Divest Resources (ASX:PR1) has announced a significant lithium find at their project in Sweden, with LIBS results revealing an impressive 11.7% lithium concentration. This discovery brings renewed excitement to the lithium market, as demand for this essential mineral continues to rise in various industries including electric vehicles and renewable energy storage.
The company’s Executive Chairman, Patric Glovac, highlighted the presence of three known spodumene pegmatite occurrences near the project site, potentially indicating a substantial volume of lithium. These occurrences have been validated through drilling and are located just a few hundred meters east of the license area boundary. This finding strengthens the prospects for future extraction and positions Divest Resources as a key player in the lithium sector.
Investor enthusiasm has been evident as shares in Divest Resources experience a sharp surge, currently trading 64.71% higher at 28 cents. This surge reflects market confidence in the potential value of the lithium find and the company’s ability to capitalize on it.
As the demand for lithium remains strong, Divest Resources’ recent discovery could have significant implications for the company’s future growth and profitability. The surge in lithium prices, coupled with a sustainable and efficient extraction process, could position Divest Resources as a leading producer of this critical mineral.
1. What is LIBS?
LIBS stands for Laser-Induced Breakdown Spectroscopy, a technique used to analyze the elemental composition of a sample by subjecting it to laser pulses and measuring the resultant spectroscopic emissions.
2. What is spodumene?
Spodumene is a lithium-rich mineral commonly used as a primary source for lithium extraction.
3. Why is lithium in high demand?
Lithium is an essential component in rechargeable batteries, making it crucial for the growing electric vehicle and renewable energy industries.
(Source for definitions: Minerals Education Coalition)