The Essential Metals Ltd (ASX: ESS) share price has been a positive performer on Thursday.
In morning trade, the lithium explorer's shares were up as much as 6.5% to 56.5 cents.
The Essential Metals share price has since pulled back but remains 2% higher at 54 cents currently.
Why is the Essential Metals share price charging higher today?
The catalyst for the rise in the Essential Metals share price has been the release of an update on the Pioneer Dome Lithium Project.
According to the release, the company's ~9,000m resource extension drilling programme commenced in mid-May with four reverse circulation (RC) pre-collars completed to date and the diamond rig expected on site in June.
After which, diamond drilling is expected to commence shortly after, with the first drill core from the down-plunge interpreted pegmatite zone of the Cade deposit expected to be available by end-June.
Drilling is ultimately expected to be completed by mid-August, subject to rig scheduling and drilling productivity rates.
In addition, the company advised that assays from the exploration and metallurgical diamond drill programme completed in the March quarter are now expected by mid-June instead of the end of May. Metallurgical test work will commence upon the receipt of these assays.
All in all, management expects these activities to underpin an update and likely expansion of the lithium mineral resource estimate (MRE) for Pioneer Dome and the commencement of a scoping study in the December quarter.
Essential Metals Managing Director, Tim Spencer, commented:
We are working hard to maintain our timelines, notwithstanding the bottlenecks and delays being experienced with drill rigs and assays due to the exceptionally high levels of activity in the WA resource sector. Despite these challenges, the pivotal resource expansion program is underway and gathering momentum.
The MRE extension drill programme, together with assays from the drilling completed earlier this year and the upcoming metallurgical test work programmes, have the potential to rapidly transform Essential from lithium explorer to developer.
