Tearlach Resources Limited shares jumped 13% to $0.34 Tuesday, on volume of more than 1.2 million shares, after the Canadian exploration company announced rush assay results for the first set of 5 out of 11 holes from its Phase 1 drill program at the Gabriel project in Nevada, saying the drill holes contained broad mineralization zones with intervals exceeding 1,000 parts per million (ppm) lithium and grades up to 1,460 ppm.
Tearlach also said the twinned drill holes showed grades up to 85% higher than its joint venture partner Blackrock Silver's (BRS) program in the mineralized zones.
Gabriel borders American Lithium Corp (TSX-V:LI)’s TLC deposit, and shows similar lithium-bearing lithologic horizons and similar potential to host a significant lithium deposit, according to the company.
“These results, along with the wide-spaced step-out holes that remain to be reported, demonstrate the project's high-grade and thick zone potential over a large area,” Tearlach Resources CEO Morgan Lekstrom said in a statement.
“With Tearlach’s team seeing many similarities (to American Lithium's deposit), Gabriel could quickly advance to a similar state of development with a resource planned by year-end,” he added.
The company added that it is encouraged by the fact that the lithium mineralization intersected in the holes expands the footprint of drilled mineralization into the western portion of the Gabriel property.
Contact Sean at sean@proactiveinvestors.com