** Shares of Mandrake Resources rise as much as 17.7% to A$0.030, posting their biggest intraday pct gain since Sept. 23

** Lithium explorer says it has identified 3.3 mln tonnes of lithium carbonate equivalent $(LCE.AU)$ at its Utah project in the United States

** Says LCE identification confirms project's status as a top tier lithium asset

** Stock hits its highest level since Oct. 11

** More than 5.2 mln shares change hands, compared with the 30-day avg of ~668,000

** Stock down ~35% YTD, including current session's move

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com;))