The Core Lithium Ltd (ASX: CXO) share price is on the move on Thursday morning.
At the time of writing, the lithium developer's shares are up 6% to a record high of $1.34.
Why is the Core Lithium share price rising today?
The catalyst for the rise in the Core Lithium share price today has been the release of an exploration and drilling update from the Finniss Lithium Project near Darwin in the Northern Territory.
Core Lithium's exploration team has been busy over the last drilling season, focusing on mineral resource growth and conversion and regional exploration to extend mine life and lay the foundation for production expansion within the broader Finniss Lithium Project over the medium term.
Today's update provided the market with the results from drill assays received for drilling undertaken at a number of prospects and early-stage regional exploration targets within the southern tenements of the project area.
What did it report?
As you might have guessed from the Core Lithium share price performance today, these drilling results have been very promising.
According to the release, ten reverse circulation drill holes were completed at the Bilatos prospect. "Excitingly", as management described it, most holes intersected significant lithium grades and consistent thicknesses of pegmatite in the first drilling.
One disappointment, though, was that the company didn't have any success with its regional exploration. The release advises that 17 holes were drilled but there were no significant lithium intercepts.
Nevertheless, Core Lithium's Managing Director, Stephen Biggins, remains positive on the future.
He commented: "The latest results confirm our view of the prospects drilled at the Finniss Project, and we look forward to reporting the new results as they come to hand. With the wet season nearly behind us, we are planning an active exploration drilling program at Finniss over the coming months."
