Why Argosy Minerals Limited shares stormed higher today

One of the best performers on the market today has been the Argosy Minerals Limited (ASX: AGY) share price.

In afternoon trade the shares of the mineral exploration company with a focus on lithium have risen 6% to 25 cents.

This gain is all the more impressive when you consider that the majority of the lithium miners, such as Orocobre Ltd (ASX: ORE) and Kidman Resources Ltd ASX: KDR, have sunk deep into the red today.

Why are Argosy Minerals’ shares higher today?

This morning the company announced further Stage 2 development progress at its Rincon Lithium Project in Salta Province, Argentina.

Stage 2 evaporation pond construction works have recently been completed to coincide with completion of the first production well. That well is currently undergoing pump testing in preparation for lithium brine pumping into the Stage 2 evaporation ponds imminently.

This means that Argosy now has around 11 hectares of fully constructed evaporation ponds to concentrate lithium brine during the 2017/18 summer peak solar evaporation season, putting it in a position to produce its first product by the end of the March 2018 quarter.

Should you invest?

While I think Argosy Minerals could have an extremely bright future ahead of it due to the insatiable demand for lithium globally, I feel a lot of this potential has now been built into its share price.

So until its full set of drilling results have been released and its mineral resource is known, I would suggest investors keep this one of their watchlist.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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