Corcel PLC (LSE:CRCL) started Wednesday’s trading on the front foot following news of a potential asset acquisition, with the company taking an option over an Australian lithium project.
The AIM-listed firm has inked a 30-day exclusive option with Huntsman Exploration Inc to acquire 100% of the lithium rights at the Canegrass lithium project, which is described as exploration land adjacent to Aldoro Resources Ltd (ASX:ARN)'s Wyemandoo pegmatite project in Western Australia.
"We are delighted to rapidly follow our recent acquisition and subsequent farm out of Mt Weld, with an option to acquire a second high-quality Australian battery metals asset,” chief executive Scott Kaintz said in a statement.
“The Canegrass Lithium project, which sits next to (and could be an extension of) Aldoro's existing pegmatite project, has generated rock chip sample grades of up to 2% Li20 and rubidium grades of up to 1.8% and is ripe for near term high impact drill activity.
“Meanwhile, the market for lithium remains buoyant with prices well above multi-decade historical norms."
In London, Corcel shares immediately traded up to 0.33p, its highest point in the year to date, following the news and whilst cooling after an hour of exchanges was up 3.68%, changing hands at 0.3p per share.
Corcel shares are now up some 23% so far in 2023.