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Guess which ASX lithium share just leapt 9% on 'very high grade' results

The ASX lithium share is now up more than 26% so far in 2023.

Posted by
Bernd Struben
Author bio Bernd Struben earned his BA in economics from the University of Michigan in 1991, with post-graduate studies in environmental economics at the University of Connecticut. Over the years he’s written about and analysed the tourism industry in the Caribbean; Europe’s commercial real estate markets; and, since moving to Australia in 2010, global and Aussie share markets. Bernd studies geopolitical and macroeconomic trends, alongside sector and company specific data, to gauge what he believes could be tomorrow's best investments. In his free time, you might find Bernd at the beach with his family or working on his next science fiction novel. Areas of expertise Australian and global share markets Macroeconomic and geopolitical trends Real estate Education Economics, University of Michigan Favorite investment quote "The four most dangerous words in investing are: 'This time it's different." — Sir John Templeton
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Key points
  • ASX lithium share Azure Minerals is racing higher today
  • The company reported some strong lithium exploration results at its joint venture Andover Project in Western Australia
  • Diamond drilling at the project is ongoing

A little-known ASX lithium share is setting the bar high today.

While the All Ordinaries Index (ASX: XAO) is enjoying a strong rebound, up 1.1%, the ASX lithium company rocketed 9.3% on open to 29.5 cents per share.

The ASX lithium share is currently trading for 29 cents per share, up 7.4%.

Any guesses who?

If you said Azure Minerals Ltd (ASX: AZS), go to the front of the class.

Man pointing at a blue rising share price graph.

Image source: Getty Images

What's driving investor interest in the ASX lithium share?

Investors are bidding up the Azure Minerals share price after the company reported some strong lithium exploration results at its joint venture Andover Project, located in the West Pilbara region of Western Australia.

Azure holds a 60% interest in Andover while privately held resources company Creasy Group holds the other 40%.

According to the release, ongoing lithium-focused pegmatite sampling across the project is continuing to uncover very high grades of lithium in the outcrop.

The latest assay results returned samples grading above 1% Li2O. Thirteen samples from returned lithium grades were over 3.80%, with one sample grading as high as 4.67% Li2O.

Commenting on the results sending the ASX 200 lithium share higher today, Azure managing director Tony Rovira said:

The identification of abundant outcropping spodumene-rich pegmatites containing high grades of lithium at numerous prospects across Andover confirms the potential for this project to host substantial lithium resources.

Rovira added, "The company is very confident that the drilling we're currently undertaking will identify and define substantial lithium mineralisation and potentially resources."

Diamond drilling at Andover is continuing. Azure Minerals reported that it has visually identified spodumene-rich pegmatites in the first two completed drill holes.

Azure Minerals share price snapshot

As you can see in the chart below, the ASX lithium share has had a very strong run in 2023. With today's intraday gains factored in, the Azure Minerals share price is up 26% since the closing bell on 30 December.

Motley Fool contributor Bernd Struben 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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