The Winsome Resources Ltd (ASX: WR1) share price is on form again on Wednesday.
In afternoon trade, the lithium explorer's shares are up 6% to $1.92.
This means that its shares are now up over 850% since this time last year, as you can see below.
Image source: Getty Images
Why is the Winsome Resources share price rocketing?
Investors have been bidding the company's shares higher over the last 12 months thanks partly to excitement around the Adina project in Quebec, Canada.
This project is showing considerable promise. For example, Winsome Resources recently released further results from the Main Zone and the newly identified Footwall Zone at Adina.
The company's managing director, Chris Evans, was very pleased with the results. He said:
It is a pleasure to update shareholders with another drilling update containing further strong intersections of lithium mineralisation from the Main Zone at Adina as well as the recently discovered Footwall Zone. These results define high grades and good thicknesses of mineralisation within both zones which we are feeding into the mineralisation model for Adina as part of the early work for our maiden Mineral Resource Estimate later in 2023.
Evans also highlights that the results indicate that there could be more lithium hiding below. He adds:
It also opens the potential that there could be multiple parallel zones below the main bodies. The fires in Quebec have meant a temporary suspension in drilling however this offers the opportunity to plan the MRE infill drilling in detail for the remainder of the year. We continue to prioritise the safety of our team as we monitor the situation on the ground in Quebec.
All in all, these are exciting times for the company, so it isn't surprising to see the Winsome Resources share price recording such strong gains of late.
