Eye on Lithium: This lithium player listed today and its already up 178%
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All your ASX lithium news for Tuesday, April 26.
Fresh debut Lithium Plus Minerals (ASX:LPM) listed today after IPOing at $10m at $0.25 – and its share price is already up 178%.
The company nabbed a cornerstone investment from Suzhou CATH Energy Technologies, a subsidiary of CATL which is the world’s largest EV battery manufacturer.
LPM is focused on exploring its 19 granted exploration licences and three exploration licences under application in the Bynoe and Arunta regions in the Northern Territory.
Notably, its flagship Bynoe project is adjacent and along strike to Core Lithium’s (ASX:CXO) Finniss lithium mine which has which has a current mineral resource estimate of 14.7 Mt at 1.32% Li2O.
Several of the key Bynoe prospects are directly along strike from Core’s BP33 deposit, where recent core drilling returned high-grade spodumene rich intersections including 57.35m at 1.83% Li2O and 51.0m at 1.63% Li2O.
Spodumene was trading at an average price of $US3,263 at the start of April. That’s a gain of 504% over the past year.
LPM’s early goal is definition of a “substantial” maiden resource by Q1 2023, and executive chairman Dr Bin Guo is keen to kick off an aggressive exploration program as soon as possible.
“The IPO process has provided a strong validation of the outright quality of the Bynoe Project, as recognised by all participating investors including our cornerstone IPO subscriber, CATH,” he said.
“We now look forward to delivering upon the substantial potential of Bynoe and our other key tenements.”
Drilling at the Lei and Cai Prospects is expected to commence in the coming week.
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Oof. Only 14 stocks were in the green today, with 19 flatlining and a whopping 87 in the red.
The diamond explorer is branching out into lithium and rare earths, acquiring the 606sqkm ‘Lyndon’ project near Carnarvon in WA.
The project includes numerous clusters of pegmatites prospective for lithium, and several features similar to those associated with Dreadnought’s (ASX:DRE) nearby rare earth discoveries.
There is also nickel and copper potential, ODE says, and a uranium project next door.
“This Lyndon project acquisition is an excellent opportunity for Odessa to enter the battery metals sector, in a part of the Gascoyne Complex that is host to a number of newly discovered occurrences of lithium, rare earth and nickel-copper,” ODE CEO Alistair Stephens says.
The company has discovered a new southern lithium pegmatite zone near the main deposit at its Moblan project in Québec.
Recent drilling returned 5m at 1.85% Li2O from 3.5m and 35m at 1.62% Li2O from 27.6m in hole DDH135, plus 6.6m at 1.69% Li2O from 2.1m and 27.2m at 1.53% Li2O from 22.0m hole DDH136.
“Moblan is set to form the basis of a major northern hub for Sayona in Québec, complementing our established Abitibi lithium hub in the south and adding to our position as holding the leading lithium resource base in North America,” MD Brett Lynch said.
Follow up drilling is planned, with the company eying potential resource expansion at the project.
1MC has increased the size of its Fish Lake Valley project area in Nevada by 60%, with an additional 211 contiguous claims secured from the US Bureau of Land Management.
The total footprint is now 44.4sqkm, with additional geophysical exploration and extension works with the new claim area underway.
Under an Earn in Agreement with Lithium Corporation, Morella is earning into a 60% stake in the project with options to acquire a 100% interest.
Latin has flagged the thickest intersection to date – 21.1m @ 1.20% Li2O from 208.80m – at the Bananal Valley Prospect at its Salinas project in Brazil.
The company says these results have reaffirmed its belief that Salinas may represent a significant new lithium discovery.
A 2,000m drilling program has kicked off at Latin’s new Monte Alto Prospect area, in parallel with the 25,000m resource definition campaign at Bananal Valley.