The Core Lithium Ltd (ASX: CXO) share price is on the move on Thursday morning.
At the time of writing, the lithium developer’s shares are up 6% to a record high of $1.34.
Why is the Core Lithium share price rising today?
The catalyst for the rise in the Core Lithium share price today has been the release of an exploration and drilling update from the Finniss Lithium Project near Darwin in the Northern Territory.
Core Lithium’s exploration team has been busy over the last drilling season, focusing on mineral resource growth and conversion and regional exploration to extend mine life and lay the foundation for production expansion within the broader Finniss Lithium Project over the medium term.
Today’s update provided the market with the results from drill assays received for drilling undertaken at a number of prospects and early-stage regional exploration targets within the southern tenements of the project area.
What did it report?
As you might have guessed from the Core Lithium share price performance today, these drilling results have been very promising.
According to the release, ten reverse circulation drill holes were completed at the Bilatos prospect. “Excitingly”, as management described it, most holes intersected significant lithium grades and consistent thicknesses of pegmatite in the first drilling.
One disappointment, though, was that the company didn’t have any success with its regional exploration. The release advises that 17 holes were drilled but there were no significant lithium intercepts.
Nevertheless, Core Lithium’s Managing Director, Stephen Biggins, remains positive on the future.
He commented: “The latest results confirm our view of the prospects drilled at the Finniss Project, and we look forward to reporting the new results as they come to hand. With the wet season nearly behind us, we are planning an active exploration drilling program at Finniss over the coming months.”
The post Why is the Core Lithium (ASX:CXO) share price up 6% to a record high? appeared first on The Motley Fool Australia.
Should you invest $1,000 in Core Lithium right now?
Before you consider Core Lithium, 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 Core Lithium wasn’t one of them.
The online investing service he’s 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.
*Returns as of January 13th 2022
More reading
- 5 ASX lithium and green metals shares hitting new 52-week highs today
- Core Lithium (ASX:CXO) shrugs off sector falls to notch up all-time high
- Why Atlas Arteria, Core Lithium, Premier, and Telix shares are dropping
- Core Lithium (ASX:CXO) share price falls on shock CEO exit
- 5 ASX mining shares smashing 52-week highs today
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.
from The Motley Fool Australia https://ift.tt/lsGjkPS
Leave a Reply