The Argosy Minerals Limited (ASX: AGY) share price is jumping higher in early trade, up 3.57%.
Below we take a look at the ASX resource explorer's latest lithium update.
What lithium update did Argosy announce?
Argosy's shares are gaining today. It comes after the company reported it had completed the magnetotelluric (MT) resistivity field survey works at its Tonopah Lithium Project.
The survey at Tonopah, located in the US state of Nevada, covered roughly 20 linear kilometres.
Argosy will now analyse the data to identify potential lithium brine target areas and set down priority drill target sites.
Commenting on the progress, Argosy's managing director Jerko Zuvela said:
With lithium market sentiment and lithium carbonate prices continuing their strong upward momentum, and the significant push for lithium supply in the USA fast becoming critical in their aim to promote the highly strategic battery minerals industries, our Tonopah Lithium Project is in prime position and enhances Argosy's value to all strategic groups across the battery and EV (electric vehicle) industry supply chain.
Noting its location in a jurisdiction that supports the commercial development of lithium, the company sees Tonopah as a significant opportunity to leverage its lithium brine processing technology in the US.
Zuvela added: "We look forward to progressing and realising the potential from our Tonopah Lithium Project, in an established tier 1 mining region, as the new green economy initiatives in the USA will trigger aggressive plans for this industry."
Additonally, Argosy also has a current 77.5% (and ultimate 90%) interest in the Rincon Lithium Project in Argentina.
Argosy Minerals share price snapshot
The Argosy Minerals share price has gained 189% over the past 12 months. By comparison the All Ordinaries Index (ASX: XAO) is up 26% in that same time.
Year-to-date Argosy Minerals shares have continued to march higher, up 21% in 2021.
