Arkle Resources PLC's (AIM:ARK) shares surged 8% after the company confirmed lithium and magnesium deposits in its Makgadikgadi Salt Pans exploration project in Botswana.
Every single sample tested positive for lithium, a promising sign for further exploration.
While lithium levels were lower in this initial sampling, Arkle believes higher concentrations are likely elsewhere in its 937 sq. km licence area.
The real surprise? Significant magnesium levels, with eight samples exceeding 1% magnesium content.
Arkle says the metals could be extracted using Direct Lithium Extraction (DLE)—a method that’s cheaper and more environmentally friendly than traditional mining. The company now plans further exploration to assess the full potential of the site.
In early trading, the stock was up 0.025p at 0.35p.