The Lake Resources N.L. (ASX: LKE) share price is racing higher again on Wednesday.
In morning trade, the lithium developer's shares are up 6.5% to 89 cents.
This means the Lake Resources share price is now up 17% since this time last week.
Why is the Lake Resources share price racing higher?
Investors have been bidding the Lake Resources share price higher today after the company provided an updated resource for the Kachi lithium brine project in Catamarca Province, Argentina.
This updated resource is based on drilling activities that were undertaken throughout 2022.
According to the release, additional drilling has upgraded and increased the company's confidence in its resources in the central area of the salar. As a result, the measured and indicated (M&I) resource has doubled to 2.2 million tonnes of lithium carbonate equivalent (LCE) to a depth of 400 metres over 81 km squared.
In addition, surrounding the M&I resource are inferred resources of 3.1 Mt LCE defined over 117 km squared. This resource remains open to a depth of approximately 700 metres and open laterally, where drilling is underway to better define the resource extent.
The lithium grade of the measured resource across the salar is 212 mg/L lithium, whereas the indicated resource immediately southeast is 178 mg/L lithium and the surrounding inferred resource has a concentration of 198 mg/L lithium.
Management advised that additional geophysics will commence shortly to define extensions of the brine body and to define in more detail the geometry of the contacts between the brine and areas of brackish water. This will support the development of pumping simulations and a reserve model for the project.
Things certainly are picking up for Lake Resources. Only yesterday the lithium developer revealed that key milestones had been achieved at the Kachi project. You can read about that here.
