Although the market has sunk lower today, that hasn't stopped the Galaxy Resources Limited (ASX: GXY) share price for climbing higher.
In morning trade the lithium miner's shares are up 5% to $2.70.
Why have its shares climbed higher?
This morning Galaxy released further assays from its drilling campaign at its James Bay Project in Quebec, Canada.
The now complete 33km diamond drilling campaign was undertaken in order to extend and develop its existing James Bay spodumene resource.
According to today's release, assays have been received for a further 49 holes and reaffirm the potential of James Bay as a long-life high grade spodumene project.
Should you invest?
These results appear to confirm that Galaxy has three world-class assets on its hands.
Mt Cattlin in Western Australia is already up and running and looks set to generate strong level of free cash flow this year.
The other asset is its Sal de Vida lithium and potash brine project in Argentina.
When this opens management believes it will generate total annual revenues in the region of US$215 million and operating cash flow before interest and tax of US$118 million per annum at full production rates for a 40 year period.
But if lithium demand continues to grow as strongly as predicted, I believe there's a reasonable chance that these estimates could be upgraded.
Overall, I believe this makes Galaxy the best option for investors in the industry ahead of its peers Orocobre Limited (ASX: ORE) and Pilbara Minerals Ltd (ASX: PLS).
Though it is worth remembering that it is a high risk investment and largely unsuitable for the average investor.
