09:37 AM EDT, 04/12/2024 (MT Newswires) -- NOA Lithium Brines ( NLIBF ) , whose shares rose 4.5% yesterday, was up another near 9% early on Friday -- from near 52 week low levels -- after reporting "positive" results in its search for lithium at the fifth hole of the phase 1 diamond drill program at the Rio Grande project in Argentina.

NOAL said it found lithium brine starting at just one meter below the surface, indicating the area's "vast potential". The upper 350-meter portion of the drill hole had an average concentration of 464 mg/l lithium, while the remainder of the hole averaged a high-grade concentration of 474 mg/l lithium. The highest-grade concentration at 607 mg/l lithium was found at 203 meters.

"We are now focused on the next stages where we expect to expand the resource drilling areas not explored yet and start our pumping holes campaign to support the development of the project," CEO Gabriel Rubacha said.

The company expects to start the next stage of drilling this quarter.

Price: 0.25, Change: +0.02, Percent Change: +8.70