The drill went into overdrive as the Aldoro Resources Ltd (ASX: ARN) share price jumped up by as much as 34% in intraday trade on Tuesday.
The ASX lithium share closed at 26.5 cents a share, a 20.45% gain after hitting an intraday high of 29.5 cents apiece.
The rally was likely sparked by the company releasing an update on its drilling programme at the Wyemandoo Critical Metal Project in Western Australia.
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Drilling results
Aldoro identified key lithium-rubidium targets after completing a total of 29 RC holes for 3,198 metres that ranged from 84 to 201 metres in depth. These holes intersected pegmatites at a range of intervals, the company said.
Aldoro advised many of these intersections have been interpreted as moderately dipping dykes orientated to the northwest or flat-lying sills.
Quarterly results
Aldoro has built solid momentum after releasing its quarterly results for the three months ended June 2022 on 27 July.
This update provided a substantial list of drilling results. One key highlight was the engagement of pegmatite processing expert Professor Zhiguo He.
He is conducting a commercialisation review that's expected to take eight months. The company said an initial shipment of ~300 kilograms of sample ore has been consigned to Professor He in China.
Also in last month's update, the company advised it had completed a placement of 9.2 million shares priced at 25 cents, raising a total of $2.3 million.
The purpose of this capital raising was to provide funds to progress the drill program at the Wyemandoo Rb-Li Project.
This may be why the Aldoro share price has been on a rally of late.
Aldoro share price snapshot
In the last 12 months, this ASX lithium share has fallen by 51%, shedding 36% year to date.
By comparison, the S&P/ASX 200 Index (ASX: XJO) has dropped 7% in a year and 5.6% in 2022 so far.
Aldoro has a market capitalisation of $26.4 million at the time of writing.
