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Highlights:
- MetalsGrove share price has recorded a rise of 166.67% in past one month.
- The lithium company had recently identified significant lithium pegmatite potential at its Upper Coondina project.
- The company expects to commence the maiden drill program in fourth quarter.
Mining exploration company, MetalsGrove Mining Ltd (ASX:MGA) has been defying the broader market oflate. In last one month, MetalsGrove’s share price has surged by a whopping 166.67%. Since its listing on ASX on 6 July 2022, the share price has zoomed up 128.57%.
Today (28 September 2022) at 11:02 AM AEST, MetalsGrove shares were spotted trading 26.09% higher at AU$0.30 per share. Meanwhile, ASX 200 was 0.42% down (at 11:32 AM AEST) and the benchmark index, ASX 200 Materials (INDEXASX:XMJ) was up 0.38%.
Why are MetalsGrove’s shares on the rise today?
The broader market movement is not influencing the share performance of MetalsGrove, and also, no price-sensitive news was shared by the organisation on ASX today.
Share price movement is likely to be driven by the Upper Coondina project update released by the company yesterday (27 September 2022) on ASX.
MetalsGrove announced that a detailed surface mapping program was completed at the Upper Coondina project, and the results indicate multiple outcropping pegmatite dykes occurring in swarms. In brief, the company has identified substantial lithium pegmatite potential in the lithium project.
More about the Upper Coondina project update
The Upper Coondina project is located in Western Australia and is a high-quality tin, lithium and tantalum exploration project. The tenement covers approximately 6,363 ha of area, and the maximum distance of the project is around 11km east – west and 8km north – south. Nearby mines comprise Mt Webber iron ore mine and Cloudbreak iron ore mine.
Recently, the company finished the surface drilling mapping program on the southern half of the project. The program has confirmed numerous outcropping pegmatite dykes taking place in swarms. The width varies from 3m to 30m. In addition to this, 45 dominating pegmatite formations were identified.
What’s ahead in Upper Coondina project?
Via ASX announcement, the company shared that current surface field mapping only covered the southern part of the project, and the rest of the project area is expected to be mapped in the coming month.
To identify new drilling targets and define the strategy of the drilling program, the company is waiting for the completion of data interpretation and processing of airborne magnetic and radiometric surveys.
Management Commentary
On the development, Sean Sivasamy, managing director, MetalsGrove, commented:
