Capital Mining to drill test areas of high grade lithium assay results at Wolfhound
Capital Mining (ASX:CMY) announced on Friday that the next phase of exploration at its Wolfhound lithium project in the Republic of Ireland will start immediately with the program testing areas that delivered high-grade assay results during the first phase field program.
The Wolfhound project is located adjacent to International Lithium Corp’s (ILC) joint venture Avalonia lithium project with China’s largest lithium producer, Ganfeng Lithium. Management also noted today that due diligence on its recently announced prospective cobalt acquisition (Scotia cobalt nickel project located in Western Australia) is progressing well, with a market update imminent.
Confirmation of the acquisition of Scotia should be well received by investors given the sharp share price response as illustrated below when the purchase was flagged on March 9.
It should be noted that historical data in terms of earnings performance and/or share trading patterns should not be used as the basis for an investment as they may or may not be replicated. Those considering this stock should seek independent financial advice.
Looking specifically at the Wolfhound project, CMY’s maiden exploration program was successful in identifying lithium bearing pegmatites at the priority Ballon and Borris prospects.
Assay results from the first phase field work included an outstanding high grade rock chip assay of 2.47% lithium dioxide at the Borris prospect.
Should the company be able to provide further assay results in the vicinity of 2%, it is likely that the Wolfhound project will attract the interest of investors looking for an early stage project in the lithium space.
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