Why is the Lake Resources share price having such a top run today?

Lake Resources shares are bucking the broader market sell down today and marching higher.

| More on:
A woman lies back and relaxes in her boat with a big smile on her face as it floats on the rising tide.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Lake Resources (ASX: LKE) share price is shaking off the broader market sell-off today to charge higher.

Shares in the S&P/ASX 200 Index (ASX: XJO) lithium stock were up more than 10% in early morning trade, swapping hands for 26 cents apiece.

At the time of writing, shares in the lithium miner are trading for 24.5 cents apiece, up 4.2% for the day.

For some context, the ASX 200 is down 0.1% at this same time.

Created with Highcharts 11.4.3Lake Resources Nl PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.com.au

Here's what's spurring investor interest in the lithium miner today.

What's piquing ASX 200 investor interest in the lithium miner?

The Lake Resources share price is marching higher after the company reported on promising drilling results at its Kachi lithium brine project, located in Argentina.

According to the release, deeper drilling has revealed significantly larger horizontal and vertical extents of the lithium-bearing brine than the company previously understood.

At one of the drill holes, the lithium-bearing brine continued between 400 metres and 610 meters below ground.

Results at that hole had brines returning grades of 209 to 254 mg/L lithium over 322 metres (288 to 610 metres). The best results came from 288 to 322 meters below ground surface, averaging grades of 254 mg/L lithium.

Commenting on the results sending the Lake Resources share price higher today, Michael Gabora, director of geology and hydrogeology, said, "The latest drilling intercept results indicate that this resource is much larger than initially anticipated as the known lithium brine extent continues to expand laterally and vertically."

Lake Resources CEO David Dickson added:

In drilling 180 metres deeper than we have before, we are excited to find lithium-bearing brine the whole way down, increasing the extent of known brine in the vertical dimension by 30%.

These findings could have a major impact on the resource if it is also present at these depths in the remainder of the brine footprint.

The miner expects to provide further resource updates to the market in September.

Diamond drilling continues in the southern sector of the Kachi project area.

Lake Resources share price snapshot

It's been a tough year for the Lake Resources share price, down 78% over the past 12 months.

Should you invest $1,000 in Alphabet right now?

Before you buy Alphabet shares, consider this:

Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Alphabet wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

And right now, Scott thinks there are 5 stocks that may be better buys...

See The 5 Stocks *Returns as of 30 April 2025

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Materials Shares

A female miner wearing a high vis vest and hard hard smiles and holds a clipboard while inspecting a mine site with a colleague.
Materials Shares

Why are Fortescue shares charging higher today?

What is getting investors excited today? Let's find out.

Read more »

Business people discussing project on digital tablet.
Materials Shares

What does Macquarie think Liontown Resources shares are worth?

Let's see if analysts think that this lithium miner is in the buy zone or best avoided.

Read more »

Overjoyed man celebrating success with yes gesture after getting some good news on mobile.
Materials Shares

Lynas shares charge higher on big news

What is getting investors excited today? Let's find out.

Read more »

Lion holding and screaming into a yellow loudspeaker on a blue background, symbolising an announcement from Liontown.
Materials Shares

Liontown Resources shares roar higher on big news

This lithium miner is catching the eye with some big news. Here's what is happening.

Read more »

Image of young successful engineer, with blueprints, notepad and digital tablet, observing the project implementation on construction site and in mine.
Materials Shares

What does Macquarie think BHP shares are worth?

Is now a good time to buy the miner's shares? Let's find out.

Read more »

Middle age caucasian man smiling confident drinking coffee at home.
Materials Shares

What does Macquarie think Pilbara Minerals shares are worth?

Is this lithium miner dirt cheap? Let's find out.

Read more »

Two miners standing together.
Materials Shares

Is it time to buy this beaten down lithium share?

This diversified miner’s share price has been hit on multiple fronts. What does it mean for investors?

Read more »

a mine worker holds his phone in one hand and a tablet in the other as he stands in front of heavy machinery at a mine site.
Materials Shares

Pilbara Minerals share price falls on 30% quarterly revenue slump

ASX investors are bidding down Pilbara Minerals shares on Thursday. Here’s why.

Read more »