The S&P/ASX 200 Materials Index (ASX: XMJ) is lifting 1.11% today, but two ASX lithium shares are climbing higher.
The Lithium Australia Ltd (ASX: LIT) and Global Lithium Resources Ltd (ASX: GL1) share prices are in the green today.
Let's take a look at what these lithium miners discovered today.
Global Lithium Resources
The Global Lithium share price is lifting nearly 4% today. Investors are buying up Global Lithium shares after the company reported new lithium-bearing pegmatite. This is at the Marble Bar lithium project in the Pilbara area of Western Australia.
Global Lithium said drilling results continue to show "significant" lithium mineralisation, including:
- 9 metres (m) at 1.32% lithium oxide and 59 parts per million (ppm) tantalum oxide from 46m in drill hole MBRC0364
- 8m at 1.26% lithium oxide and 40ppm tantalum oxide from 65m in drill hole MBRC0333
Commenting on the results, exploration manager Bryan Bourke said:
We now have a greater understanding of the geological setting and much sharper targeting models that have been developed throughout the year.
Lithium Australia
Lithium Australia shares are lifting 1.41% today following news from its joint venture with Galan Lithium Ltd (ASX: GLN). The company holds a 20% stake in the project.
The miner discovered new outcropping pegmatite with a more than 500m strike length at the project. A pilot ground geophysics program is also underway.
On Friday, Lithium Australia reported a cash balance of $4.8 million and share investments of $5 million.
