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Up 164% in a day: Is Greentech Metals (ASX: GRE) finally out of its long downtrend?

Wed 03 May 23, 10:00 AM | Team Kalkine

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After being in a long downtrend, Greentech Metals Limited (ASX: GRE) shares saw a whopping rally of over 164% on Wednesday, 3 May 2023. With Wednesday's rally, GRE shares have narrowed their 1-year loss to nearly 10%. Worth mentioning here is GRE shares have been falling since August 2022 and made a 52-week low of AUD 0.070 on Tuesday, 2 May 2023.

Wednesday's rally in the materials stock was triggered after the company announced assay and DHEM survey results from the follow-up drill program completed at the Austin prospect in February. Austin is part of the greater Whundo Cu-Zn project. As per the announcement, hole 23GTRC001 drilled at the Austin prospect revealed a copper-dominant mineralised horizon with significantly increased thickness and grades up to 5.4% Cu.

During the drilling programme, "elevated gold and cobalt were also intercepted," the company said. GRE further said the new assays indicate a threefold thickening of the Austin mineralised zone, which is consistent with Austin being a separate mineralising event to the overlying Whundo (East) resource. As per the company, these results are "extremely encouraging" given the significant results for both thickness and grade.

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