Winsome Resources’ (ASX:WR1) shares spike on first Adina assay results
06 January 2023 09:14 (AEDT)
- Winsome Resources (WR1) shares have spiked more than 20 per cent after it announced high grade lithium results from its Adina project in Quebec, Canada
- The assay results were from one hole AD-22-005 and included 1.34 per cent lithium oxide over 107.6 metres from 2.3 metres deep
- High-grade intersections included up to 2.21 per cent lithium oxide over 30 metres between 41 and 71 metres downhole
- Winsome has decided to extend its drilling program at Adina from 5000 to 20,000 metres and a second drill rig is heading to site
- Winsome shares have spiked on the news, up more than 20 per cent to $1.54 at 10.46am (AEDT)
Winsome Resources (WR1) shares have spiked more than 20 per cent today after it reported some high grade lithium results from its Adina project in Quebec, Canada.
The results – which were delayed due to assay processing volumes at an Ontario lab – were from one hole, AD-22-005.
Winsome recorded 1.34 per cent lithium oxide over 107.6 metres from 2.3 metres deep, with high-grade intersections of up to 2.21 per cent lithium oxide over 30 metres between 41 and 71 metres.
There were other significant results between 147 and 177 metres, with 1.08 per cent lithium oxide.
The company is waiting for further lab results.
The news follows drilling which identified the extension of the main pegmatite body strike length to 620 metres. The strike remains open in all directions.
Winsome has decided to extend its drilling program at Adina from 5000 to 20,000 metres and a second drill rig is heading to site.
Managing director Chris Evans said the results confirmed previous visual estimates.
“Having an average of 1.34 per cent of lithium oxide for over 100 metres of pegmatite from surface speaks to a world-class lithium project and paves the way for the much expanded drill program we now have planned for Adina,” he said.
“It’s also very encouraging for the other impressive pegmatite intersections and visual estimates from the drilling of subsequent holes up until the Christmas break.
“We look forward to releasing those assays as soon as they become available.”
As at December 18, Winsome had completed 3860 metres of diamond core drilling across 20 holes.
Other pegmatite observations from this drilling include 2.2 metres to 77.3 metres (a 75.1 metre interval) from hole AD-22-006, and 232.8 metres – 374.1 metres (a 141.3m interval) from hole AD-22-007, however laboratory chemical assay results are yet to confirm these, and other, observations.
Drilling teams return to work at Adina next week.
Winsome shares were trading at $1.54 at 10.46am (AEDT).
