The Lithium Plus Minerals Ltd (ASX: LPM) share price has been a standout performer on Wednesday.
At one stage today, the lithium explorer's shares were up as much as 56% to 46 cents.
The Lithium Plus Minerals share price has since eased back a touch but remains up 39% to 41 cents.
Image source: Getty Images
Why is the Lithium Plus Minerals share price rocketing higher?
Investors have been bidding this lithium share higher today following the release of a positive announcement.
According to the release, the company's Mining Management Plan (MMP) for its flagship Bynoe Lithium Project has been approved by the Northern Territory Department of Industry, Tourism and Trade.
The authorised activities cover the key Bynoe Lithium Project tenements of EL31133 and EL31091. This project is in very close proximity to the Finniss Lithium Project of Core Lithium Ltd (ASX: CXO).
What's next?
The recently listed lithium explorer also revealed that Darwin-based drilling contractor, GeoDrilling, has been secured to undertake an initial program of approximately 10,000 metres of Reverse Circulation (RC) drilling.
This program has been designed to target the Lei and Cai Prospects and is expected to take approximately four months to complete. GeoDrilling is scheduled to mobilise in the coming weeks with drilling activities expected to commence by early July.
Executive chairman, Dr Bin Guo, commented:
We are delighted to have secured a locally-based drilling contractor, with extensive experience in the Bynoe pegmatite field, for the 2022 field season. With all permitting activities now completed, we look forward to the rapid mobilisation of the RC rig to Bynoe and commencement of drilling in the next few weeks. Our initial focus is the Lei and Cai Prospects, where we believe there is strong potential to delineate a maiden high-grade lithium resource at Bynoe.
