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Guess which ASX lithium share is leaping 10% on a new discovery

We take a look at what lithium news this explorer delivered to the market today.

Posted by
Monica O'Shea
Monica is a journalist with experience working for Daily Mail Australia in Sydney and the Port Pirie Recorder and the Flinders News in South Australia. Monica completed a journalism cadetship in 2013. She also hold a B.Science (Biotechnology) with Honours from the University of Adelaide. Monica has worked in government at the local, state and federal level. Monica has a keen interest in finance and the share market and enjoys exploring the highs and lows. When not writing for Motley Fool Australia, Monica enjoys travel, sport, music, and likes to play the violin in her spare time.
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Key points
  • This ASX lithium share is soaring 10% higher today 
  • The explorer reported "high grade" lithium results 
  • This company is exploring lithium at multiple deposits in Canada

The S&P/ASX 200 Materials Index (ASX: XMJ) is 0.53% in the green today, but one ASX lithium share is charging far higher.

The Green Technology Metals Ltd (ASX: GT1) share price is leaping 10% today on lithium news. For perspective, the broader S&P/ASX 200 Index (ASX: XJO) is 0.39% in the green today.

Let's take a look at what this ASX lithium share reported to the market today.

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Image source: Getty Images

High grade intercepts

Green Technology Metals reported the "highest grade drill intercept to date" at the McCombe deposit within the Root Project.

This 100% owned project is located about 200km west of the company's Seymour Project in Ontario Canada.

Assay results showed drilling intersected with up to 4.06% lithium oxide (Li2O). Results included:

  • 8 metres (m) at 1.72% Li2O from 64 m (including 2m at 4.06% Li2O from 64.6m) at drill hole RL-22-0013
  • 8.4m at 1.32% Li2O from 102 m (including 1m at 3.91% Li2O from 103.6m) at drill hole RL-22-0014
  • 13.4m at 1.24% Li2O from 28.9 m (including 1m at 3.16% Li2O from 29.3m) at drill hole RL-22-0015
  • 6.3m at1.52% Li2O from 66.3 m (including 1.0m at 2.38% Li2O from 70.7m) at drill hole RL-22-0016A

So far, 31 drill holes have been drilled at the McCombe deposit and two diamond drill rigs are operating around the clock.

The company said it is on track to make a mineral resource estimate at the project in quarter one of 2023.

Commenting on the news, Green Technology CEO Luke Cox said:

Recent assay returns have confirmed that McCombe is higher grade than originally interpreted based on historical data.

The Root Project as a whole is also developing into a much larger complex, with McCombe potentially joining with Morrison to form a structure over several kilometres long, and recent spodumene discoveries at Root Bay confirming it extends east and west along a magnetic high.

Green Technology share price snapshot

The Green Technology Metals share price has exploded nearly 178% in the past year, while it is climbing 113% in the year to date.

For perspective, the ASX 200 has fallen nearly 3% in the last year.

This ASX lithium share has a market capitalisation of nearly $212 million based on the current share price.

Motley Fool contributor Monica O'Shea 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.

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