ASX lithium share Winsome Resources Ltd (ASX: WR1) is on a tear today.
In early morning trade shares in the lithium explorer are up 21.6% to $1.52 per share.
Hereâs whatâs piquing ASX investor interest today.
Whatâs driving the ASX lithium share higher?
The Winsome Resources share price is leaping higher after the company reported initial assay results from its Adina project in Quebec, Canada show âimpressiveâ lithium mineralisation.
The results, from a single hole in the ASX lithium shareâs ongoing diamond drilling campaign, recorded 1.34% Li2O over 107.6 metres. This included high-grade intersections of up to 2.21% Li2O over 30.0 metres from 41.0 metres to 71.0 metres.
As of 18 December, the explorer had completed 3,860 metres of drilling across 20 holes. This enabled it to define a large body of mineralised pegmatite over a strike length of 550 metres.
Commenting on the results sending the ASX lithium share surging today, Winsome Resources managing director, Chris Evans, said:
It is fantastic to see these impressive levels of lithium mineralisation in drill hole AD-22-005 which provide proof of the companyâs previous visual estimates of mineralisation. Having an average of 1.34% Li2O for over 100 metres of pegmatite from surface speaks of a world-class lithium project and paves the way for the much expanded drill program we now have planned at Adina.
Addressing the pending assays from previously drilled holes, Evans added, “It is also very encouraging for the other impressive pegmatite intersections and visual estimates from drilling of subsequent holes up until the Christmas break.”
Winsome Resources said it will report on more assays from those visual lithium mineralisation estimates and core drilling in the next few weeks.
The ASX lithium share also announced it will extend its drill campaign at Adina from the previously planned 5,000 metres to at least 20,000 metres.
Winsome Resources share price snapshot
The Winsome Resources share price has been a strong outperformer over the past six months.
Since 6 July, the ASX lithium share has rocketed an eye-popping 660%. Its 12-month gains, as you can see in the chart below, come in at an impressive 311%.
The post Why ASX lithium share Winsome Resources is surging 22% today appeared first on The Motley Fool Australia.
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Motley Fool contributor Bernd Struben 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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