The Liontown Resources Ltd (ASX: LTR) share price is taking off today following the company released its latest drilling results.
At the time of writing, the lithium developer's shares are trading 6.02% higher at $1.76.
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What did Liontown update the ASX with?
The Liontown share price is lifting today after the company confirmed "growth potential" at Buldania Lithium Project, Western Australia.
In its release, Liontown advised that it had received all assays from the recently completed drilling campaign.
This comprises 42 reverse circulation (RC) drill holes for a total of 6,338 metres, designed to test multiple targets. The results included shallow extensions to the Anna deposit as well as regional geochemical/geological targets within the Northwest prospect.
Key drilling highlights include:
Anna deposit:
- 3 metres at 1.1% Li2O from 36 metres (BDRC0189)
- 21 metres at 0.5% Li2O from 8 metres (BDRC0190)
- 17 metres at 1.1% Li2O from 18 metres (BDRC0193)
- 15 metres at 1.0% Li2O from 23 metres (BDRC0197)
- 4 metres at 1.6% Li2O from 45 metres (BDRC0197).
Liontown noted the shallow lithium mineralisation defined east and outside of the current Anna Mineral Resource Estimate. The new zone extends over a strike length of around 150 metres and 300 metres down-dip.
A review of these targets is in progress prior to committing to further drill testing.
Northwest prospect:
- 5 metres at 1.3% Li2O from 32 metres (BDRC0203)
- 10 metres at 1.1% Li2O from 48 metres (BDRC0203)
- 6 metres at 0.8% Li2O from 12 metres (BDRC0204)
- 3 metres at 1.1% Li2O from 189 metres (BDRC0205)
- 6 metres at 1.0% Li2O from 70 metres (BDRC0215).
The company stated that multiple spodumene-bearing pegmatites have now been intersected over a strike length of 800 metres with mineralisation open in all directions.
The company plans to conduct further drilling to determine the size and continuity of the mineralised pegmatites.
Management commentary
Liontown managing director and CEO Tony Ottaviano commented:
The recent drilling results demonstrates the potential for Liontown to continue to grow its 100%-owned, Western Australian-based lithium resource base, which includes the world-class Kathleen Valley Lithium Project.
The expanding Northwest Prospect presents an exciting opportunity for further follow up exploration and, along with the potential for incremental extension of the Anna Deposit, ensures that Buldania continues to emerge as an attractive asset.
Our in-house lithium exploration capability and expertise continues to deliver exploration success across our portfolio, building on the outstanding track record at Kathleen Valley.
Liontown share price snapshot
It has been an outstanding 12 months for the Liontown share price, climbing more than 330% for the period.
The company's shares reached an all-time high of $1.995 in November, before settling back since.
Based on today's price, Liontown commands a market capitalisation of roughly $3.78 billion, with approximately 2.19 billion shares on issue.
