Shares in Green Technology Metals Ltd (ASX: GT1) are struggling to take off in afternoon trade today. At the time of writing, Green Technology shares are changing hands at 39 cents apiece, after trading as low as 38 cents earlier today.
Investors aren't enticed by a company announcement from Green Technology updating its Seymour Lithium asset in Canada.
Volume of Green Technology shares traded today is also just 8% of its 4-week average at just 594,005.
Let's take a closer look at what the company released earlier.
Image source: Getty Images
What did Green Technology announce?
Green Technology advised that it is rapidly ramping up exploration activities at the Seymour Lithium Asset in Ontario, Canada.
This includes an aerial geophysical survey that covered well over 1,000-line kilometres at high resolution at Seymour. The survey was conducted by MPX Geophysics, a leading geophysical consultant based in Ontario, Canada.
Green Technology's exploration team has been active on the site and has been sampling various anomalies found in the field.
The company reports "very encouraging" results with large pegmatites exposed at the surface and mapped along several of the identified geophysical anomalies.
Samples are being examined to ensure both lithium and alteration data is captured.
Green Technology also announced that it had signed an amended Early Exploration Agreement (EEA) with the Whitesand First Nation.
The company says its manager of North America operations, Matt Herbert, met with Whitesand First Nation chief Allan Gustafson, and Band Manager Craig Toset to formalise and execute the EEA.
Execution of the EEA was the final step in Green Tech's commencement of drilling activities at Seymour. It has a diamond drilling program planned over the next few months, as per the release.
The company is hoping to "substantially extend and grow the existing Mineral Resource of 4.8Mt @ 1.25% Lithium Oxide". It also has an exploration target of 22-26 Mt at 0.8-1.5% Li2O.
As such, Green Tech is set to commence its drilling program with the next few weeks. Afterwards, it will enter the 9th phase of its Seymour project.
Here investors will learn of the updated mineral resource and geographical modelling after phase 1 of the drilling program.
Speaking on the announcement, Green Technology CEO, Luke Cox said:
We couldn't have asked for a better set of initial aerial geophysics at Seymour. The alignment of identified anomalies with existing resources and key target areas is strong, and the prospectivity of recently mapped targets has also been substantially enhanced by these geophysical results. In short, the potential for additional stacked lithium-bearing pegmatites at Seymour is real. We have been systematic in our approach from the outset and are now very excited about commencing extensional and step-out drilling of these targets at Seymour.
Green Technology share price snapshot
After listing recently, Green Technology has already shot up 56% to its current levels. Following its IPO, where it entered the market at 25 cents per share, investors have been securing long positions in the company at a rapid pace.
The offer surpassed expectations as the company expected to enter with a market capitalisation of around $50 million but is now trading on a market cap of $77 million.
