2022 has been a milestone year for the share price of battery metals focused ASX newbie Belararox Ltd (ASX: BRX).
The minerals explorer only recently listed on the index, floating on 28 January after offering its shares for 20 cents apiece under its initial public offering (IPO).
That means initial investors have likely had their socks blown off between then and now.
At the time of writing, the Belararox share price is $1.20 – 500% more than the company's IPO offer price.
That's despite the stock suffering a 14.48% tumble in Friday's session and slipping another 2.82% today.
So, what's the latest news from the battery metals explorer? Let's take a look.
What's been going on with this ASX battery metals share?
The Belararox share price has had a rollercoaster performance over the last few days.
The stock surged through the middle of last week, amping up its performance on Wednesday and Thursday, gaining approximately 18% on both days.
Then, on Friday, it suffered a downturn, tumbling around 14.5%.
So, what's been driving the zinc, copper, gold, silver, nickel, and lead explorer's stock over the last few sessions? It appears to be news of Belararox's Belara Project.
The company announced it had mapped potentially significant new targets at the project on Wednesday.
The additional targets seemingly support the company's expectation that the project is home to greater resources than previously noted.
The project was previously found to house copper, lead, zinc, silver, and gold.
A gradient array IP survey was responsible for finding the new targets.
They include the potential for extensions to the massive sulphide mineralisation at the project's Belara and Native Bee mines. The survey also identified a new kilometre-long anomaly to the south of Native Bee.
The ASX-listed battery metals explorer's managing director Arvind Misra said the newly identified strike extensions and targets will be tested by drilling. Misra continued:
The intention of our maiden drill campaign is to upgrade the existing resource at Belara. We feel there is immense inherent value within Belara that is not currently encapsulated by the historical resource, and we look forward to systemically exploring to reveal that potential. It appears our drill rigs will remain busy beyond the current program.
Belararox share price snapshot
The Belararox share price is back in the red today despite the broader market's gains.
Right now, the ASX battery metals explorer's stock is trading at $1.20, 2.8% lower than its previous close.
Meanwhile, the S&P/ASX 200 Index (ASX: XJO) has gained 0.21% and the All Ordinaries Index (ASX: XAO) is up 0.17%.
