- Winsome Resources (ASX:WR1) posts a maiden lithium resource for Adina, Canada
- That resource boasts 59Mt of ore at 1.12 per cent lithium
- The company’s maiden JORC is based on more than 27,000 metres of drill core
- Another 25,000 metres is being collected by five rigs still on-site
- Metallurgical test work to kick off Q1 2024
- WR1 shares last traded at $1.14
Winsome Resources (ASX:WR1) shares jumped 11 per cent in the second hour of trades as the company posted a larger-than-expected maiden JORC – at least by HotCopper users, anyway.
All in all, the company has posted a resource of 59 million tonnes of ore at an average grade of 1.12 per cent lithium.
This resource is attached to the company’s Adina lithium project in Canada – marking another Australian mining junior now on the radar in the region.
Hopes for unified operation
More than 27,000 metres of drilling make up the resource across two large spodumene-bearing zones that Winsome is hopeful can one day become one large mine.
No less than five drill rigs remain active on-site with a JORC upgrade already locked in – all things in order – before H2 2024.
A further 25,000 metres will be collected by drillers still on-site. To this end, the company describes itself as well-funded.
Reading between the lines, that’s a fairly obvious hint that traders shouldn’t worry about a capital raise in the near future.
In the background, environmental and infrastructure study work remains ongoing.
More assays coming
“Just over a year ago, our first sampling expedition began at Adina, and it is a remarkable achievement by our exploration team to have since declared one of the largest hard rock MREs in North America,” Winsome chief Chris Evans said.
“We are excited at the prospect of updating this resource again in the first half of 2024, with assays to be received from over 25,000m of drilling to be completed prior to year-end.”
Ongoing drilling is particularly focused on a possible eastward extension of mineralisation thought to be present, though, not yet confirmed.
The company described it would collect drill cores in Q1 of 2024 with a view towards metallurgical test work.
WR1 shares last traded at $1.14.