Argosy Minerals share price charges higher on lithium update

This lithium share is rising on Friday…

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Argosy Minerals Limited (ASX: AGY) share price is avoiding the market weakness today and pushing higher.

At the time of writing, the lithium developer's shares are up 3% to 61 cents.

A woman smiles as she checks her phone in one hand with a takeaway coffee in the other as she charges her electric vehicle at a charging station.

Image source: Getty Images

Why is the Argosy Minerals share price pushing higher?

The Argosy Minerals share price is rising today after the company released an update on its Rincon Lithium Project in Argentina.

According to the release, the current production well rotary drilling program is progressing better than scheduled. Production well PRP-03 has completed and drilled to a depth of 350m and production well PRP-04 is in progress at a current depth of 253m.

Management advised that it is encouraged with the extended depths of the production well drilling and lithium brine pumping test works conducted to date. It feels that this may enhance the outcomes and provide scope for improved results for the next stage estimation and feasibility works.

The current defined exploration target is estimated as 262,000 tonnes to 479,000 tonnes of lithium carbonate. Whereas the combined JORC indicated mineral resource and exploration target estimates outline the potential for 507,000 tonnes to 724,000 tonnes.

Argosy's managing director, Jerko Zuvela, was pleased with the progress the company is making. He said:

We are pleased with the current progress of drilling works at our Rincon Lithium Project. This has indicated the increased depth extension prospectivity that may lead to considerably increasing the current shallow-depth JORC Indicated Mineral Resource estimate, deliver a brine Ore Reserve estimate, expand our current annual production target and mine-life estimates, and prepare a feasibility study for larger scale operations – all enhancing the long-term viability and status of our project.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Materials Shares

A man sitting at his dining table looks at his laptop and ponders the share price.
Materials Shares

ASX lithium shares 'compelling' as top broker adjusts ratings

UBS predicts the global oil shock caused by the war in Iran will drive higher demand for electric vehicles.

Read more »

Three workers jump in the air at a steel factory.
Materials Shares

This ASX steel stock is unlocking hidden value. So why is it falling today?

BlueScope shares fall after an update on surplus land developments.

Read more »

A man slumps crankily over his morning coffee as it pours with rain outside.
Materials Shares

Guess which ASX mining stock is crashing 24% today

The miner is raising capital for the fourth time in as many years.

Read more »

A man wearing a suit and holding an EV charger gives the thumbs up.
Materials Shares

3 reasons to buy this high flying ASX lithium stock for the long term

World-class assets, strong balance sheet, and smart growth support long-term outlook.

Read more »

Young successful engineer, with blueprints, notepad, and digital tablet, observing the project implementation on construction site and in mine.
Materials Shares

Is this ASX iron ore stock a better buy than Fortescue?

Bell Potter thinks this stock could rise 90%.

Read more »

Lion holding and screaming into a yellow loudspeaker on a blue background, symbolising an announcement from Liontown.
Materials Shares

Are Liontown shares a buy, hold, or sell?

Ord Minnett has given its verdict on this lithium miner.

Read more »

two business people shake hands through the glass wall of a business office with a board table and laptop computer in view between them.
Materials Shares

A major long-term deal is lifting this ASX stock today

Nufarm shares are edging higher after locking in a long-term biofuels deal.

Read more »

Miner holding a silver nugget.
Materials Shares

Why are these ASX silver stocks racing higher today?

A 4% silver rise sparked double-digit gains in silver shares.

Read more »