Iris Metals (ASX:IR1) shares observed a significant rise, soaring to 45.2% and reaching A$2.25, marking their highest value since September 20, 2022.

The substantial increase has set the record for the mining company’s best trading day ever.

This surge in stock value is attributed to Iris Metals scoring multiple high-grade and shallow lithium intersections at its Beecher Project, located in South Dakota, U.S., prompting plans to expedite drill testing at Beecher in order to accurately define the extent of mineralization.

Thus far, the company’s stock has noted an uptick of approximately 34% this year, taking into account the last closing price.

Iris Metals (ASX:IR1) is an exploration company focused on mining precious metals.