Today was a doozy for Standard Lithium. Not just that company though; it was a big day for mining penny stocks (especially lithium penny stocks) as well.
In this article, however, we’ll be focusing solely on Standard Lithium. For over a year, the Vancouver-based company has been developing and testing lithium extraction procedures on Smackover brines in Arkansas. It has been a long time coming, but on Wednesday, September 12th, Standard Lithium (TSXV:SLL) provided the masses with a processing and pilot plant update for its Arkansas project site.
Not only was it a positive update, but the SLL stock went soaring on the news, making it one of the top mining penny stocks of the day.
Standard Lithium Pilot Plant Update
Standard Lithium is a Canadian company that both explores and develops lithium brine properties in the United States. Its flagship project is the southern Arkansas project.
According to today’s press release, SLL has adequately tested the process flowsheet. The company also said it is now at the stage where it can allow “procurement” as well as “fabrication” to begin on the “full-scale Pilot Plant.”
At the project, a Mini-Pilot Plant has been in operation. During the time of operation, this lithium penny stock company announced that the plant demonstrated that lithium is eligible to be “selectively extracted” from the Smackover brine. That and lithium can be turned into a “concentrated and substantially purified” lithium chloride solution.
That’s not all, though. Standard Lithium said Wednesday that it has been conducting testwork to “selectively crystallize ‘battery-grade’ lithium carbonate” from the company’s concentrated lithium chloride solutions.
Below is the figure provided in the lithium company’s pilot plant update:
- Testwork has made high purity lithium carbonate material (“>99.5% purity”)
The Standard Lithium Share Price
As mentioned, the Standard Lithium pilot plant update sent the SLL stock flying. As in a more than 15% jump.
At closing time, the company was trading at $1.34 on the TSXV, which means the stock closed up 18.58%.
Meanwhile, on the OTCQX market, Standard Lithium closed up 22.47%.
What do you think about both the update and the SLL stock increasing today? Can this lithium penny stocks company keep it up?
Featured Image: Depositphotos/© Rawpixel