The Mineral Resources Ltd (ASX: MIN) share price is in the green, up 2.3%.
Mineral Resources shares closed on Friday trading for $71.51 and are currently trading for $73.12 apiece.
What lithium results were reported?
The Mineral Resources share price is marching higher following a market update on the results from the initial phase one drilling program at the Buldania Lithium Project, located in Western Australia.
The Buldania Lithium Project is the initial focus area of the joint venture between Mineral Resources, Pantoro Ltd (ASX: PNR) and Tulla Resources Group Pty Ltd (ASX: TUL) – known as the Norseman Lithium JV.
Additionally, the drilling was conducted by Mineral Resources as part of its initial earn-in under the JV.
The phase one, 8,000 metre drilling campaign focused on a 1.6 kilometre strike where earlier rock chip sampling undertaken by Pantoro had returned elevated lithium values. The current program is the first to test for lithium potential in the Norseman tenement.
Pantoro reported that Mineral Resource's drill holes confirmed the presence of lithium-bearing pegmatites.
Some significant results included:
- 9m @ 1.26% Li₂O and 151ppm Ta₂O₅ from 30m
- 8m @ 1.10% Li₂O and 118 ppm Ta₂O₅ from 53m
- 6m @ 1.02% Li₂O and 103 ppm Ta₂O₅ from 64m
Commenting on the results that are sending Mineral Resources shares into the green today, Pantoro managing director Paul Cmrlec said:
The first pass drilling results by MinRes are a great start to the Norseman Lithium JV. MinRes's rapid advancement of the Buldania project provides great potential for Pantoro stakeholders.
MinRes is responsible for all costs associated with the Norseman Lithium JV until a saleable concentrate is produced from a purpose built processing plant and mining operation.
Further drilling, soil sampling, aerial surveys and flora and fauna surveys are in progress.
Mineral Resources share price snapshot
The Mineral Resources share price has been a strong performer in 2022, up 25%.
That compares to a year-to-date loss of 9% posted by the ASX 200.