ASX lithium stock TG Metals Ltd (ASX: TG6) is having a cracking start to the week.
The lithium share closed on Friday trading for 89 cents. At the time of writing on Monday, shares are swapping hands for $1.05 apiece, up 18%.
For some context, the All Ordinaries Index (ASX: XAO) is down 0.2% at this same time.
Here's what's happening.
TG Metals share price leaps on lithium exploration results
Investors are bidding up the ASX lithium stock after the company released another promising update on its lithium exploration program at its Lake Johnston Li-Ni-Au Project, located in Western Australia.
As we reported on Thursday, the TG Metals share price has been rocketing since late October.
Investor enthusiasm was stoked after the explorer reported the initial drill holes into the Burmeister lithium soil anomaly at Lake Johnston had intersected high grade mineralisation of up to 2.28% Li2O. And the Burmeister lithium soil anomaly is big, spanning an area of 4.5 kilometres by 1.7 kilometres.
The ASX lithium stock continued to march higher last week, after announcing it was kicking off the second phase of its exploratory drilling. With existing program of works approvals already in place, TG Metals was able to progress rapidly to this second phase of drilling.
Today, the miner reported that following infill and extensional soil sampling it has defined a new area of lithium in soils anomalism at Lake Johnston. It said the newly identified Jaegermeister Prospect is even larger in scale than the Burmeister soil anomaly, measuring 5.7 kilometres by 2.3 kilometres.
Commenting on the exploration results, TG Metals CEO David Selfe said:
The current drilling at Burmeister, targeting up dip, down dip and along strike of the known high grade lithium pegmatites, will provide knowledge we can apply to the Jaegermeister area and provides us with another quality drill target for early 2024.
Selfe said he expects to receive the next drilling results from Burmeister assays within the next two weeks.
How has the ASX lithium stock been performing?
As mentioned up top, the ASX lithium stock has been rocketing in recent weeks.
That momentum now sees the TG Metals share price up 782% so far in 2023.
