The IGO Ltd (ASX: IGO) share price is on a roller coaster ride today.
IGO shares are currently down 0.08% and fetching $12.81. However, in earlier trade IGO shares lifted nearly 0.6% to $12.87. For perspective, the S&P/ASX 200 Index (ASX: XJO) is up 0.11% today.
Let's take a look at what could be weighing on the IGO share price.
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What's happening?
IGO is a nickel, copper and cobalt explorer and is also invested in lithium via joint venture projects.
ASX lithium shares are having a mixed day on the market today, but multiple lithium explorers are rising.
For example, Pilbara Minerals Ltd (ASX: PLS) shares are 3% in the green and Liontown Resources Ltd (ASX: LTR) shares are up 1%. However, Core Lithium Ltd (ASX: CXO) shares are 1.44% in the red.
In today's news, an IGO joint venture partner has released a drilling update.
St George Mining Limited (ASX: SGQ) announced a "very wide interval of pegmatite" has been intersected in the first drill hole testing the 'Manta' seismic reflector.
This is located within exploration licence 29/638 within the Mt Alexander lithium project in Western Australia.
IGO has a 25% interest in E29/638 until there is a decision to mine, with St George holding the remaining 75%.
A continuous 120.8m interval of pegmatite from 631.2m to 752m downhole was intersected at diamond hole MAD213.
Broker UBS has recently maintained a "buy" rating on the IGO share price. However, analysts are predicting new lithium supply could double between 2022 and 2025.
IGO share price snapshot
The IGO share price has slid nearly 9% in the last year. However, in the past month, it has fallen by 1.2%.
IGO has a market capitalisation of about $9.7 billion based on the current share price
