The Lake Resources (ASX: LKE) share price is charging higher again today.
Shares in the S&P/ASX 200 Index (ASX: XJO) lithium stock are up 6.4% during the lunch hour on Wednesday, trading for 25 cents apiece.
Following a punishing year for the lithium miner, Lake Resources has enjoyed a sharp turn for the better over the past two weeks, with its shares up 52% since 9 August.
Here's why investors are bidding up the ASX 200 lithium stock again today.
What's driving ASX 200 investor interest today?
The Lake Resources share price is marching higher today after the company reported it is on track to complete the Definitive Feasibility Study (DFS) at its flagship Kachi lithium brine project, located in Argentina.
Management expects to complete the DFS by December.
The company said that exploratory drilling, successful extraction, and reinjection testing at Kachi have confirmed the large scale and quality of the lithium brine project. An environmental impact assessment is currently in the works with an environmental consultant, while a second community consultation is slated for August.
In other progress, Lake Resources said the process plant design is underway.
And the company reported it has made "important progress" towards finalising a power solution, with a revised design now including capability for off-grid commissioning.
Commenting on the progress update sending the Lake Resources share price soaring today, CEO David Dickson said:
We have drilled deeper for better grades and improved our drilling performance by 40% this year. Grades from recent extraction tests are 20% higher than exploration samples and we can expect further JORC updates prior to submitting the DFS.
In a move that should cut future production costs, Dickson said the process plant had been relocated closer to the resource extraction area.
As for the power solution, Dickson said, "We have revised our design to include capability for off-grid commissioning and early production of lithium carbonate."
And on the regulatory front, Dickson added, "We continue working with United States and Argentina authorities on strengthening the lithium supply chain."
Lake Resources share price snapshot
Despite the big two-week lift, the Lake Resources share price has a long way to go to make up for the past year's losses.
Shares in the ASX 200 lithium stock remain down 77% over 12 months.
