The price of lithium carbonate remains top-heavy in FY23 while various commodity baskets have either cooled off or pared their 2022 gains completely.
With the demand for electric vehicles (EVs) continuing to stretch higher, so too is the demand for battery metals such as lithium and its derivatives.
With that, these two ASX lithium shares have booked double-digit gains today following new discoveries.
Ragusa Minerals Ltd (ASX: RAS)
Ragusa advised today it has completed the initial desktop review of previous works conducted at its NT Lithium Project and compiled all results received to date.
A portion of these historical works identified numerous high-grade lithium samples. As such, the results have identified "numerous priority drill targets", Ragusa says.
Chairman Jerko Zuvela said the discovery will help Ragusa "rapidly accelerate the development" of the project.
"We have a significant opportunity to utilise our exploration and development experience to … realise the massive upside value potential in a Tier 1 jurisdiction close to major infrastructure at a time of record lithium prices," he added.
This ASX lithium share is up 50% today to 15 cents apiece.
Lithium Plus Minerals Ltd (ASX: LPM)
Lithium Plus Minerals also provided test results from its maiden Phase 1 diamond drilling program at the Lei Prospect, located at the Bynoe Project.
The company says it intersected a thick downhole interval of 43 metres of pegmatite from 191.9 metres. This extends previously discovered pegmatites at the location.
Core samples have been sent to the company's logging facility in Darwin and will undergo more detailed logging and sampling.
The first drill hole is the first of a potential 9-hole 2-phase diamond drilling program at Lei, targeting 1,800 metres in depth.
Lithium Plus says the second Phase 1 diamond hole is currently underway.
Speaking on the results, the executive chairman, Dr Bin Guo, said the company is "pleased with the samples".
"[O]ur maiden diamond hole at the Lei Prospect, which have visibly validated the historical spodumene-bearing pegmatite system at Depth, [now] provide us confidence that we may have a significant lithium discovery at Bynoe," he added.
Lithium Plus shares are up 14% today. They have risen by 176% since listing in April of this year. The ASX lithium share now trades at 69 cents apiece.
