It's a good day to be invested in these tiny ASX lithium shares. They're each gaining more than 20% on the back of exciting announcements.
One has posted notable assay results while another has revealed a cornerstone investment by a lithium giant.
Let's take a closer look at what's going right for two ASX lithium shares you might never have heard of on Wednesday.
2 tiny ASX lithium shares soaring on major announcements
The first ASX lithium stock posting a whopping gain on Wednesday is Azure Minerals Ltd (ASX: AZS). Its share price is rocketing 24.44% at the time of writing to trade at 28 cents. Earlier today, it hit a high of 31 cents a share, an increase of almost 38% on yesterday's closing price.
And it's acquisition news that is providing the boost. Azure announced that lithium giant Sociedad Química y Minera de Chile (NYSE: SQM) intends to buy a 19.99% stake in the tiny ASX lithium share this morning. The stake will cost SQM $20 million, or 25.64 cents per share.
Azure will hold $25 million in cash after the acquisition. It will use the funds to accelerate exploration at its Andover lithium project in the Pilbara.
Azure managing director Tony Rovira commented on the investment, saying:
The new relationship will allow Azure to draw upon SQM's technical expertise in pegmatite-hosted lithium exploration, project development, production, and marketing, providing Azure with strong support as we look to develop the Andover lithium assets.
The second ASX lithium share you may never have heard of posting huge gains today is Aruma Resources Ltd (ASX: AAJ). It's up 34% right now, trading at 7.1 cents.
Its surge comes on news of assay results from the company's Mt Deans Lithium-Rubidium Project, located in Western Australia.
The latest batch of assays show further high-grade lithium-rubidium intersections. A total of 12 intersections returned grades of more than 1.5% lithium-rubidium of various widths.
