The Infinity Lithium Corporation Ltd (ASX: INF) share price is soaring today after the company released news of its San José Lithium Project.
Metallurgical test work has produced bench-scale battery grade lithium hydroxide monohydrate and lithium carbonate from San José’s lithium products.
Right now, the Infinity Lithium share price is trading at 13 cents, 8.7% higher than its previous close.
Let’s take a closer look at the news driving the European lithium producer’s share price today.
Battery grade lithium produced
The Infinity Lithium share price is taking off on news of positive metallurgical test work.
The products of the company’s 75% owned San José are able to produce battery grade lithium products.
As a result, the company has begun offtake discussions with automakers and lithium-ion battery producers.
According to the company, San José’s location in Spain means it’s ready to supply lithium products to the European battery industry and related Spanish industries.
Additionally, the findings have successfully advanced Infinity Lithium’s alternative processing method for lithium bearing minerals and mineral concentrates. The company’s method is undergoing a feasibility study conducted by Dorfner’s Anzaplan. Patent applications for the process are pending.
The company is also undertaking a review of alternative extractive technologies. The review will find the best process for commercial development.
The review found 2 new and potentially feasible processes that could improve the process’ performance, cost, environmental and social requirements, as well as complexity.
Infinity Lithium has begun a laboratory-scale test work program to test the feasibility of these processes. However, it will make sure the work won’t come at the expense of its feasibility study or the delivery of lithium chemicals requested by offtake parties.
Infinity Lithium share price snapshot
Today’s gains haven’t been enough to boost the Infinity Lithium share price back into the ASX green.
Right now, the company’s share price is 26% lower than it was at the start of 2021.
However, it is 38% higher than it was this time last year.
The post Infinity Lithium (ASX:INF) share price leaps 9% on project update appeared first on The Motley Fool Australia.
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Motley Fool contributor Brooke Cooper 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 Bruce Jackson.
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