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.
Here's what's spurring investor interest in the lithium miner today.
Image source: Getty Images
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.
