Why Has Industrial Minerals Share Price Surged by 100%?
A company in Western Australia sees a significant increase in its share price after acquiring a stake in a quarry with mineral rights
Share Price Surge
Industrial Minerals Ltd (ASX:IND) has experienced a significant 100% increase in its share price after the announcement of its deal with North West Quarries. The deal includes the acquisition of an 80% interest in non-construction mineral rights, including lithium and high purity quartz (HPQ), at the Pippingarra quarry operating near Port Hedland.
Acquisition and Exploration of Mineral Rights
The company, based in Western Australia, is exploring for lithium in the established lithium province of Pilbara. Industrial Minerals has recently secured an option to acquire an 80% interest in the non-construction material mineral rights to the operating Pippingarra Quarry, which includes lithium and HPQ.
Positive Market Response
The management of Industrial Minerals believes that the drilling at the Luni carbonatite will make a substantial contribution to the maiden mineral resource estimate for Luni. This estimate is targeted to be completed in the first half of 2024. The ongoing reverse circulation and diamond drilling efforts have already covered nearly 26,000 meters this year at Luni.
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The company is expecting a steady stream of assay results in the coming months.
As a result of its strong drilling results and strategic acquisition, the share price of Industrial Minerals has seen a 175% increase, reaching $1. 10 as of November 12, 2023.
Conclusion
The recent surge in Industrial Minerals' share price can be attributed to its acquisition of an 80% interest in non-construction mineral rights, including lithium and HPQ, at the Pippingarra Quarry. Additionally, the company's exploration efforts in the established lithium region of Pilbara have yielded strong drilling results. Investors are closely monitoring the company and eagerly awaiting further assay results from the exploration efforts at Luni.
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