The Eastern Resources Ltd (ASX: EFE) share price is surging higher on Tuesday.
In morning trade, the lithium explorer's shares are up 40% to 4.2 cents.
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Why is the Eastern Resources share price surging higher?
The catalyst for the rise in the Eastern Resources share price on Tuesday has been the release of a very promising announcement.
According to the release, Eastern Resources has become the latest mineral exploration company to report a significant discovery of lithium.
The release notes that the company has identified significant wide LCT pegmatites at the Trigg Hill project in East Pilbara, Western Australia.
This project is approximately 75km south-east of the Pilgangoora Lithium mine owned by Pilbara Minerals Ltd (ASX: PLS).
Positive results
Eastern Resources' maiden drill program saw a total of 32 holes drilled for 1,972 metres. From these holes, 30 holes intercepted pegmatites. Furthermore, there was significant thickness of near surface pegmatites identified in multiple holes, up to 65m width from surface.
Eastern Resources' executive director, Myles Fang, was very pleased with the drilling results. He commented:
We are highly encouraged with the discovery of significant wide LCT pegmatites at Trigg Hill project. The drill data information collected provides us significant information to progress the geological and metallurgical characterisation of the pegmatites at Trigg Hill Project.
A total of 642 drill samples have now been transferred to Perth for analysis at Nagrom. The company plans to utilise the results of the initial phase of drilling to support further drilling planning and targeting.
