Mandrake Resources (ASX:MAN) shares have witnessed an upswing, rising as much as 10.5% to A$0.042, marking the stock’s most substantial intraday increase since January 29.

The stock is now at its highest level since February 9.

The surge in the share price can be attributed to the defining of a substantial exploration target for lithium mineralization at the Utah Project, as revealed by the lithium explorer.

The company also noticed a significant uptick in trading volumes with around 5 million shares changing hands, approximately seven times the 30-day average volume.

Despite this upturn, the stock is down around 12% year-to-date as of the last close.

Mandrake Resources (ASX:MAN) is a mining company that focuses on lithium exploration.