Why is this ASX uranium stock jumping 11% today?

A man wearing glasses and a white t-shirt pumps his fists in the air looking excited and happy about the rising OBX share price Lotus Resources Ltd ( ASX: LOT ) shares are racing higher on Tuesday morning.

At the time of writing, the ASX uranium stock is up 11% to 24 cents. Why is this ASX uranium stock jumping?

Investors have been fighting to get hold of the uranium developer’s shares this morning after it released an update on the Letlhakane Uranium Project in Botswana.

That update contains results from a further 35 holes drilled at the large-scale project, bringing the total number to 144 holes. This comprises 134 reverse circulation (RC) holes and 10 diamond holes.The good news is that the latest drilling has intersected some of the thickest continuous zones of mineralisation to date, with this thicker mineralisation starting as shallow as 8.2 metres.RC intersections from Gorgon West […]

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