Lithium Australia NL (ASX:LIT) is preparing to drill in a world-class lithium region, and investors are snapping up the stock.
The company's shares are trading 36% higher at $0.15 in afternoon trade, following the confirmation drilling will commence at the Horseshoe Pegmatite this week.
Horseshoe is part of LIT’s Ravensthorpe Lithium Project.
The lithium mineralisation is hosted by the Cocanarup pegmatite swarm, which is within the same geological sequence as Galaxy Resources’ (ASX:GXY) Mt Cattlin lithium mine located 18 kilometres to the northeast.