The Everest Metals Corporation Ltd (ASX: EMC) share price is taking a beating today.
Shares in the ASX mining stock closed yesterday trading for 34 cents. In early morning trade shares were swapping hands for 23.5 cents apiece, down a precipitous 31%.
After what looks to be some bargain hunting, the stock has recovered some, currently trading for 24.5 cents a share, down 28% for the day.
So, what's going on?
Image source: Getty Images
Why are ASX investors hitting the sell button on the miner?
If you've been following along with the resources news, you'll know that the Everest Metals share price has been on a tear over the past two months.
Indeed, since the closing bell on 23 May through to yesterday's close, the ASX mining share had soared an eye-watering 386%.
As the Motley Fool covered yesterday, the Everest Metals share price was up 60% in just three days on the back of several promising announcements.
One involved promising diamond drilling results at the miner's Revere gold project in Western Australia. The other flagged a potential future revenue stream from lithium after Rio Tinto Ltd (ASX: RIO) mobilised to Everest Metals' North Rover tenement.
With that in mind, today's big sell-off can be partly seen as some profit-taking.
But investors may also be pressuring the Everest Metals share price following the latest drilling results from the reverse circulation (RC) drill campaign at its Mt Edon LCT Project, also in Western Australia.
With 1,440 metres of RC drilling completed, the miner reported intersecting high-grade rubidium among multiple LCT pegmatites up to 111 metres in depth within a 1.2 kilometre corridor.
"We are very excited with the assay results from such a small drilling campaign," Everest Metals chief operating officer, Simon Phillips said.
But investors may have been hoping for more concrete results.
"The hunt for the source of this recently discovered LCT mineralisation continues with the proposed stage-2 drilling campaign set to commence in early August 2023," Phillips added.
Everest Metals share price snapshot
As mentioned up top, the Everest Metals share price has been on fire recently.
Despite today's fall, shares in the ASX miner remain up 212% so far in 2023.
