A couple of ASX lithium shares have been catching the eye on Tuesday with some strong gains.
Let's take a look and see what's getting investors excited today:
Leo Lithium Ltd (ASX: LLL)
The Leo Lithium share price is up 9% to $1.17. This morning, this Mali-based lithium developer announced a substantial increase to the mineral resource estimate (MRE) at its Goulamina Lithium Project.
Management now estimates that the project has an MRE of 211 Mt at a grade of 1.37% Li2O. It believes this highlights Goulamina's status as a world-class lithium pegmatite project. It is also now the fifth-largest global spodumene deposit.
Leo Lithium managing director, Simon Hay, commented:
We are excited to report a very significant resource upgrade which confirms the outstanding scale, high-grade nature, and further growth potential of the Goulamina Project. An increase at Goulamina of 68.6 Mt from a very moderate drilling campaign, is a fantastic outcome. Furthermore, there is scope for additional growth as the deposit remains open at depth and along strike, creating new drilling targets for the geology team.
Lithium Energy Ltd (ASX: LEL)
The Lithium Energy share price was up 9% to 97 cents this morning before easing back a touch.
Investors have been buying this ASX lithium share after it announced a binding agreement with Lanshen to construct a battery grade lithium plant capable of producing 3,000 tonnes of lithium carbonate per annum at the 90% owned Solaroz Lithium Brine Project.
Lanshen is a leading provider of direct lithium extraction (DLE) technology and plant manufacturing, with industrial-scale commercial DLE plants currently in operation.
Commissioning is targeted for the second half of calendar year 2024, subject to receipt of all local approvals and permits. Lanshen will fund the engineering and design, construction, transportation, assembly, commissioning and initial operation of the plant.
Lithium Energy's Executive Chairman, William Johnson, said:
This partnership with one of the world's leading providers of DLE technology is a tremendously exciting initiative undertaken by the Company. Whilst the location and size of the Solaroz Project as a whole is considered highly favourable for traditional pond evaporation (as used by neighbours Allkem and Lithium Americas), sorbent-based DLE technology offers a number of potential significant commercial and environmental benefits.
