The Loyal Lithium Ltd (ASX: LLI) share price is catching the eye on Wednesday.
In morning trade, the ASX lithium stock is up a massive 22% to 55 cents.
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Why is this ASX lithium stock charging higher?
Investors have been buying Loyal Lithium shares today after the company announced a "significant breakthrough" in the ongoing field program at the Trieste Lithium Project in James Bay, Canada.
According to the release, five spodumene bearing pegmatite dykes, with aligned implied continuous outcrops, have been identified within a 6 km2 area to the south of the Trieste Greenstone Belt.
Importantly, management notes that these pegmatite dykes are situated in a metasediment host. This leaves several high value greenstone targets that are yet to be explored.
The ASX lithium stock advised that preparation for drilling activities will now commence. This will see the existing in-field team from Dahrouge Geological Consulting (DGC) increase to a team of 19 field crew. The field program will also be enhanced to include additional tasks such as channel sampling, LiDAR surveys, and high-resolution geophysics.
'We are excited'
Loyal Lithium's managing director, Adam Ritchie, was very pleased with the news. He commented:
These discoveries are a true credit to the Loyal Lithium team and partners. We are passionate about Lithium and on a mission to play a part in the North American Lithium supply chain.
Although still very early, we are excited by the potential of this fertile area south of the Trieste greenstone. The discovery of five spodumene rich dykes gives us great confidence as we accelerate our exploration activities and prepare for drilling.
Following today's stellar gain, this ASX lithium stock is now up almost 80% since this time last year.
