The Eastern Resources Ltd (ASX: EFE) share price is taking off today following the companyâs latest drilling results.
At the time of writing, the lithium developerâs shares are 19.23% higher to 3.1 cents apiece.
What did Eastern Resources announce?
Investors are bidding up the Eastern Resources share price after the company announced “outstanding initial assay results” at the Trigg Hill Lithium-Tantalum Project in Western Australia.
In its release, Eastern Resources advised that rock-chip assays confirm extensive lithium-caesium-tantalum (LCT) pegmatites from its recent field works.
The results included up to 2.28% Li2O (lithium), 1.23% Rb2O (rubidium), 1,552ppm (parts per million) Cs2O (caesium), 514ppm Ta2O5 (tantalum pentoxide)Â and 2,921ppm SnO2 (tin).
The assay came from the first 124 rock chip samples which confirmed visual observations of previously reported lithium mineralisation.
Since March 2022, the company has been conducting fieldwork at the Trigg Hill Project. This comprises traverse mapping, rock chip sampling of outcropping pegmatites, and soil sampling.
Further up the E 45/5728 permit, the results of 231 soil samples from the Curlew East area are pending analysis.
Should the assays return positive results, soil sampling may be extended to other areas.
Eastern Resources noted that drill site and access planning is well advanced. The aim is to test both mineralised pegmatites for a better understanding of âzonation and lithium mineralisation”.
Eastern Resources share price snapshot
Over the past 12 months, the Eastern Resources share price has rocketed by more than 70%.
The companyâs shares reached a multi-year high of 9.7 cents in November, before settling back.
Based on todayâs price, Eastern Resources commands a market capitalisation of roughly $25.86 million.
The post Eastern Resources share price jumps 19% on ‘outstanding’ lithium results appeared first on The Motley Fool Australia.
Should you invest $1,000 in Eastern Iron Limited right now?
Before you consider Eastern Iron Limited, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Eastern Iron Limited wasn’t one of them.
The online investing service heâs run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
See The 5 Stocks
*Returns as of July 7 2022
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
- Down 40% in 2022: Is the Xero share price a buy today?
- Vulcan Energy share price leaps 8% on Italian energy producer agreement
- Why is the Chalice Mining share price racing higher today?
- The Mineral Resources share price is leaping higher again today. Hereâs why
- Here’s why the Melbana Energy share price is ripping 19% ahead today
Motley Fool contributor Aaron Teboneras 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.
from The Motley Fool Australia https://ift.tt/y9Vo0rN
Leave a Reply