The Greentech Metals Ltd (ASX: GRE) share price is shooting out the lights today.
The microcap ASX lithium stock closed on Friday trading for 10.5 cents per share.
Greentech stock entered a trading halt on Monday at the company's request, and rocketed higher after emerging from that halt this morning.
Shares were changing hands for 40.5 cents in morning trade, putting the Greentech share price up an eye-popping 286%.
At the time of writing, shares are trading for 39 cents apiece, up 266%.
Here's what's spurring investor interest in the ASX lithium share.
Image source: Getty Images
Why is this ASX lithium share rocketing higher?
Investors are sending the Greentech share price through the roof today after the ASX lithium explorer reported some very promising results at its 100% owned Ruth Well Project, located in Western Australia.
The results from rock chip samples have confirmed the presence of spodumene-bearing pegmatites. If you're not familiar, spodumene is a lithium aluminium silicate mineral.
Greentech announced that results from the 22 reconnaissance rock chip samples submitted for analysis to date have returned "encouraging grades of lithium mineralisation" measuring up to 1.65% Li2O.
Potentially indicating some significant growth potential, the company also noted that the Ruth Well pegmatite bearing zone was up to 200m wide and traced for 6km strike. And the zone remains open in all directions within its tenements.
What did management say?
Commenting on the initial results sending the Greentech share price soaring, executive director Thomas Reddicliffe said:
The West Pilbara region is continuing to attract significant interest from listed companies and investors and Greentech has secured a strategic and highly prospective foothold…
This discovery in WA's new lithium hot spot, combined with the company's advanced Whundo Copper Project, where we recently reported a significant resource upgrade, positions Greentech as a rapidly emerging critical metals business with an advanced project pipeline.
The ASX lithium explorer said it was preparing programs of work (PoWs) for a maiden reverse circulation (RC) drilling program at Ruth Well.
The drilling commencement remains subject to relevant approvals.
Greentech share price snapshot
Greentech is a relative newcomer to the ASX, having listed on 4 January 2022.
The company's initial public offering (IPO) raised $5 million at 20 cents per new share.
Shares raced higher over the following weeks, closing at 37 cents on 21 January 2022.
That remained the all-time high for the Greentech share price until today.
