Shares of Nevada Sunrise Metals experienced a significant surge on Tuesday morning after the company announced that estimates indicate the lithium deposits at its Nevada mine are larger than initially anticipated.
As of 11:10 a.m. ET, shares were trading 60% higher at 8 Canadian cents (6 cents).
The Toronto-listed lithium producer revealed that the inferred resource estimate at its Gemini lithium project amounts to approximately 1.3 million metric tons of lithium, or 7.1 million tons of lithium carbonate equivalent. These figures are contained within 1.2 billion tons of lithium-mineralized clay, with an average grade of 1,130 parts per million lithium.
Within the next 45 days, Nevada Sunrise plans to file a technical report encompassing various aspects such as a detailed review of completed exploration programs, the inferred resource estimate, interpretations and conclusions, and recommendations for future work.
Warren Stanyer, Chief Executive of Nevada Sunrise, expressed his satisfaction stating, “We are very pleased that the maiden resource estimate has exceeded expectations. With only five holes drilled to date in just 15% of the project area, Gemini has emerged as one of the world’s largest lithium resources and the fourth largest in the United States.”