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TG Metals Soar on Lithium Mineral Strike News at Lake Johnston

A huge hit of lithium for an ASX jnr has sent its stock flying Monday.

Shares in TG Metals were the darling of investors in Australia as the stock shot up 167%.

Initial drilling of the Burmeister lithium soil anomaly within the Lake Johnson Project has intersected spodumene bearing pegmatite with high grades up to 2.28% Li2O, the company said in a pre-market statement.

“Better results (provided in detail in Table A and Table C) include – • 9m @ 1.35% Li2O from 30m o including 1m @ 2.03% Li2O from 32m and 1m @ 2.21% Li2O from 37m • 9m @ 1.62% Li2O from 87m o including 1m @ 2.28% Li2O from 87m TG Metals CEO, Mr. David Selfe stated.

“These are exceptional initial drilling results especially since we have only tested such a small part of the soil anomaly. There appears to be multiple pegmatites with consistent widths of between 8 to 12 metres, that are completely mineralised with spodumene. The targeted soil geochemical anomaly is very large and remains open, particularly to the east. The next phase of drilling will begin shortly and is proposed to test both the lateral and depth potential of this lithium pegmatite system. We are planning for an immediate follow up drilling campaign,” the company said.

Lithium is one of the hottest commodities in the world right now, with Western Australia home to a frenzy of activity in recent weeks. 

Global multi-nationals are scrambling to supply the market with lithium as EVs take off. 

Mining oligarch Gina Rinehart has been at the centre of the action in recent weeks, buying blocking stakes in ASX lithium players. The moves have prevented massive billion dollar deals by multi-nationals to exploit Western Australian lithium resources.

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