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Highlights
- The S&P/ ASX 200 was in the red on Friday and all eleven significant sectors were trading lower
- Greentech Metals’ (ASX:GRE) share price were driven by assay results that reported existence of lithium-bearing pegmatite at the Kobe Lithium Prospect
- Tambourah Metals’ (ASX:TMB) shares extended the previous day’s rally
The Australian equity benchmark index, S&P/ ASX 200 is sharply lower on Friday (7 July 2022), dropping 1.60% to 7,049.00 points at 11:58 AM AEST. All eleven significant sectors are in the red today, and the materials sector was down by 1.81%.
However, two materials stocks that outperformed the benchmark index and recorded a rise of over 30% are Tambourah Metals Ltd (ASX: TMB) and Greentech Metals Limited (ASX:GRE).
Continuing the previous day’s rally, the share price of Tambourah Metals surged by 44.83% at 12:03 PM AEST to trade at AU$0.21 apiece. During the early morning trade, Greentech Metals’ share price zoomed by approximately 33% and at 12:05 PM AEST, it was 16.07% high to trade at AU$0.65 per share.
Let’s discover the reason behind the boost in the share price of Greentech Metals and Tambourah Metals.
Greentech Metals (ASX:GRE)
Greentech Metals is a mineral exploration company which primarily aims at discovering, developing and acquiring those projects which contain metals and minerals used in electric vehicle and battery storage sectors.
Today, the company shared the assay results from a further 43 reconnaissance samples at the Ruth Well Project. The assay results confirm the existence of high-grade lithium mineralization at the Kobe Lithium Prospect.
The assay reported mineralization of up to 1.80% Li2O. The company said it is ‘the highest grade encountered to date’. Moreover, the mineralized zone at the prospect area has been increased to 7.5km from 6km.
Reportedly, 65 samples from the Ruth Well Project have been collected and assayed. The company has begun preparing for regulatory requirements to commence the maiden drilling program.
Tambourah Metals (ASX:TMB)
Tambourah Metals is an exploration company with a focus on the development and exploration of minerals and gold projects.
On Thursday (6 July), the company revealed that it has inked an agreement with the global lithium company - Sociedad Quimica y Minera de Chile S.A. (SQM) for Julimar Nth Project located in Western Australia. Under the agreement, SQM will receive exploration earn-in across the project.
Terms of the agreement-
- SQM will make a minimum investment of AU$1.5 million and a maximum investment of AU$3 million to earn an initial interest of 50% in all mineral rights at the Julimar Nth project, up to 70%.
- Lithium giant SQM will pay AU$350,000 to Tambourah for previous expenditures.
- Over the three years, SQM will be responsible for all expenditure and exploration.
