Greenwing Resources (ASX:GW1) shares zoom 15.55% after confirming lithium in Argentina project

Highlights

  • Greenwing Resources Limited (ASX:GW1) confirms the presence of lithium from the initial exploration program at the San Jorge Lithium Brine Project.
  • The resource player has received results of the initial 34 brine samples and a full geophysical survey from the project.
  • GW1 shares closed 15.55% up on ASX post the news.

Australia’s emerging fully integrated green metals company, Greenwing Resources Limited (ASX:GW1) saw over 2 million shares change hands todays as against daily average of 325,752 shares. The investor interest in this counter is high today thanks to an announcement related to the San Jorge Lithium Brine Project, located in Argentina’s Lithium Triangle.

Good Read: What is Lithium Triangle, and who is buying from there?

The miner stated that the results from the initial exploration program at the project location confirm the presence of lithium.

Triggered by the discovery of lithium, the shares of the company skyrocketed as much as 26.7% to exchange hands at AU$0.570 per share during the intraday trading session on Thursday, and closed 15.55% up at AU$0.520.

Also Read: Greenwing (ASX:GW1) completes the first tranche of equity rising

Brine sampling and geophysical survey interpretation

The resource player has received results of the initial 34 brine samples and a full geophysical survey from the project.

Geophysical survey work

Source: © Awcnz62 | Megapixl.com

The brine samples taken on about 1 sq. km grid have confirmed that the northern area of salar is the lowest concentration area of the salt lake.

Further, at the centre of the salar, the lithium concentration from initial samples reached a maximum of 285 mg/l, within a zone of predominantly 104-150 mg/l lithium concentration. 

Apart from the brine sampling, GW1 also conducted a passive seismic survey to extract valuable information related to the thickness of salt lake sediments.

The company has identified clear high confidence reflectors in the south of the project area suggesting the salt lake sequence in the order of 300-600m thick.

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While on the north side of the salt lake, a shallow reflector is interpreted to reduce the signal from below this feature.

Future plans

The company plans for fieldwork to further evaluate the brine concentration and the possibility of a higher concentration of brine can be confirmed by additional drilling.

Lithium mining

Source: © Xura | Megapixl.com

Regarding the geophysical survey work, the company plans passive seismic measurements to better define the distribution of units and the presumed thickness of the salar sediments.

Greenwing is also considering an initial drilling program following the receipt of relevant permits to allow drilling on the project.

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