The Pilbara (ASX: PLS) share price soared 10% today, leading ASX lithium shares after the miner announced exceptional drilling results.
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The Pilbara Minerals Ltd (ASX: PLS) share price spearheaded the lithium cohort today and was up 10.5% at $1.31 by the end of trading.
The Pilbara share price achieved most of its gains in the first hour of trade but released a positive drilling results announcement before the market close to further extend its bullish day.
Pilbara share price flies on “exceptional” drill results
In today’s release, Pilbara reported significant initial assay results from exploration and resource extension drilling programs at its Pilgangoora Lithium-Tantalum project in Western Australia.
The programs are currently targeting the previously under-explored region adjacent to its recently acquired Altura Lithium Operations tenement boundary.
Currently, 7,009 drill metres have been completed in the proposed 9,500 metre program. Select assay results received from its first nine holes in the program include:
15m @ 2.35% Li2O and 100ppm Ta2O5 from 142m (PLS1315)
22m @ 1.27% Li2O and 87ppm Ta2O5 from 125m (PLS1316)
18m @ 2.01% Li2O and 75ppm Ta2O5 from 168m (PLS1319)
18m @ 1.81% Li2O and 80ppm Ta2O5 from 150m (PLS1320)
20m @ 1.55% Li2O and 89ppm Ta2O5 from 174m (PLS1321)
Pilbara notes it will incorporate the results from this drilling program into its updated combined Pilgangoora Project Mineral Resource, which is scheduled for release in the September quarter.
Commenting on the results, Pilbara Minerals CEO Ken Brinsden said:
The area adjacent to the old Altura tenement boundary has always offered significant exploration potential and was considered one of the benefits for Pilbara Minerals undertaking the Altura asset acquisition.
These results from the current program confirm the potential endowment of this area and we intend to work hard on this area in the coming months to add further value to the integrated operations.
Brinsden said as one of the world’s great lithium resources, the Pilgangoora Project would play “an important part in raw materials supply across the globe, including value-added products, as the global decarbonisation push and electrification drive gather significant momentum”.
A strong day for ASX lithium shares
ASX lithium shares appear to be taking charge despite no catalyst from the likes of Tesla Inc (NASDAQ: TSLA) or renewables ETFs such as the Global X Lithium & Battery Tech ETF.
The Pilbara share price is currently leading the pack but is still 5% off its 22 January 2021 high of $1.385.
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Motley Fool contributor Kerry Sun 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.