The share price of Greenstone Resources rose 21% on Monday, after the company published “outstanding” cobalt, nickel and scandium results from its recent drill campaign at its Mt Thirsty joint venture (MTJV) in Western Australia.
The campaign identified three discrete zones, including the upper nickel/cobalt/manganese/scandium horizon, middle platinum group elements (PGE) horizon and lower nickel horizon.
In the upper horizon, drill hole MTRC011DA returned its sixth best cobalt intercept in Australia for 2022. The hole delivered 15 m at 0.45% cobalt, 0.91% nickel, 5.42% manganese and 40.9 g/t scandium from 45 m.
Scandium is a critical mineral, currently selling for $930 930/t and is essential for hydrogen fuel cells.
The current Phase I drill campaign was principally focused on testing the deeper ultramafic sill horizons at Mt Thirsty, including any potential extensions to the recent PGE Callisto discovery by Galileo Minin, located less than 200 m from the MTJV’s northern tenement boundary.
Greenstone noted that it was considering options to consolidate the MTJV ownership structure to support an initial public offering.
The company's stock closed at A$0.034 a share on Monday.