Shares in critical minerals explorer Stelar Metals (ASX:SLB) experienced a significant surge, rocketing up by as much as 42.9% to reach A$0.45, setting a new record high.

The impressive increase comes following the receipt of numerous high-grade lithium assays from the initial pegmatite sampling at their Trident lithium project located in New South Wales.

This impressive ascent marks the company’s biggest intraday percentage gain since March 25.

Notably, more than 3.1 million shares were traded, significantly surpassing the 30-day trading average of approximately 161,000 shares.

The stock’s performance this year is also worth noting, as it has more than doubled in value from the start to the last close.

Stelar Metals is a critical minerals exploration company specializing in Lithium mining.