3 ASX lithium shares soaring on project updates

These three lithium explorers are having a good day.

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Key points

  • These three companies are all searching for lithium 
  • The share prices of all of these explorers are in the green today 
  • The materials sector is lifting more than 2% overall today 

The S&P/ASX 200 Materials Index (ASX: XMJ) is lifting 2% today, but three ASX lithium shares are soaring far higher.

The Ragusa Minerals Ltd (ASX: RAS), Lord Resources Ltd (ASX: LRD) and ST George Mining Ltd (ASX: SGQ) share prices are rising today.

Let's take a look at why these ASX lithium shares are having a good day.

ST George Mining

The ST George Mining share price is soaring 13% today. The company announced "significant positive results" from lithium exploration at the Mt Alexander Project. This is located in the north-eastern Goldfields in Western Australia.

Rock chip sampling of pegmatite outcrop showed a "geochemistry indicative of lithium, caesium and tantalum (LCT) fertile pegmatites". Assays also returned high levels of rubidium. Field mapping and rock chip sampling is ongoing.

Commenting on the news, executive chairman John Prineas said:

Our field work is the first lithium focused exploration conducted at Mt Alexander and we very pleased with the pace at which the evidence for the lithium potential is building.

Ragusa Minerals

Ragusa Minerals shares are rising 14% today. The company advised a six-year project tenement has been granted for the company's EL33150 tenement. This is located within the company's Northern Territory Lithium Project.

Historical geological mapping works show the project area is potentially prospective for lithium. Five tenements have now been granted at the project. Drilling will start soon.

Commenting on the news, chair Jerko Zuvela said:

This is another very positive milestone that puts Ragusa in a strong position to rapidly accelerate the development of our project within a proven high-quality lithium district.

Lord Resources

Lord Resources shares are jumping 7% today following the granting of an exploration licence for the Horse Rocks Project. This is located in Western Australia. In earlier trade, Lord Resources shares soared 23% before retreating.

The company said "high impact exploration" is imminent. Field work will begin immediately including geological mapping and rock chip sampling.

Commenting on the news, managing director Barnaby Egerton-Warburton said:

Located in one of the best lithium exploration provinces globally, the company is excited to get
to work of demonstrating the potential of Horse Rocks and hopefully making a discovery that will add to the regions already impressive lithium inventor.

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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