It's been a tumultuous morning for the share price of lithium miner Winsome Resources Ltd (ASX: WR1).
It launched 44% in early trade on news of drilling at two Canadian prospects before being placed into a trading halt pending the release of another announcement.
Right now, the Winsome share price is frozen at 52.5 cents, 43.84% higher than its previous close.
That's also 162.5% higher than the company offered its shares under its initial public offering (IPO) last year.
So, what got the market so excited about the ASX mining share on Friday? Keep reading to find out.
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Why did this ASX mining share pop then stop on Friday?
The Winsome share price rocketed in early trade on Friday after the company announced a major find at its Adina project.
Drilling at the project has intercepted more than 160 metres of pegmatite below the well-mineralised Jamar discovery. The discovery was previously found to house grades of up to 4.89% lithium peroxide.
Meanwhile, of four drill holes completed at the Cancet project, three encountered pegmatite with notable, shallow intersections.
The remaining drill hole was completed in the project's north-eastern corner. It intersected granitic/tonalitic pegmatite units to a depth of around 100 metres without significant lithologic changes.
Commenting on the news that drove the ASX mining share earlier today, managing director Chris Evans said:
These early intercepts, some of which appear to be significant pegmatite intervals, continue the positive stories developing at both Cancet and Adina.
The early success in intersecting these significant pegmatites at Adina has led us to add more holes to the drill program, taking the total expected drilling well over 5,000 metres.
Now, the market is awaiting further word from the $70 million lithium miner. No doubt all eyes will be on the ASX mining share after the anticipated announcement drops.
