Core Lithium share price surges 4% on ‘exceptional’ drill results

A man in a hard hat and high visibility vest holds his thumb up in a gesture of confidence with heavy moving equipment in the background as on a mine site as the Chalice Mining share price rises today

A man in a hard hat and high visibility vest holds his thumb up in a gesture of confidence with heavy moving equipment in the background as on a mine site as the Chalice Mining share price rises today

The Core Lithium Ltd (ASX: CXO) share price is charging higher today.

Core Lithium shares closed on Friday trading for $1.16 and are currently trading for $1.20, up 3.9%.

Below, we look at the latest drill results that appear to be driving investor interest in the ASX lithium share.

What drill results were announced?

The Core Lithium share price is leaping higher after the company reported on “exceptional drilling results” at its Finniss Lithium Project, located near Darwin in the Northern Territory.

The diamond drilling results come from the explorer’s BP33 Deposit within the Finniss project. The drill campaign at BP33 kicked off in May, and the company is now beginning to receive those assays.

Among the latest results boosting the Core Lithium share price today, the explorer reported “world-class high-grade lithium intersections” with one hole returning 66.88 metres at 1.78% Li2O including:

  • 16m @ 2.27% Li2O; and
  • 9m @ 2.24% Li2O

Additionally, the company reported that the spodumene-bearing pegmatite extends at depth to the south, with signs that thickness and grade could improve with depth. With the miner hitting intersections outside of its current Mineral Resource at BP33, it expects to deliver “substantial” orebody extensions.

Commenting on the results, Core Lithium chairman Greg English said:

We are in the middle of our largest ever drill campaign and these latest results more than justify our decision to expand our exploration efforts.  BP33 south is open at depth with the Ambient Noise Tomography survey identifying additional targets at the deposit.

These new world-class lithium drilling results reflect the confidence Core has in delivering significant resource growth from Finniss that will add to our life of mine and our capacity to materially increase lithium production from northern Australia in the future to keep up with rapidly growing global demand.

English noted that the results come at a fortuitous time, as the company is expecting the final mining approval for BP33 within the next few weeks.

Core Lithium share price snapshot

The Core Lithium share price is up an impressive 103% in 2022 and up a whopping 336% over the past full year.

By comparison, the All Ordinaries Index (ASX: XAO) is down 9% year-to-date and down 7% over the 12 months.

The post Core Lithium share price surges 4% on ‘exceptional’ drill results appeared first on The Motley Fool Australia.

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More reading

Motley Fool contributor Bernd Struben 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.

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