Up 297% in a year, Latin Resources share price jumps 13% on new lithium discoveries

The Latin Resources share price is racing ahead of the benchmark after the company provided a promising regional exploration update.

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The Latin Resources Ltd (ASX: LRS) share price is rocketing 13% in Wednesday trading.

The All Ordinaries Index (ASX: XAO) lithium stock closed yesterday trading for 24.5 cents. Shares are currently swapping hands for 27.7 cents apiece.

For some context, the All Ords is up 1.03% at this same time.

Here's what's piquing investor interest in the ASX lithium share today.

What did the ASX lithium explorer report?

The Latin Resources share price is racing ahead of the benchmark after the company provided a regional exploration update.

Investors are likely most focused on the report of multiple new spodumene discoveries at Latin Resources' 100% owned Salinas Lithium Project, located in Brazil. Spodumene is a lithium-bearing mineral.

The explorer said it had intersected spodumene-rich pegmatites in multiple diamond drill holes at two separate locations.

Latin Resources is continuing to expand its existing Colina Deposit footprint with extensional diamond drilling programs. The explorer has eight diamond drilling rigs active on site. Three of those rigs are working on an initial 4,000-metre drill campaign at the miner's new Colina SW and Fog's Block targets.

Also likely helping lift the Latin Resources share price today is the ASX lithium share's report that outcrop mapping six kilometres from the Colina Deposit has identified a third new pegmatite occurrence within its interpreted prospective corridor.

The company said the latest drilling and mapping results "confirm the presence of a 'district scale' lithium corridor" within its tenements. This corridor extends up to 26 kilometres from its flagship 45 Mt Colina Deposit.

Commenting on the results sending Latin Resources shares surging today, vice president of operations – Americas, Tony Greenaway, said:

These are significant new discoveries by the Salinas exploration team, demonstrating our strong understanding of the regional controls to mineralisation within our district.

These latest drilling intersections validate our regional interpretation of a large, mineralised pegmatite system potentially extending up to 26 kilometres to the southwest of our flagship Colina Deposit and provides Latin with a very clear pathway for further resource expansion.

He said exploratory drilling is ongoing "with the aim of growing the existing 45 Mt resource base at Colina".

Latin Resources share price snapshot

With today's big boost factored in, the Latin Resources share price is up 297% over the past 12 months.

Investors who bought at the start of the year aren't complaining either. The ASX lithium share has soared 176% since the closing bell on 30 December.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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