Shares in Zinnwald Lithium PLC (LSE:ZNWD, OTC:ZNWLF) climbed over 30% on Wednesday morning after the firm unveiled a massive resource expansion for its project in eastern Germany.
Zinnwald’s site in Saxony is now estimated to house 429 kilotons of lithium-containing granite, compared to a previously anticipated 125 kilotons, the firm reported, at a 0.736% grading.
This was after new diamond core drilling across 84 holes was carried out and a broader zone of mineralised granite was incorporated into the site.
According to chief executive Anton du Plessis, the updated resource estimate makes the project “the second largest hard rock lithium project by both resource size and contained lithium in the EU”.
Shares climbed 31.8% to 7.05p.