NickelSearch (ASX:NIS) shares skyrocketed as high as 87.5% to A$0.090, marking their highest since July 12.

The mineral resource company announced the identification of lithium ore spodumene at its Carlingup nickel project in Western Australia, which initiated the price jump.

Over 22 million shares were traded, a significant spike from the company’s 30-day average volume of 4.3 million.

Despite this strong performance, the company’s stock has fallen approximately 70% this year, according to the last closing price.

NickelSearch is a mineral resource company engaged in identifying valuable metal deposits.