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Highlights
- Lithium Plus' Mining Management Plan (MMP) receives a go ahead for its key Bynoe Lithium Project.
- The share price of Lithium Plus Minerals Limited jumped as high as 35.593% at AU$0.400 per share on ASX at 1:39 PM AEST.
- Shares of other major ASX-listed lithium stocks, Core Lithium Ltd (ASX:CXO) and Sayona Mining (ASX:SYA) were down 3.703% and 7.142% at AU$1.170 and AU$0.130, respectively.
Lithium Plus Minerals Limited's (ASX:LPM) share price jumped as high as 35.593% on Wednesday (15 June) at 1:39 PM AEST today after the company announced the commencement of drilling activities in the coming weeks.
The ASX-listed Lithium exploration company Lithium Plus Minerals Limited today announced that the Mining Management Plan (MMP) for its key Bynoe Lithium Project has received departmental approval. As per the announcement, the authorised activities cover the key Bynoe Lithium Project tenements, EL31133 and EL31091.
Following this positive development, the shares of Lithium Plus Minerals Limited traded 35.593% higher at AU$0.400 per share on ASX. In the last one year, the share price of Lithium Plus Minerals Limited has fallen almost 42.86%, while the stock is also down approximately by the same percentage on year-to-date (YTD).
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The company stated that the Darwin-based drilling contractor, GeoDrilling, has been secured to undertake an initial program of approximately 10,000 metres of Reverse Circulation (RC) drilling. According to the company, the said program will target the Lei and Cai Prospects and is expected to take nearly four months to complete. Meanwhile, the drilling activities are expected to commence by early July 2022.
Image Source: © Nastudio62 | Megapixl.com
After receiving the nod for all permitting activities, the company is now looking forward to the RC rig's rapid mobilisation to Bynoe and the commencement of drilling in the upcoming weeks. With its focus on the Lei and Cai Prospects, the company believes there is strong potential to delineate a maiden high-grade lithium resource at Bynoe.
Talking about the broader market today, extending yesterday's selloff, the benchmark index ASX 200 traded at 6,642.600 points, down 0.649% at 2:21 PM AEST on Wednesday (15 June). The losses were led by all the eleven sectors which traded in the red zone during today's intraday trading session. Meanwhile, shares of other major ASX-listed lithium stocks, Core Lithium Ltd (ASX:CXO) and Sayona Mining (ASX:SYA) were down 3.703% and 7.142% at AU$1.170 and AU$0.130, respectively.
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