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.
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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.
