The Kairos Minerals Ltd (ASX: KAI) share price has been a strong performer on Thursday.
At one stage today, the lithium explorer’s shares were up 17% to 3.4 cents.
The Kairos share price has since dropped back but remains up 7% to 3.1 cents at the time of writing.
Why is the Kairos share price rocketing higher?
Investors have been bidding the Kairos share price higher today after it released an update on soil sampling at the Wodgina Lithium Project.
According to the release, the company has identified extensive new Lithium-Caesium-Tantalum (LCT) targets at the 100%-owned project, 90 kilometres south of Port Hedland in Western Australia.
The targets were identified following the receipt of partial results from a recent successful geochemical sampling program. That program saw 1,517 soil samples collected at 200m x 100m spacing and submitted for Ultrafine+ analysis at the Labwest Laboratory in Perth. Kairos advised that it has received results for 837 samples to date.
The release explains that two high-priority LCT targets that were identified are located less than 3km from the Wodgina Lithium Mine owned by Mineral Resources Limited (ASX: MIN) and Albemarle Corporation.
Results exceed expectations
Kairos’ Executive Chairman, Terry Topping, commented: “We always had high hopes for the lithium prospectivity of our Wodgina Project given its location immediately adjacent to one of the world’s most significant lithium mines, which is set to restart production next year. I think it’s fair to say these early results utilising the state-of-the-art Ultrafine+ soil sampling methodology have exceeded our expectations.”
“With results received for around two-thirds of the program, we have been able to delineate two large lithium-caesium-tantalum targets, one of which extends over a strike length of some 1.7km and is supported by the presence of mapped pegmatites and high-grade spodumene rock chip samples.”
“These are outstanding targets for lithium exploration and will now be prioritised as part of our broader ongoing exploration efforts in the Pilbara,” he added.
What’s next?
The company is awaiting results from around a third of the samples.
Once they have been received and analysed, Kairos will start an extensive mapping and rock chip program to further refine the targets and identify potential drilling locations for next year.
The post Why the Kairos (ASX:KAI) share price is rocketing 17% higher today appeared first on The Motley Fool Australia.
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Motley Fool contributor James Mickleboro 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 Bruce Jackson.
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