The American Pacific Borates Ltd (ASX: ABR) share price is slipping in early afternoon trade, down 3.81% to $2.27 per share.
But a little profit taking shouldn't come as a surprise.
Since last Monday's (8 November) closing bell, American Pacific Borates shares have surged 33%, even with today's retrace.
Below we take a look at what's been driving ASX investor interest in the ASX resource explorer.
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What's been supporting the American Pacific Borates share price this past week?
American Pacific Borates shares have been supported by 2 price sensitive announcements released by the company in recent days.
Last Thursday, American Pacific reported it had prepared an SEC compliant, S-K 1300 Mineral Resource Estimate (MRE) to support its US listing.
American Pacific's CEO Henri Tausch noted, "This is another important milestone completed in our process to become US listed." Tausch added that the process resulted "in an 85% increase in Measured and Indicated Mineral Resource Estimate from 59 million tonnes to 108 million tonnes."
According to the release, this revealed the potential for significant boron and lithium upside, provided all of the ore body can be mined.
The ASX resource explorer closed 4.9% higher on the day.
What else did the company announce?
The ASX resource explorer received another boost yesterday when it reported core dissolution test-works resulted in a higher head-grade assumption.
ABR said its new mine plan envisions the entire ore body mined with a 0% cut-off grade.
Commenting on the new mine plan, Tausch said:
The company has delivered another very important milestone on our path to becoming a globally significant producer of boron and boron specialty advanced materials in the US. Our new mine plan has confirmed an increase in boric acid head-grade and the ability to mine the entire the ore body, resulting in over 2.5 times the amount of boron production contemplated in the eDFS [enhanced Definitive Feasibility Study].
American Borates finished up 5.8% yesterday.
American Pacific Borates share price snapshot
Over the past 12 months, the American Pacific Borates share price has surged 169%, well outpacing the 16% gains posted by the All Ordinaries Index (ASX: XAO) during that same period.
American Pacific shares are up 44% over the past month.
