The C29 Metals Ltd (ASX: C29) share price is having a day to remember on Tuesday.
In afternoon trade, the ASX lithium share is up a whopping 42% to 27 cents.
Why is this ASX lithium share rocketing?
Investors have been fighting to get hold of this ASX lithium share following the release of a drilling update from Pocitos 7 in Argentina.
According to the release, drilling at Pocitos 7 in the province of Salta, Argentina has concluded at 420 metres with a packer test intercepting a deep aquifer from 370 metres to 400 metres.
The release notes that a flow test was conducted through a 49mm pipe with a submersible pump and achieved a pumping rate in excess of 2,000L an hour.
Brine samples were then obtained over a three-hour pumping period, with separate sample lots then sent to SGS and Alex Stewart laboratories in Salta. In addition, a sample was sent to the University of Melbourne for testing using the Ekosolve direct lithium extraction process that the company has licenced.
Laboratory assay results are expected in 7 to 14 days.
'Extremely pleased'
C29's director, Jeremy King, was very pleased with the news. He commented:
We are extremely pleased to intercept brines and have hit a 30m plus aquifer zone at Pocitos 7 and have such a healthy pump rate particularly given the size of the pipe and pump utilised. The team are currently conducting SG measurements on the brine and we await the laboratory analysis to determine lithium content. Subject to those results, we intend to continue our exploration program with a view to rapidly establishing a mineral resource estimate at Pocitos 7.
