Shares in Jindalee Resources Limited (ASX: JRL) are surging well into the green today and now trade 14% higher at $3.01 apiece.
Investors have pounced on the Jindalee share price today following a company announcement regarding its 100% owned McDermitt Lithium Project in the US.
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Why is the Jindalee share price charging higher?
The company today announced assay results from 6 diamond core drill holes that were completed late in 2021 at McDermitt.
All assays from the 2021 drill program have been received, and according to Jindalee, these latest results include some of the "thickest intercepts of lithium mineralisation" reported at the project to date.
Drilling intercepted mineralisation in each hole, including 73.5m at 1554 parts per million (ppm) lithium (Li) and 60m at 1880ppm, the company said.
As the diamond drill holes intersected a number of higher-grade mineralised zones with greater than 3,000ppm lithium, the scalability of the project is reinforced, the company says.
Jindalee says the new drill data will be used to update the mineral resource estimate due for completion early in the June quarter, per the release.
The release notes that planning for the next phase of drilling this year is well underway and all drill permits are on hand to commence.
"The remainder of the drilling will focus on investigating the untested mineral potential across the western tenure and look for opportunities for higher grade material", it remarked.
Not only that, but Jindalee is also advancing the project through its application for an exploration plan of operations (EPO) in the US.
At present, it is currently nurturing discussions with the Bureau of Land Management (BLM) and the Oregon Department of Geology and Mineral Industries (DOGAMI).
Jindalee share price summary
In the last 12 months, after a wild ride, the Jindalee share price has still managed to climb more than 73% and is up 37% this year to date.
As such, Jindalee is actually in the green across all major timeframes and is leading the benchmark S&P/ASX 200 index (ASX: XJO)'s return so far in 2022.
