12:03 PM EDT, 05/27/2021 (MT Newswires) -- Neo Lithium (NLC.V) were up more than 6% after the company on Thursday said exploration drilling at its 3Q Lithium Project in Argentina tapped into a high-grade brine aquifer.
The company said brine was found in sediments from 11 meters below the surface to 362 meters under the surface. The well was cased and pumped at 30 cubic meters per hour in the first 24 hours of testing and 40 cubic meters per hour in the second 24 hours. It is awaiting analysis of the aquifer's lithium content.
"We are pleasantly surprised with the result of our drilling and the manner in which the northern high-grade zone extends both deeper and off-strike," chief executive Waldo Perez said in a release.
The company is preparing a new resource estimate for the 3Q project, adding the resource from its latest discovery and two other new wells in the main target area. It is expected to be released by the end of June.
Neo Lithium shares were last seen up C$0.16 to C$2.65 on the TSX Venture Exchange.
Price: 2.69, Change: +0.20, Percent Change: +8.03