The Loyal Lithium Ltd (ASX: LLI) share price is catching the eye on Wednesday.
At one stage today, the lithium explorer's shares were up a massive 47% to 61 cents.
Loyal Lithium's shares have eased back a touch since then but remain up 24% to 51.5 cents this afternoon.
Why is the Loyal Lithium share price rocketing?
Investors have been fighting to get hold of the company's shares today after it released drilling results from the Trieste Lithium Project in James Bay, Canada.
According to the release, thick intercepts of spodumene bearing pegmatite were uncovered during its latest drilling. Pleasingly, all drill holes to date have intercepted spodumene bearing pegmatite at Dyke #01, which remains open in all directions.
Management notes that its drilling is providing a valuable insight into the geological setting and will enable the planning of a more substantial drilling program in the upcoming Canadian winter.
The good news is that Loyal Lithium is well capitalised to accelerate future drilling programs once current results have been interpreted.
Loyal Lithium's managing director, Adam Ritchie, commented:
We are delighted to have been able to commence this maiden drilling program just 6 weeks after the discovery at the Trieste Lithium Project. The geological understanding gained by this program has confirmed extensions of the spodumene bearing dyke beyond the exposed outcrop, which in turn has confirmed the possibilities of concealed extensions across the entire project.
The visual spodumene crystals within the core are large and abundant – in line with what we've seen at surface across the project. We will now have the core sent for assaying and commence planning for a more substantial drilling program in the winter.