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Auroch Minerals Restricted (ASX: AOU) share value is having a sensational day.
In morning buying and selling, shares of the lithium exploration firm are up 31% to six.8 cents.
Why Is This Lithium Inventory Operating Excessive?
Buyers are scrambling to purchase this lithium inventory at this time after the corporate issued an replace on its current drilling actions.
In keeping with the discharge, Auroch has found high-grade lithium mineralization in reverse circulation (RC) drill-hole samples on the Nepean Nickel undertaking in Western Australia. Aurochs owns 80% of the undertaking Lodestar Minerals Restricted (ASX: LSR) owns the rest.
The discharge mentioned drilling within the Nepean North prospect was accomplished within the third quarter and consisted of two reverse RC holes totaling 539 meters to check the IP anomaly for nickel sulfide mineralization.
All geologically logged pegmatites intercepted by the 2 RC holes had been submitted for re-assay for lithium, cesium and tantalum (LCT) mineralization as a part of the Firm’s ongoing investigation into the undertaking’s lithium potential.
Pleasingly, the excessive grade lithium end in one gap, mixed with the re-logging of a 6 m pegmatite interval, confirms the presence of the lithium pyroxene mineral spodumene (the principal lithium ore mineral).
Considerably, the 2 holes had been drilled roughly 150 m aside, roughly 420 m north of the beforehand reported lithium consequence. Administration believes this implies potential LCT-rich pegmatites at a big strike size on the Nepean North prospect.
Auroch will instantly provoke a excessive precedence exploration program to doubtlessly delineate excessive grade spodumene mineralization.
Mike Edwards, Auroch’s government chairman, commented:
The invention of excessive grade lithium inside spodumene at Napean is a superb addition to our technique as a battery metals targeted assets firm. It properly compliments our efforts within the Nevada lithium undertaking and it is going to be extraordinarily thrilling to see these new lithium exploration packages open in parallel to our WA and US tasks early within the new yr!