Winsome Resources Ltd (ASX: WR1) shares are starting the week strongly.
In early trade, the ASX lithium stock is up 19% to $1.25.
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Why is this ASX lithium stock jumping?
Investors have been fighting to get hold of the lithium explorer's shares this morning after it released its maiden mineral resource estimate (MRE) for its 100%-owned Adina Lithium Project in the James Bay region of Quebec, Canada.
According to the release, the maiden inferred MRE at Adina is 59Mt at 1.12% Li2O across two adjacent large spodumene-bearing pegmatite zones with potential to be developed as one large mining operation.
However, the MRE may not stop there. It is currently based on 27,600 metres of drilling at an approximate spacing of 100 metre x 100 metre. The ASX lithium stock has five drill rigs now operating with over 25,000 metres of additional infill and extensional drilling awaiting assay, targeting a MRE upgrade in the first half of 2024.
It also highlights that it is well-funded to undertake over 50,000 metres of infill and step out drilling in 2024 at Adina.
'An historic moment'
The ASX lithium stock's managing director, Chris Evans, was very pleased with the news. He said:
Today's announcement of our maiden MRE marks a significant milestone for the Adina Lithium Project and is an historic moment for Winsome Resources. Just over a year ago, our first sampling expedition began at Adina, and it is a remarkable achievement by our exploration team to have since declared one of the largest hard rock MREs in North America.
We are excited at the prospect of updating this resource again in the first half of 2024, with assays to be received from over 25,000m of drilling to be completed prior to year-end. Winsome is one of very few lithium developers around the world with a large high-quality resource in a Tier 1 mining jurisdiction, which can integrate directly into the North American electric vehicle supply chain.
