The Argosy Minerals Limited (ASX: AGY) share price is heading south today despite the company announcing progress at its Rincon Lithium Project.
At the time of writing, the lithium miner's shares are down 8.39% to 14.2 cents. It's worth noting, however, that its share price has accelerated in recent times, up 25% in the past month.
Image source: Getty Images
What did Argosy announce?
Investors appear to be selling down the Argosy share price for a profit following the strong gains made late last week. The company's share price reached a 6-month high of 18.5 cents last Thursday.
According to this morning's release, Argosy provided an update at the Rincon Project in Argentina, revealing groundwater drilling works have commenced. In turn, this will allow the company to source industrial groundwater supply for its upcoming lithium carbonate production operations.
Argosy stated that processing water usage requirements are significantly reduced through its recycling method.
Roughly 90% of the water used to feed the brine through the process plant will be returned to a salt lake. This ensures there is a minimal impact on the environment as Argosy mines for spodumene concentrates.
Argosy managing director Jerko Zuvela commented:
The Company's Puna operations team continue their strong progress toward the 2,000tpa battery quality lithium carbonate production operations start-up.
Together with our successfully proven, proprietary and environmentally friendly clean lithium technology, and our low fresh water requirements, we'll be producing a high- quality, sustainable product with a low carbon footprint from our Rincon Lithium Project.
About the Argosy share price
Argosy Minerals is a mining and exploration company with a 77.5% interest in the Rincon Lithium Project in Salta Province, Argentina. The company also operates the Tonopah Lithium Project in Nevada, USA.
In the last 12 months, the Argosy share price has gained around 183% and is up 87% year-to-date.
At today's price, Argosy has a market capitalisation of roughly $187 million, with 1.25 billion shares on its books.
