A little-known ASX lithium share is setting the bar high today, rocketing more than 215% in early morning trade.
Any guess which lithium stock we're talking about?
If you said Forrestania Resources Ltd (ASX: FRS) give yourself a gold star!
The Forrestania share price closed yesterday at 7.6 cents. Shares were trading for 24 cents apiece earlier this morning, representing a gain of 215.8%.
Following on some likely profit-taking, at the time of writing the Forrestania share price is up 176% for the day.
Here's what's spurring intense investor interest in the ASX lithium share today.
What did Forrestania announce?
Investors are bidding up the Forrestania share price after the explorer released a promising update from its Calypso target.
Calypso is located within the company's Forrestania project in Western Australia.
Forrestania reported it has completed its maiden drilling program at Calypso, where it has intercepted multiple thick pegmatites of up to 63 metres.
The ASX lithium share has drilled 14 reverse circulation (RC) holes totalling 1,968 metres at the prospect to investigate whether the pegmatites identified from mapping and historic drilling host lithium mineralisation. It is also testing the extent of the mineralisation.
The explorer intersected multiple stacked pegmatites in 13 of the 14 drill holes.
"It's fantastic to confirm that there are further pegmatites of significant thickness within Forrestania tenure," managing director Michael Anderson said of the results sending the ASX lithium share rocketing today.
Anderson added:
Calypso is only around 4.5 kilometres from a known mineralised pegmatite – South Ironcap3 – so any occurrence of pegmatite within this area is significant to Forrestania.
Geological and geochemical information gathered from this drilling program will assist with vectoring towards further prospective zones within and surrounding the extensive Calypso pegmatite bodies.
Forrestania expects results for all its outstanding assays in approximately six weeks.
Drilling is ongoing at the ASX resource explorer's South Iron Cap East Prospect.
How has this ASX lithium share been tracking?
With today's huge intraday gains factored in, the Forrestania share price is up 62% in 2023. Over the past 12 months, the ASX lithium share has gained 134%.
