This ASX Lithium Stock Surges 19% on a 'Historic Moment

2 min read | December 11, 2023 06:58 PM AEDT | By Team Kalkine Media

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This ASX Lithium Stock Surges 19% on a 'Historic Moment — Image source: shutterstock

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Winsome Resources Ltd (ASX:WR1) is off to a strong start this week with its shares surging 19% to $1.25 in early trade. This uptick is notable within the context of ASX lithium stocks. The lithium explorer's stock has gained significant traction following the release of its maiden mineral resource estimate (MRE) for the Adina Lithium Project in Quebec, Canada.

The initial inferred MRE for Adina stands at 59 million tonnes at 1.12% Li2O, covering two adjacent large spodumene-bearing pegmatite zones. These zones exhibit the potential for development into a single large mining operation. Importantly, the MRE is based on 27,600 meters of drilling with an approximate spacing of 100 meters x 100 meters. Investors in ASX lithium stocks may closely follow Winsome Resources' performance given the positive developments in its lithium exploration project.

Winsome Resources is currently operating five drill rigs, with over 25,000 meters of additional infill and extensional drilling awaiting assay. The company aims to upgrade the MRE in the first half of 2024. The announcement underscores Winsome Resources' well-funded position to undertake over 50,000 meters of infill and step-out drilling in 2024 at Adina.

Chris Evans, Managing Director of Winsome Resources, expressed enthusiasm about the milestone, considering it a significant achievement for the Adina Lithium Project and a historic moment for the company. Evans highlighted the company's excitement about the prospect of updating the resource in the first half of 2024, emphasizing Winsome Resources' position as one of the few lithium developers with a large, high-quality resource in a Tier 1 mining jurisdiction, directly aligning with the North American electric vehicle supply chain.

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