next Advisors classifies high grade lithium as that in concentrations of 1% and above.
The average grade fails to capture higher grade sections of mineralisation detected throughout.
Here’s what those results look like:
107.6m @ 1.34% lithium oxide from 2.3m depth, including:
20.7m @ 1.52% lithium from 2.3m depth
30m @ 2.21% lithium from 41m depth
26.5m @ 1.05% lithium from 71m depth
06.9m @ 0.96% lithium from 103m depth
More assays are due to hit the market in the coming weeks.
Evidence for expansion
“Having an average of 1.34% Li2O for over 100m of pegmatite from surface speaks of a world-class lithium project and paves the way for the much expanded drill program we now have planned at Adina,” Winsome chief Chris Evans said.
““It is fantastic to see these impressive levels of lithium mineralisation…it is also very encouraging for the other impressive pegmatite intersections and visual estimates from drilling of subsequent holes up until the Christmas break.”
A look at Winsome's charts since listing in December 2021 shows things have never been better
