ASX lithium stock Lithium Plus Minerals Ltd (ASX: LPM) is on fire today.
The ASX lithium share closed yesterday trading for 28 cents. At the time of writing on Thursday, shares are changing hands for 42.5 cents apiece, up a whopping 51.8%.
In earlier trade the Lithium Plus Minerals share price was up more than 64%, trading for 46 cents a share.
That's an even more impressive accomplishment on a day that sees the All Ordinaries Index (ASX: XAO) down 0.8%.
Here's what's spurring investor interest today.
Image source: Getty Images
What did the ASX lithium stock report?
Investors are bidding up the Lithium Plus Minerals share price after the ASX lithium stock released promising exploratory drilling results.
The exploration update comes from the Lei Prospect at its Bynoe Lithium Project, located near Darwin in the Northern Territory.
The miner recommenced infill and extensional drilling at the prospect site in August. And its first completed diamond hole intersected 127 metres of "strongly mineralised" pegmatite from 609 metres, with a true width of around 60 metres. Assays are pending for that hole.
The ASX lithium stock said this is one of the largest mineralised intersections ever recorded from the Bynoe pegmatite field.
The tenements being drilled share a border with the Finniss mine development owned by Core Lithium Ltd (ASX: CXO). According to the release the intersection puts the Lei pegmatite in company with Core Lithium's world-class 119 metre intercept.
The miner currently has four additional diamond holes underway to test the pegmatite extent at depth and along strike. Seven infill holes will be simultaneously drilled to fast-track resource delineation.
Commenting on the results sending the ASX lithium stock soaring today, executive chairman Bin Guo said:
This exceptional intersection is tremendously exciting for Lithium Plus Minerals. It represents one of the largest reported mineralised intersections recorded to date from the Bynoe pegmatite field, with visual inspection showing large spodumene crystals of consistent distribution throughout the core sample.
Importantly, it indicates that the primary Lei pegmatite thickens with depth, expanding laterally and vertically whilst maintaining significant grade.
Lithium Plus Minerals said it's on track to declare a maiden high-grade lithium resource by Q4 2023.
Lithium Plus Minerals share price snapshot
With today's big boost factored in, the ASX lithium stock is back in the green for 2023, up 21%.
