The Eastern Resources Ltd (ASX: EFE) share price is taking off today following the company's latest drilling results.
At the time of writing, the lithium developer's shares are 19.23% higher to 3.1 cents apiece.
What did Eastern Resources announce?
Investors are bidding up the Eastern Resources share price after the company announced "outstanding initial assay results" at the Trigg Hill Lithium-Tantalum Project in Western Australia.
In its release, Eastern Resources advised that rock-chip assays confirm extensive lithium-caesium-tantalum (LCT) pegmatites from its recent field works.
The results included up to 2.28% Li2O (lithium), 1.23% Rb2O (rubidium), 1,552ppm (parts per million) Cs2O (caesium), 514ppm Ta2O5 (tantalum pentoxide) and 2,921ppm SnO2 (tin).
The assay came from the first 124 rock chip samples which confirmed visual observations of previously reported lithium mineralisation.
Since March 2022, the company has been conducting fieldwork at the Trigg Hill Project. This comprises traverse mapping, rock chip sampling of outcropping pegmatites, and soil sampling.
Further up the E 45/5728 permit, the results of 231 soil samples from the Curlew East area are pending analysis.
Should the assays return positive results, soil sampling may be extended to other areas.
Eastern Resources noted that drill site and access planning is well advanced. The aim is to test both mineralised pegmatites for a better understanding of "zonation and lithium mineralisation".
Eastern Resources share price snapshot
Over the past 12 months, the Eastern Resources share price has rocketed by more than 70%.
The company's shares reached a multi-year high of 9.7 cents in November, before settling back.
Based on today's price, Eastern Resources commands a market capitalisation of roughly $25.86 million.
