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Gunsynd PLC on Tuesday reported that its investee company, Charger Metals NL, announced a "positive operational update" after receiving certification for its Bynoe project.
Shares in Gunsynd were trading 12% higher at 0.45 pence each in London on Tuesday around midday.
Charger Metals, an Australian lithium and base metals exploration company, has received the required Mine Management Plan and Aboriginal Areas Protection Authority certificate approvals. This means it can make final drill preparations as its Bynoe project in Northern Territory, Australia.
The Bynoe lithium project is one of the principal assets in Charger's portfolio of exploration assets. Gunsynd said the asset was "one of the main reasons" it made its first investment in Charger in November 2020.
The project is located around 35 kilometres south west of Darwin with "excellent access via sealed roads and with nearby infrastructure".
It is enclosed by Core Lithium Ltd's Finniss project, which has a mineral resource of 18.9 megatonnes at 1.3% lithium oxide. Core Lithium has commenced construction and mining activities at the site and has announced that the sale of direct shipping spodumene ore will commence during the fourth quarter of 2022.
Director Peter Ruse said: "Gunsynd is pleased to inform shareholders of this operational update from Charger Metals. The Bynoe project has the potential to unlock enormous value via the maiden drill programme that has been until now held up via regulatory heritage approval process. Charger has two large priority targets in Megabucks and 7-up zones that will be explored via this drilling campaign over the current quarter."
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