Why did the Greentech Metals share price just explode 146% before being halted?

rocket taking off indicating a share price riserocket taking off indicating a share price rise

The Greentech Metals Ltd (ASX: GRE) share price boomed this morning before grinding to a halt.

The company’s shares jumped 146% to 35.4 cents before being placed on ice. For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) is climbing 0.86% today.

Let’s take a look at what’s going on at Greentech Metals.

What’s going on at Greentech Metals?

Greentech Metals shares exploded earlier today on the back of strong copper and zinc results.

However, the explorer has since entered a trading halt pending “clarification” of today’s announcement.

Before the trading halt, Greentech Metals reported high-grade copper and zinc mineralisation at the Whundo project. This is located 40km from Karratha in the west Pilbara region of Western Australia.

Assay results showed “broad mineralised zones” with a range of high-grade intercepts at five of the drill holes.

Copper and zinc mineralisation extended beyond the resource envelope. Gold grades of up to 3.34 grams per tonne of gold were also found among the copper zones.

Commenting on the news, executive director Thomas Reddcliffe said:

Results from the initial laboratory assays received to date confirm the high-grade tenor of
copper and zinc mineralisation at Whundo which is at the core of a much broader copper
and zinc mineralised system.

Pleasingly, the Whundo mineralisation carries notable gold grades, which as a credit, further enhances the potential economics of the project.

Greentech Metals will be in a trading halt until the clarification is made. The company expects this to be prior to market open on 20 June.

Greentech Metals share price snapshot

The Greentech Metals share price has jumped nearly 73% year to date, while it has soared 109% in the past month.

For perspective, the benchmark ASX 200 materials index has climbed nearly 2% year to date.

Greentech Metals has a market capitalisation of about $10.8 million based on its current share price.

The post Why did the Greentech Metals share price just explode 146% before being halted? appeared first on The Motley Fool Australia.

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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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