These 2 ASX lithium stocks are charging up on Tuesday

What’s happening with Global Lithium Resources and Lake Resources?

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Two boys with cardboard rockets strapped to their backs, indicating two ASX companies with rocketing share prices

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Key points

  • Two ASX lithium stocks are making gains on Tuesday
  • It comes as the energy sector emerges as the strongest performer on the ASX so far today
  • Both companies recently updated the market on their progress

The share prices of Global Lithium Resources Ltd (ASX: GL1) and Lake Resources N.L. (ASX: LKE) are zipping higher today.

The Global Lithium Resources share price is up 4.31% to $1.21.

The Lake Resources share price is up 3.4% to 76 cents.

There is no news out of either company today. However, the energy sector is the best performing sector in early afternoon trading on Tuesday, up 3.08% at the time of writing.

For comparison, the S&P/ASX All Ordinaries Index (ASX: XAO) is up 0.37% so far today.

What’s the latest news on these ASX lithium stocks?

On 28 June, Global Lithium Resources announced positive assay results at the Manna Lithium Project.

According to Global Lithium’s statement, the assays showed “significant intervals of lithium mineralisation intersected from early reverse circulation (RC) drilling”.

“The program validates previous drilling [across the same pegamite] and resource information, further extending the orebody at depth which remains open,” Global Lithium said.

The first diamond core drilling program since the company acquired Manna in December 2021 is about to commence.

The drilling will specifically target the pegmatites at depths below the RC program.

The Global Lithium Resource share price is up 7% year to date.

Global Lithium has also just released an international investor roadshow presentation.

Meantime, Lake Resources provided a market update on 23 June.

The ASX lithium explorer is now establishing a North American presence to serve its off-take customers and continue its work with US-based technology partner Lilac Solutions.

The company also wants to engage with US capital markets.

The recently appointed executive chairman Stu Crow is in the US to progress this strategy.

In its update, Lake Resources said Crow will occupy the position for six months to oversee the appointment of a new CEO, board members, and the establishment of US offices.

Managing Director Steve Promnitz resigned on 17 June without giving a reason.

On 20 June, Lake Resources issued a statement thanking Promnitz for his “pioneering efforts in project generation to establish Lake’s presence in Argentina”.

Crow said Lake Resources has one of the largest lithium lease holdings in Argentina spanning more than 2,200 square kilometres. The majority of the leases are 100% owned.

Lake Resources said it was already interviewing candidates for the CEO and managing director positions.

The Lake Resources share price is down around 25% year to date.

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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