The Arcadia Minerals Ltd (ASX: AM7) and Evolution Energy Minerals Ltd (ASX: EV1) share prices are leaping ahead today.

Let's take a look at why these two ASX battery minerals shares are lifting today.

Evolution Energy Minerals

Evolution Energy shares are soaring nearly 17% today. Investors are buying up Evolution shares after the company executed a binding term sheet for a joint venture with Yichang Xincheng Graphite Co Ltd.

The companies are aiming to work together to develop a downstream processing plant. This would process 25,000 tonnes per annum of coarse flake concentrate from Evolution's Chilalo Graphite Project in Tanzania. Following a scoping study, the companies plan to form a joint venture.

Commenting on the news, Evolution managing director Phil Hoskins said:

We look forward to this initiative being the next step change beyond our immediate focus of financing the Chilalo mine development.

Arcadia Minerals 

The Arcadia Minerals share price is surging 13% today. Arcadia is exploring lithium, tantalum, nickel, copper and gold in Namibia. Acadia announced today it has made progress toward a definitive feasibility study (DFS) at the company's Swanson Tantalum Project in Namibia. This includes securing water and electricity supply and signing a land use agreement. The DFS is within budget and due to be complete by the end of October.

The post 2 tiny ASX battery minerals shares going gangbusters on project news appeared first on The Motley Fool Australia.

This is amid the S&P/ASX 300 Metals and Mining Index (ASX: XMM) gaining 1.27% in late afternoon trade. A similar benchmark, the S&P/ASX 200 Materials Index (ASX: XMJ), is also up 1.09%.

Let's see which ASX mining shares are have a cracking day today.

Arcadia Minerals Ltd (ASX: AM7)

The Arcadia Minerals share price is up a massive 102.56% at the time of writing, with shares of the battery metals explorer trading hands for 39.5 cents each. The company's share price hit an intraday high of 48 cents this morning, representing a 146% gain.

The big news for the company today is the announcement it has discovered 85.2 million tonnes of extra lithium reserves at its Bittwasser site in Namibia this morning. This represents a 560% increase from its earlier numbers. The company also announced that 59.6 million tonnes of lithium carbonate could be produced from these additional reserves, up 430% from previous estimates.

Nimy Resources Ltd (ASX: NIM)

The Nimy Resources share price is up 18.52% in late afternoon trade. Shares in the nickel exploration company are fetching for 32 cents apiece after closing at 27 cents each yesterday.

There's no news today to support the Nimy Resources share price surge. In fact, the last significant announcement the company made was in June when it released its quarterly activities report. This was mostly centred around its diamond drilling activities. Curiously, nickel is currently down 0.69% today, according to Markets Insider.

Noronex Limited (ASX: NRX)

The Noronex Limited share price is up 21.05% right now to 6.9 cents a share. Earlier today, the copper company's shares hit an intraday high of 7.9 cents apiece, representing a 39% jump.

Noronex addressed the reason why its shares are gaining today through a response to a price and volume query initiated by ASX's listings compliance department. The price action of Noronex shares comes amid news about other ASX-listed companies mining in the Kalahari copper belt, where Noronex controls 5,600 square kilometers. The belt stretches from Namibia into Northern Botswana.

In the letter addressed to the ASX, Noronex said Cobre Ltd (ASX: CBE) reported it had discovered significant copper mineralisation in the Kalahari copper belt. Another update by Sandfire Resources Ltd (ASX: SFR) was cited as a potential contributor to the surge in the Noronex share price as it prepares to commence copper mining in its Motheo Botswana site in FY23.

The post Which 3 ASX mining shares are soaring more than 15% today? appeared first on The Motley Fool Australia.

Arcadia Minerals Ltd (ASX: AM7) shares are trading at 45.5 cents, a 133.33% gain. For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) is lifting 1.3% today. Core Lithium Ltd (ASX: CXO) shares are lifting 2.85%, while Pilbara Minerals (ASX: PLS) shares are up 2.6%.

So why is this ASX lithium share doing so well today?

Massive resource boost

Arcadia Minerals is exploring mostly battery metals at a range of projects. The company is looking for lithium, tantalum, nickel, copper and gold.

Today, Arcadia advised of a 560% boost to the JORC mineral resource estimate (MRE) at a key lithium project.

Arcadia is exploring the Bitterwasser Lithium-in-Clay Project in Kalkrand, Namibia.

The updated inferred MRE defined over the Eden Pan location is:

• 85.2 million tonnes at 633 parts per million (ppm) for 286,909 tonne (t) Li2Co3 (lithium carbonate equivalent)

Cyclone test work shows the potential to produce concentrate of 59.6 million tonnes at 817 ppm for 259,231t of lithium carbonate at the project.

The company is now planning to conduct large-scale test work. Arcadia is aiming to find out the best recovery process to potentially produce "battery grade lithium carbonate product". The company will work with the University of Stellenbosch on this process.

Commenting on the news, CEO Philip le Roux said:

We're encouraged by the significant increase in metal content at the Bitterwasser Lithium-in-Clay project, which is now equivalent to a 1% Li2O hard rock resource of 11.6Mt.

Arcadia Minerals share price snapshot

The Arcadia Minerals share price has soared 140% in the past year. In the year to date, Arcadia shares have surged 116.7%.

In comparison, the ASX 200 Materials Index is nearly flat in the past year.

Arcadia has a market capitalisation of about $21.25 million based on the current share price.

The post Here's why this ASX lithium share is rocketing more than 100% today appeared first on The Motley Fool Australia.

At market close, shares in the battery-focused metals explorer finished at 25.5 cents apiece, up 27.5%. At one point, the Arcadia Minerals share price rocketed 57.5% higher, reaching 31.5 cents per share, setting an all-time high for the company.

Let's take a look at what all the fuss is about.

Why is the Arcadia Minerals share price soaring today?

The story begins with the Arcadia Minerals share price being placed in a trading halt at the request of the company on Monday. At that time, details were sparse with the request simply stating it was in relation to an announcement of a proposed lithium acquisition. Fast forward to the present and we now know the magnitude of the news.

According to the release, the company's 50% owned subsidiary known as Brines Mining Exploration Namibia Ltd has conditionally agreed to acquire 100% of three licenses containing an inferred JORC (joint ore reserves committee) mineral resource.

Additionally, the inferred mineral resource contains lithium, potassium, and boron. The company is predominantly interested in the potential for lithium extraction. The licenses to be acquired indicate a resource of 15.1 million tons at 828 parts per million of lithium.

Moreover, the resource area covers only 6% of the acquired exposed clay pans. As such, the company believes there could be potential for further exploration that may result in the expansion of the resource. At this stage, Arcadia plans to commence exploratory drilling in November 2021.

It was noted the resource holds potential for lithium-in-brine aquifers. In response, investors are bidding up the Arcadia share price today.

Terms of the deal

The details of the license acquisitions are a little complex, but here they are for perusal:

• The right to acquire 25% for a consideration of ~A$87,000 by May 2022
• ~A$176,000 for the right to acquire 100% within 2 years following initial acquisition
• A further ~A$615,000 payable following the completion of a definitive feasibility study showing over 500,000 tons of lithium carbonate equivalent from the brines.

Additionally, the three mining licenses are adjacent to the company's existing Bitterwasser lithium project. This existing project covers an area of 3,438 square kilometres. Granting shareholders approve the acquisition, Arcadia's landholding will increase to 4,031 square kilometres.

The Arcadia Minerals share price is up 31% since its listing in June this year.

The post Arcadia Minerals (ASX:AM7) share price rockets 27% on lithium project update appeared first on The Motley Fool Australia.