Bass Metals has made a high-grade lithium find at its Millie’s Reward project that sent its share price up almost 17 per cent.

The company (ASX:BSM) delivered an “outstanding” 31m high grade intersection grading 3.72 per cent lithium from the Millie’s Reward project, it told investors.  

Bass had yet to see early results from any other lithium discovery that compared to those at Millie’s, chief Tim McManus said. 

The news saw shares reach an intra-day high of 2.8c.

The sampling ended in mineralisation, which indicates that the prospect remains open in all directions. 

The results highlighted the potential for establishing a high-grade lithium-in-spodumene resource at Millie’s Reward in central Madagascar. 

Spodumene is the main lithium bearing mineral mined from most hard rock lithium mines around the world.

Bass, which is now making money from its Graphmada graphite mine in eastern Madagascar, plans to kick off a maiden drilling program at Millie’s Reward in the coming weeks. 

The Bass Metals team was “exceptionally pleased at this glimpse into what Millie’s could ultimately be”, Mr McManus said.  

“It is very exciting to have a project such as Millie’s in our portfolio while at the same time our Graphmada graphite mine has reached nameplate capacity with first sales completed,” he said.  

Bass Metals (ASX:BSM) shares peaked at 2.8c this morning.
Bass Metals (ASX:BSM) shares peaked at 2.8c this morning.

Stockhead  has approached Bass Metals for further comment.