In morning trade, the lithium explorer's shares are up 40% to 4.2 cents.

Why is the Eastern Resources share price surging higher?

The catalyst for the rise in the Eastern Resources share price on Tuesday has been the release of a very promising announcement.

According to the release, Eastern Resources has become the latest mineral exploration company to report a significant discovery of lithium.

The release notes that the company has identified significant wide LCT pegmatites at the Trigg Hill project in East Pilbara, Western Australia.

This project is approximately 75km south-east of the Pilgangoora Lithium mine owned by Pilbara Minerals Ltd (ASX: PLS).

Positive results

Eastern Resources' maiden drill program saw a total of 32 holes drilled for 1,972 metres. From these holes, 30 holes intercepted pegmatites. Furthermore, there was significant thickness of near surface pegmatites identified in multiple holes, up to 65m width from surface.

Eastern Resources' executive director, Myles Fang, was very pleased with the drilling results. He commented:

We are highly encouraged with the discovery of significant wide LCT pegmatites at Trigg Hill project. The drill data information collected provides us significant information to progress the geological and metallurgical characterisation of the pegmatites at Trigg Hill Project.

A total of 642 drill samples have now been transferred to Perth for analysis at Nagrom. The company plans to utilise the results of the initial phase of drilling to support further drilling planning and targeting.

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At the time of writing, the lithium developer's shares are 19.23% higher to 3.1 cents apiece.

What did Eastern Resources announce?

Investors are bidding up the Eastern Resources share price after the company announced "outstanding initial assay results" at the Trigg Hill Lithium-Tantalum Project in Western Australia.

In its release, Eastern Resources advised that rock-chip assays confirm extensive lithium-caesium-tantalum (LCT) pegmatites from its recent field works.

The results included up to 2.28% Li2O (lithium), 1.23% Rb2O (rubidium), 1,552ppm (parts per million) Cs2O (caesium), 514ppm Ta2O5 (tantalum pentoxide) and 2,921ppm SnO2 (tin).

The assay came from the first 124 rock chip samples which confirmed visual observations of previously reported lithium mineralisation.

Since March 2022, the company has been conducting fieldwork at the Trigg Hill Project. This comprises traverse mapping, rock chip sampling of outcropping pegmatites, and soil sampling.

Further up the E 45/5728 permit, the results of 231 soil samples from the Curlew East area are pending analysis.

Should the assays return positive results, soil sampling may be extended to other areas.

Eastern Resources noted that drill site and access planning is well advanced. The aim is to test both mineralised pegmatites for a better understanding of "zonation and lithium mineralisation".

Eastern Resources share price snapshot

Over the past 12 months, the Eastern Resources share price has rocketed by more than 70%.

The company's shares reached a multi-year high of 9.7 cents in November, before settling back.

Based on today's price, Eastern Resources commands a market capitalisation of roughly $25.86 million.

The post Eastern Resources share price jumps 19% on 'outstanding' lithium results appeared first on The Motley Fool Australia.

Shares in the exploration company entered a trading halt earlier, whilst also releasing several other updates.

Let's take a closer look at what's happening with the Eastern Iron share price.  

Why is the Eastern Iron share price halted?

Earlier today Eastern Iron requested that its shares be placed in an immediate trading halt.

The exploration company noted that securities will remain in a halt until the release of an announcement regarding an updated mining study for its Nowa Nowa iron project.

Easter Iron noted that the trading halt was requested so that the company can manage its continuous disclosure obligations.

According to the company, the trading halt will last until Thursday 30 September 2021 or when the announcement is released to the market.

What else did Easter Iron announce?

In addition to its trading halt, Easter Iron also announced changes to its Board.

The company has appointed Mr Jason Hou to the Board following the resignation of Mrs Therese-Marie Taylor.

Eastern Iron noted that Mr Hou has a professional background in finance and is well known to the company through his financial consulting services.

More on the Eastern Iron share price

Eastern Iron is an iron ore exploration company with its flagship Nowa Nowa Iron project located in Victoria.

Shares in Eastern Iron have had a stellar year thus far.

Since the start of 2021, shares in the company have stormed more than 344% higher.

Much of the company's share price gain has been realised this past month.

There have been several catalysts that have helped propel the Eastern Iron share price higher.

Shares in the company took off in early September after announcing a joint venture with Ya Hua International Investment and Development Co Ltd to acquire and develop lithium projects.

The Eastern Iron share price received another boost following a strategic placement and equity raising earlier this month.

The placement of $1.05 million was made to Ya Hua, making the company a substantial shareholder of Eastern Iron.

An additional tranche of $2.52 million will be placed to sophisticated and institutional investors.

Before entering a trading halt, the Eastern Iron share price closed yesterday's session at 4.3 cents.

The post Why is the Eastern Iron (ASX:EFE) share price halted? appeared first on The Motley Fool Australia.

That's a 20.5% jump on the opening price and well ahead of the S&P/ASX 200 index (ASX: XJO) which climbed 1%.

Eastern Iron shares are on the move despite no market-sensitive news from the company today.

Let's take a closer look at what's up.

What's pushing the Eastern Iron share price lately?

The Eastern Iron share price has been rising since the company announced a strategic placement and equity raising last week.

The placement of $1.05 million was made to Ya Hua International Investment and Development Co Ltd. As a result, it will become a substantial shareholder of Eastern Iron.

In addition to this placement, another tranche of $2.52 million will be placed to sophisticated and institutional investors, according to the release.

As such, Eastern Iron is seeking to raise an additional $3.57 million before costs. Funds raised from both offerings will provide the company with financing to expedite existing projects.

It also positions the company well to develop further lithium projects with Ya Hua and provides a financial commitment to the pair's strategic relationship.

Investors have bought enthusiastically on the news and driven the Eastern Iron share price 51% higher over the week.

A bit more on Eastern Iron

Eastern Iron is in the iron ore exploration business. The company focus is developing resources at its flagship project, the Nowa Nowa Iron project in Victoria.

Eastern Iron was incorporated in 2007 and it was listed on the ASX in 2012 at 11.3 cents.

Even though it is an iron ore specialist, it appears to be making a pivot away from the now-struggling commodity.

The Eastern Iron share price took off on 6 September when the company announced another venture with Ya Hua to acquire and develop lithium projects.

The Eastern Iron share price has ballooned by 370% in just a month.

The post Eastern Iron (ASX:EFE) share price leaps 20% today and 50% in a week appeared first on The Motley Fool Australia.

The iron ore exploration company's shares pounced 20.69% higher to 3.5 cents apiece. It's worth noting that yesterday, its shares registered a mammoth 123% gain following a positive release to the market.

In comparison, the All Ordinaires Index (ASX: XAO) has lost 0.17% this week alone.

Why are Eastern Iron shares paused?

The details surrounding the temporary pause is sketchy with the company only stating that a release is pending.

With no information in regards to what this could be, we take a look back at yesterday's announcement. This could provide some clarity on what to expect in the near future from Eastern Iron.

A non-binding Memorandum of Understanding (MOU) was executed with Ya Hua International Investment and Development Co. Ltd to form a strategic partnership. The Chinese companies are wholly-owned subsidiaries of Sichuan Yahua Industrial Group Co. Ltd (Yahua Group).

The collaboration between Eastern Iron and Yahua Group will lead to a joint venture in acquiring and developing lithium projects.

Furthermore, the parties will work together in bringing the Trigg Hill Lithium Tantalum Project online. However, this will come after the completion of Eastern Iron's acquisition of Trigg Hill and an initial exploration target.

The company entered into a binding Heads of Agreement with Amery Holdings for an option to acquire a 100% interest in the Trigg Hill Project.

Under the terms, Yahua Group has first right of refusal for product offtake from any projects with Eastern Iron.

About the Eastern Iron share price

The past 12 months has been nothing special for Eastern Iron shares when not factoring in this week's gain. Investors will be licking their lips with the company's shares zooming close to 150% over the last 2 days.

On valuation metrics, Eastern Iron has doubled in value to $26.4 million, whilst maintaining approximately 745 million shares on issue.

The post Why is the Eastern Iron (ASX:EFE) share price in recess appeared first on The Motley Fool Australia.

At the time of writing, the iron ore exploration company's shares are up an astonishing 107.69% to 2.7 cents. This pales in comparison to the All Ordinaries Index (ASX: XAO) which is down 0.37% to 7,797 points.

What did Eastern Iron announce?

Investors are driving up the Eastern Iron share price after the company advised it has executed a Memorandum of Understanding (MOU).

The non-binding MOU was signed with Ya Hua International Investment and Development Co. Ltd, a wholly-owned subsidiary of Sichuan Yahua Industrial Group Co. Ltd (Yahua Group).

Eastern Iron and Yahua Group will form a strategic partnership for the acquisition and development of lithium projects. This includes working together to bring online the Trigg Hill Lithium Tantalum Project located in East Pilbara, Western Australia.

The long-term goal is to establish the supply of spodumene concentrates in Australia and other countries, except China.

Yahua will be granted the first right of refusal for product offtake from any joint venture projects including the Trigg Hill Project.

More on Yahua Group

With a market capitalisation of roughly RMB 36.3 billion (A$7.7 billion), the Yahua Group is one of China's major lithium hydroxide and lithium carbonate producers. The conglomerate engages in the manufacture and sales of civil explosives and lithium salt products.

Yahua Group's existing operations comprise a 43,000 tonne per annum refinery for lithium carbonate, lithium hydroxide and other lithium products.

Yahua is a major shareholder of Core Lithium Ltd (ASX: CXO) and a major offtake customer of Orocobre Ltd (ASX: ORE).

About the Eastern Iron share price

Over the last 12 months, Eastern Iron shares have gradually moved on an upward trend to post a 220% gain. Year to date, the company's share price has accelerated by more than 120%.

Eastern Iron presides a market capitalisation of just $20 million, with approximately 745 million shares on its registry.

The post Why the Eastern Iron (ASX:EFE) share price is rocketing 107% today appeared first on The Motley Fool Australia.