2 ASX lithium shares lifting on new discoveries today

Why are these ASX lithium shares lifting into the green?

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Key points

  • Two ASX lithium shares are lifting higher than the materials index today 
  • One company reported new lithium bearing pegmatite at its project 
  • The S&P/ASX 200 Materials Index is lifting more than 1% today 

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.

Motley Fool contributor Monica O'Shea 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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