The share price of $32 million battery metals explorer Future Battery Minerals Ltd (ASX: FBM) is launching higher this morning following a significant lithium discovery.
Drilling at the company's 80%-owned Nevada Lithium Project has uncovered lithium-bearing claystone, including one intercept the explorer is "extremely excited" about.
The Future Battery Minerals share price is surging 25% at the time of writing to trade at 10 cents.
Let's take a closer look at the news driving the ASX battery share sky-high today.
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ASX critical minerals stock leaps 31% on Thursday
The Future Battery Minerals share price is leaping on findings dubbed by company technical director Robin Cox as "an exceptional start to … early-stage exploration efforts".
Of the findings from the maiden drill program conducted at the Nevada Lithium Project, the company is most excited about one of four drill holes conducted at the project's Western Flats.
Assay results from WF23-011 returned 109.7 metres at 766 parts per million lithium, exhibiting a significant high-grade component. The intercept remains open to the south and west, leaving the potential for more lithium discoveries.
Cox commented that the results have so far "exceeded all expectation". The company is planning to kick off phase two drilling later this quarter.
It's also currently drilling at its 80%-owned Kangaroo Hills Lithium Project, located in Western Australia. Assays confirmed spodumene-bearing lithium-caesium-tantalum pegmatites at the project last month.
Future Battery Minerals chair Mike Edwards commented on the news driving the ASX explorer's share price today, saying:
In a short space of time the company has delivered two high potential lithium discoveries, cementing our position as an aggressive and effective explorer for lithium.
In addition, we are also continuing work to realise the significant value from the company's three Western Australia located nickel sulphide assets.
Future Battery Minerals share price snapshot
This year has been a good one so far for the Future Battery Minerals share price on the ASX. Though its longer-term performance hasn't been quite so prosperous.
The stock has roared 96% so far this year. Though, it's fallen 23% over the last 12 months.
