ASX lithium share Loyal Lithium Ltd (ASX: LLI) has absolutely shot the lights out over the past two trading days.
On Tuesday, the lithium stock closed trading for 45 cents per share.
In morning trade today, those same shares were changing hands for 86 cents apiece, up a whopping 91%!
The Loyal Lithium share price has retraced a bit during the lunch hour, currently at 74 cents per share, leaving it up a heady 64% since Tuesday's close.
Why are investors so eager to get their hands on this lithium explorer?
Image source: Getty Images
What's driving the ASX investor interest?
Loyal Lithium shares resumed trading on the ASX earlier this month, on 3 August, after being halted way back on 29 March.
Loyal Lithium returned to trade after announcing it had commenced an extensive exploration campaign at its recently acquired Hidden Lake Lithium Project, located in Canada.
"With the first phase of our exploration program now underway, we can immediately see the potential of this underexplored project," Loyal Lithium's managing director Adam Ritchie said at the time.
Investors were clearly pleased with the news, sending the ASX lithium share up an eye-popping 72% on the day.
As for the huge leap over the past two days, that's being fuelled by yesterday's announcement of a "significant breakthrough" in the exploration program at the miner's Trieste Lithium Project, also in Canada.
Loyal Lithium said that based on the strong, early results, it was immediately preparing to kick off a drilling campaign.
Commenting on the progress which saw the ASX lithium share close up 50% yesterday, Ritchie said, "The discovery of five spodumene rich dykes gives us great confidence as we accelerate our exploration activities and prepare for drilling."
Loyal Lithium share price snapshot
With the past day's gains, the Loyal Lithium share price is back to all-time highs.
So far in 2023, the ASX lithium share is up 172%.
