ASX lithium share Minerals 260 Ltd (ASX: MI6) is setting the bar high today.
While the All Ordinaries Index (ASX: XAO) is down 1.1% in afternoon trade, this ASX lithium stock and rare earths explorer is up 18.1% at time of writing, having earlier posted gains of 24.1%.
That saw the Minerals 260 share price up a remarkable 163% over the past 12 months. The stock is currently still up a stellar 154% over the full year.
Here's what's driving investor interest in the ASX lithium share today.
Image source: Getty Images
What's driving investor interest in this ASX lithium share?
Investors are bidding up the Minerals 260 share price after the resource explorer updated the market on progress at its Aston Project, located in Western Australia.
The ASX lithium share reported that field work at the project is progressing on schedule. Minerals 260 acquired Aston earlier this year. The project spans some 1,700 square kilometres.
The miner said that historic stream sampling results confirm a strong lithium anomalism that coincides with a strike extension of the mineralised trend defined by explorers on neighbouring tenements. Some 6 kilometres of that extension continue onto Mineral 260's Aston Project.
Fuelling investor interest today, the explorer said that its preliminary reconnaissance has confirmed the presence of numerous pegmatite outcrops. Of the 624 reconnaissance soil samples collected to date, assays confirmed a strong lithium (as well as tantalum and rubidium) anomalism.
Commenting on the results sending the ASX lithium share soaring today, Minerals 260 managing director David Richards said:
Our systematic and multi-pronged approach at Aston is progressing well and we have been very encouraged by what the team is observing in the field. We look forward to continuing this work and updating the market with additional news as soon as possible.
The company said that assays are still pending for approximately 1,400 geochemical samples. Fieldwork is ongoing.
Minerals 260 share price snapshot
The Minerals 260 share price has gone from strength to strength over the past year, and that's continued into 2023.
Since the opening bell on 3 January, the ASX lithium share has gained 95%.
