Energy solutions group 92 Resources Corp (CVE:NYT) saw shares race up over 9% on Monday as it unveiled highly positive results from testwork on the pegmatites at its Hidden Lake lithium project in Canada.
Scoping testwork saw overall extraction of 97% achieved, the firm said.
This indicates that the industry standard lithium extraction techniques applied to typical spodumene concentrates could be applied to those concentrates produced from pegmatites at Hidden Lake, the Toronto- listed group said.
"We continue to be encouraged by these excellent results from the preliminary metallurgical program being carried out at SGS," said chief executive Adrian Lamoureux.
"The project has now been significantly derisked through the high-quality, low-iron spodumene confirmed to be present at Hidden Lake, as well the high lithium extractions that may be expected using standard methods."
Hidden lake lies within the central parts of the Yellowknife lithium pegmatite belt, along Highway 4, around 40 km east of Yellowknife.
Today's news follows the production of the high-grade spodumene-montebrasite concentrate (6.16% lithium dioxide) produced during preliminary metallurgical testwork earlier this year.
After that, several scoping lithium extraction tests were completed in a bid to determine if the industry standard lithium extraction techniques applied to a typical spodumene concentrate would be effective.
Namely, that method is roasting followed by acid baking and water leaching.
Shares gained 9.09% to C$0.12.