Zenith Minerals shares had a significant surge, rising as much as 4.4% to A$0.095.

This is being eyed as their best performance since September 11 if the gains hold.

The precious metals explorer carried out its inaugural mineral resource estimate for the Rio Lithium Deposit, part of the company’s Split Rocks project located in Western Australia.

Notably, the company identified notable lithium grades from the resource estimate.

Zenith Minerals noted that additional drilling is needed to determine the full scope of lithium mineralization at the site.

In recent trading, Zenith’s shares reached their highest point since September 21.

Despite this, the company’s shares are down by approximately 66% for this year based on the latest recorded close.

A 20-word company description: Zenith Minerals is a mining company engaged in the exploration and development of precious and base metals in Australia.