The Piedmont Lithium Ltd (ASX: PLL) share price has been a very strong performer on Tuesday.
At the time of writing, the lithium-focused mineral exploration company's shares are up a sizeable 13.5% to 42 cents.
Why is the Piedmont Lithium share price zooming higher?
Investors have been buying the company's shares after it provided an update on its drilling campaign at the Piedmont Lithium Project in the United States.
According to the release, the company has expanded its current drilling campaign by an additional 25,000 meters. This will see three additional rigs arriving in the field in the coming weeks.
Management notes that the expanded drill program is designed to complete infill drilling on the core property with the objective of upgrading its mineral resource classification category for select areas. This will mean these areas move from inferred category to the measured and indicated categories.
What's next?
Piedmont intends to publish its mineral resource estimate update for the core property in the second quarter of 2021. After which, it is aiming to complete a definitive feasibility study (DFS) in mid-2021.
The company's President and CEO, Keith D. Phillips, is optimistic that the company is sitting atop an asset that will benefit greatly from the electric vehicle (EV) revolution.
He said: "We are excited to be aggressively expanding our drill program with five drill rigs soon to be in the field. Our dual objectives are to upgrade the current Inferred Resources within the Core Property to support our upcoming DFS, while also growing the overall scale of our mineral resource tonnage."
"The Carolina Tin-Spodumene Belt is one of the world's most prolific lithium belts and we are hopeful that we will ultimately delineate North America's largest spodumene resource, ideally located in North Carolina to power North America's clean energy storage and EV revolution," he concluded.
