WR1 Winsome Resources

WR1 Winsome Resources

WR1 overview

Winsome Resources Ltd is engaged in the exploration of lithium. The company’s established portfolio of exploration lithium projects is in the James Bay Region of Quebec Province, Canada. The company operates through five projects – Cancet,Adina, Sirmac-Clappier, Decelles, and Mazarac.

Winsome Resources is a spin-out of ASX favourite Metalstech Ltd (ASX: MTC). The newly formed company has taken over its parent company’s Canadian lithium assets.

That sees it exploring and developing 3 lithium projects in the Quebec Province. These are:

  • The Cancet Project, comprising 395 claims. It’s the most advanced of Winsome’s projects.
  • The Adina Project, which comprises 57 claims.
  • The Sirmac-Clapier Project, made up of 77 claims.
WR1

Price movement peaks & bottoms

Key events

Fool news

28 Oct 2022 breakout 28/10/22

Why did this ASX mining share just rocket 40% before being halted? This lithium stock popped then stopped on Friday.

  • The share price of ASX lithium explorer and developer Winsome Resources leapt 44% to 52.5 cents before being frozen on Friday
  • Its gains came on the back of news of drilling at its Adina and Cancet projects
  • Trading of the company’s stock is currently paused as it gears up to release another announcement

It’s been a tumultuous morning for the share price of lithium miner Winsome Resources Ltd (ASX: WR1).

It launched 44% in early trade on news of drilling at two Canadian prospects before being placed into a trading halt pending the release of another announcement.

Right now, the Winsome share price is frozen at 52.5 cents, 43.84% higher than its previous close.

That’s also 162.5% higher than the company offered its shares under its initial public offering (IPO) last year.  

The Winsome share price rocketed in early trade on Friday after the company announced a major find at its Adina project.

Drilling at the project has intercepted more than 160 metres of pegmatite below the well-mineralised Jamar discovery. The discovery was previously found to house grades of up to 4.89% lithium peroxide.

Meanwhile, of four drill holes completed at the Cancet project, three encountered pegmatite with notable, shallow intersections.

The remaining drill hole was completed in the project’s north-eastern corner. It intersected granitic/tonalitic pegmatite units to a depth of around 100 metres without significant lithologic changes.

Commenting on the news that drove the ASX mining share earlier today, managing director Chris Evans said:

These early intercepts, some of which appear to be significant pegmatite intervals, continue the positive stories developing at both Cancet and Adina.

The early success in intersecting these significant pegmatites at Adina has led us to add more holes to the drill program, taking the total expected drilling well over 5,000 metres.

Now, the market is awaiting further word from the $70 million lithium miner. No doubt all eyes will be on the ASX mining share after the anticipated announcement drops.

KiotX

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