The Mineral Resources Ltd (ASX: MIN) share price stormed ahead in Friday afternoon trade on the back of a lithium and natural gas update.
The ASX 200 mining share was trading 3.69% higher to close at $73.00 on Friday. In comparison, the S&P/ASX 200 (ASX: XJO) closed 1.06% higher today. The mining company's share price was up and down like a yo-yo today, slipping to a low of $70.34 in the afternoon before hitting a daily high of $73.50.
Let's take a look at what Mineral Resources has discovered during its exploration activities.
Image source: Getty Images
What happened?
Mineral Resources shares lifted higher today on news of a significant natural gas discovery at the North Erregulla Deep-1 (NED-1) conventional gas exploration well.
This is the company's second major gas discovery from three wells drilled in the last two years in the Perth Basin, Western Australia.
Drilling reached a total measured depth relative to the rotary table (MDRT) and achieved elevated gas readings.
In further news, Darren Hardy has been appointed to the role of energy chief executive at Mineral Resources.
Commenting on today's update, Mineral Resources managing director Chris Ellison said:
The success at North Erregulla Deep-1 is another stride forward in our Perth Basin exploration
campaign and our second significant natural gas discovery in less than two year.I am pleased to confirm the appointment of Darren Hardy as Chief Executive, Energy, to lead MinRes'
energy transition strategy. His immediate focus is the successful completion of the Perth Basin drilling
campaign and the development of these major discoveries into production.
On the lithium front, Mineral Resources updated the market on early results at the Mt Marion lithium mine.
Results from 34km of drilling at the site show "significant exploration potential at depth".
Drilling capacity at the site is predicted to double by the end of the 2023 calendar year. Mineral Resources said early results showed the "significant opportunity" for open pit extensions and underground potential".
Discussing the lithium results, Ellison said:
The exciting exploration results at Mt Marion highlight we are just scratching the surface of the potential lithium resource, including the possibility of underground mining.
Share price snapshot
Mineral Resources shares have soared ahead 40.9% in the last 12 months.
This ASX 200 mining share has a market cap of about $14.2 billion.
