It has been an excellent day for the Green Technology Metals Ltd (ASX: GT1) share price on Tuesday.
At one stage today, the Canada-based lithium explorer’s shares were up as much as 30% to a record high of 68 cents.
The Green Technology Metals share price has since pulled back a touch but remains up 18% to 61.5 cents currently.
Why is the Green Technology Metals share price rocketing higher?
Investors have been bidding the Green Technology Metals share price higher today amid optimism over impending drilling results.
The company recently announced the commencement of drilling activities at the North Aubry deposit within its Seymour Project in Ontario, Canada.
This Phase 1 program comprises a planned 11 holes for approximately 3,500m and is designed to evaluate both along-strike and up to 150m down-dip extensions of the Aubry North deposit that are currently open and untested.
Management notes that examples of these extensional targets include the final step-out drill hole at North Aubry under its previous owner, Ardiden Limited, which returned 40m @ 2.4% Li2O.
And while completion of the Phase 1 drilling at Seymour is scheduled for March, the company revealed on social media that it is expediting some assays. This could mean early to mid January the company will give investors a taste of what’s to come from the full drilling results.
Management certainly appears optimistic on its prospects at the Seymour Project.
In December, Chief Executive Officer Luke Cox commented: “We are excited to be commencing drilling at Seymour so rapidly. This outcome is a direct result of what has been achieved by both our Canadian and Australian operational and technical personnel in recent months.”
“Our aspirations for the Seymour Project are substantial and clear – and we deeply believe in the significant exploration upside to underwrite them. Building lasting local partnerships, testing our advanced exploration model, and generating shareholder value in doing so, is our immediate focus there,” he added.
The post The Green Technology Metals (ASX:GT1) share price jumped 30% to a record high today appeared first on The Motley Fool Australia.
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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 Bruce Jackson.
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