While the All Ordinaries Index (ASX: XAO) is down 0.21%, this microcap ASX miner rocketed 30% higher on open.

In later morning trade, the ASX mining share has given back some of those stellar gains but remains up an impressive 19%.

Any guesses on the company?

If you said Ragusa Minerals Ltd (ASX: RAS), give yourself a gold star.

So, what's going on?

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

The Ragusa Minerals share price is rocketing after the company reported promising results from initial assays at its 100% owned Burracoppin Project, located in Western Australia.

The results come from the first round of the ASX mining share's exploratory drill campaign at the project, consisting of 147 composite samples.

According to the release, the initial assays returned "exceptionally high-grade alumina averaging 33.73% Al2O3 – with a peak grade of 38.3% Al2O3". That corresponded with an ultra-bright ISO brightness of 88% with half of the samples greater than ISO brightness 80%.

Ragusa Minerals also reported on a promising rare earths find at Burracoppin. The explorer noted that 40% of the samples returned total rare earth oxide levels (TREO) above a 500ppm cut-off. The average came in at 1,493ppm TREO with a peak value of 6,285ppm TREO.

Commenting on the result sending the ASX mining share soaring today, Ragusa chair Jerko Zuvela said:

The company is excited with the initial results from the maiden drilling program and the significant discovery of rare earth elements at our Burracoppin Project. This is a positive result for the potential multi-commodity development of our project – with upcoming laboratory analysis results used to delineate a JORC mineral resource.

We look forward to progressing the strategic critical minerals discovered at Burracoppin.

Ragusa Minerals share price snapshot

With today's intraday gains factored in, this ASX mining share has trounced the benchmark returns in 2022, gaining 116%. That compares to a 5% year-to-date loss posted by the All Ordinaries.

The post Guess which ASX mining share just rocketed 30% on a new rare earths find appeared first on The Motley Fool Australia.

In morning trade, the lithium explorer's shares crashed as much as 42% to 10.5 cents.

The Ragusa Minerals share price has since recovered a touch but remains down 22% at 14 cents.

Why is this lithium share crashing?

Investors have been hitting the sell button today after the company released an update on the NT Lithium Project located approximately 120km south of Darwin.

According to the release, the company has completed a total of 18 reverse circulation drillholes comprising a total of 1505 metres drilled. From these 18 drillholes, Ragusa revealed that 12 intersected pegmatite.

Select pegmatite drill samples have now been delivered to a laboratory for lithium analysis testing.

Ragusa chair, Jerko Zuvela, commented:

The Company is pleased to have conducted our maiden exploration drilling program at our strategic and highly prospective NT Lithium Project. We are very encouraged by the preliminary drilling observations at our priority targets, noting the scale of the pegmatite zones encountered within our project area. We look forward to receiving the lithium assay results in coming weeks.

The completion of the initial exploration program is another positive step that puts Ragusa in a strong position to rapidly accelerate the development of our project within a proven high-quality lithium district in a Tier 1 jurisdiction close to major infrastructure at a time of record lithium prices.

So what's wrong?

While the above sounds positive, the Ragusa Minerals share price performance today certainly paints a very different picture.

This appears to be down to management's comments on the drillholes. It notes that "geological staff identified additional samples containing visually significant levels of graphite in the hangingwall and footwall zones either side of some of the pegmatites."

There was no mention of visible lithium, which appears to have investors concerned that the NT Lithium Project could ultimately prove to be a dud.

They will have to sit tight and wait for the assay results to be received in the coming weeks.

The post Why did this ASX lithium share just crash 42%? appeared first on The Motley Fool Australia.

The Ragusa Minerals Ltd (ASX: RAS), Talga Group Ltd (ASX: TLG) and Dundas Minerals (ASX: DUN) share prices are all storming ahead.

Let's take a look at why these three ASX shares are surging today.

Talga Group

Talga shares are lifting 13% today. The company is developing battery and advanced materials in Sweden for a cleaner future. Today, Talga announced it has signed a non-binding off take term sheet with Automotive Cells Company SE (ACC).

Talga will supply ACC with its flagship lithium-ion battery anode product, Talnode-C, from the Vittangi Anode Project in Sweden. Talga will provide ACC with 60,000 tonnes of Talnode-C over five years.

Ragusa Minerals

Ragusa shares are soaring nearly 30% today. This follows an update on the company's Northern Territory Lithium Project.

The company released details on its upcoming drilling program at the project. Preparation earthworks including access track and drill pad clearing are now complete.

At a recent site visit, a new pegmatite of 150m outcrop was discovered at the eastern edge of the project area.

Commenting on the news, chair Jerko Zuvela said:

We have a significant opportunity to utilise our exploration and development experience to rapidly progress our NT Lithium Project and realise the massive upside value potential in a Tier 1 jurisdiction close to major infrastructure at a time of record lithium prices.

Dundas Minerals

Dundas Minerals shares are soaring 47% today. The company's shares have surged 196% since the market close on Friday. This follows the company discovering "massive sulphides" in two drill holes.

The company is exploring the Albany-Fraser Orogen belt in Western Australia. Many samples showed sulphides anomalous in cobalt, nickel, copper and silver.

The post 3 ASX lithium and battery minerals ASX shares going gangbusters today appeared first on The Motley Fool Australia.

In morning trade, the lithium explorer's shares are up 39% to a record high of 44.5 cents.

Why is the Ragusa Minerals share price on fire today?

Investors have been scrambling to buy this lithium share on Tuesday following the release of an update on the NT Lithium Project.

According to the release, the company has made progress towards the commencement of the maiden drilling program at the project. This follows the completion of site preparation earthworks, including access track and drill pad clearing.

Also getting investors excited was some commentary on a recent site visit.

Management advised that during the visit, additional reconnaissance and sampling was undertaken. This led to new pegmatite occurrences being identified, in addition to the known mapped pegmatite outcrops.

A newly identified pegmatite of ~150m outcrop width was found along the eastern edge of the project area, to the north of the White Rocks prospect. Positively, a sample collected from the exposure returned a strongly anomalous lithium grade consistent with what would be expected from a depleted lithium-bearing pegmatite outcrop.

However, it is not known if the intersection represents the true width of the pegmatite.

'Massive upside value potential'

Ragusa's chair, Jerko Zuvela, revealed that the company was very excited with the news and the potential of the NT Lithium Project. Zuvela said:

The Company is very excited as we prepare to commence our maiden drilling program at our strategic and highly prospective NT Lithium Project. This puts Ragusa in a strong position to rapidly accelerate the development of our project within a proven high-quality lithium district.

We have a significant opportunity to utilise our exploration and development experience to rapidly progress our NT Lithium Project and realise the massive upside value potential in a Tier 1 jurisdiction close to major infrastructure at a time of record lithium prices.

The post Guess which ASX lithium share is rocketing 39% on project news appeared first on The Motley Fool Australia.

The price of lithium has risen astronomically as the world continues to grow a whole new industry in electric vehicle (EV) manufacturing.

In fact, the value of lithium carbonate hit a record high this month at US$71,370.50 per tonne.

According to Trading Economics, that's an 80% increase year to date "as surging demand coincides with lower supply".

No wonder ASX lithium shares are garnering a lot of attention.

Which ASX lithium shares are performing best right now?

Let's do a snapshot of how some of the largest ASX lithium shares (by market capitalisation) are performing year to date in 2022.

• The Pilbara Minerals Ltd (ASX: PLS) share price is 40.3% higher (market cap $14.59 billion)
• The Allkem Ltd (ASX: AKE) share price is 39.9% higher ($10.17 billion)
• The Core Lithium Ltd (ASX: CXO) share price is 123% higher ($2.5 billion)
• The Sayona Mining Ltd (ASX: SYA) share price is 78.6% higher ($2.2 billion)
• The Lake Resources N.L. (ASX: LKE) share price is down 2.75% ($1.45 billion).

Here's a snapshot of how some of the junior ASX lithium shares are doing this year. Always remember, buying nano, micro and small-cap shares can be risky business, so tread carefully and do your research.

• The Global Lithium Resources Ltd (ASX: GL1) share price is 121% higher (market cap $535 million)
• The Anson Resources Ltd (ASX: ASN) share price is 160.7% higher ($396.74 million)
• The Arizona Lithium Ltd (ASX: AZL) share price is down 29.2% ($209.66 million)
• The Iris Metals Ltd (ASX: IR1) share price is 186.2% higher ($198.94 million)
• The Ragusa Minerals Ltd (ASX: RAS) share price is 300% higher ($35.34M).

Business performance vs. share price performance

As seasoned investors know, the performance of a business doesn't necessarily correspond with the performance of its share price and vice versa. Annoying, right?

This is especially the case with young, growing companies that the market is excited about. Investors can sometimes bid the share price up on expectations of future profits, not current profits.

Share price growth doesn't necessarily indicate great revenue and profit, or superior management. So when assessing ASX lithium shares for investment, you can't just look at what the share prices have done lately. You need to get under the hood and check the inner workings of each company are sound.

With reporting season just behind us, let's compare a few metrics on the two largest ASX lithium shares.

Pilbara Minerals FY22 results

• Revenue up 577% year-over-year (yoy) to $1.2 billion
• EBITDA of $814.5 million, up from $21.4 million in FY21
• Statutory net profit after tax (NPAT) of $561.8 million, up from a loss of $51.4 million loss in FY21
• Share price went up 53.4% over FY22
• Price-to-earnings (P/E) ratio of 17.86 compared to 9.51 for the sector today.

Allkem FY22 results

• Revenue up 800% yoy to US$770 million
• EBITDAIX of US$513.1 million
• Consolidated NPAT of US$337 million, up from a loss of US$89.5 million in FY21
• Share price went up 54.8% over FY22
• P/E ratio today of 17.53 compared to 9.51 for the sector today.

Why is the value of lithium rising?

The reasons behind this month's record lithium price are clear.

According to Trading Economics analysis:

Added stimulus and cash incentives by local Chinese governments spurred growth in demand of electric vehicles in the world's second largest economy, notching a 100% year-on-year increase in August.

In the US, demand for electric vehicles is set to increase as the newly passed "Inflation Reduction Act" extends tax breaks for new electric vehicle purchases.

On the supply side, the energy crisis in China brought by record-setting heat waves led multiple lithium producers in Sichuan to suspend operations, adding to the upside of soaring lithium costs in the near-term.

Scarcity led auto manufacturers with large bets on battery electric vehicles to compete for long-term supply contracts, including Ford and Stellantis. Also, electric vehicle giant Tesla mulled building its own lithium refinery in Texas.

The post Which ASX lithium shares are performing best in 2022? appeared first on The Motley Fool Australia.

The Ragusa Minerals Ltd (ASX: RAS), Lord Resources Ltd (ASX: LRD) and ST George Mining Ltd (ASX: SGQ) share prices are rising today.

Let's take a look at why these ASX lithium shares are having a good day.

ST George Mining

The ST George Mining share price is soaring 13% today. The company announced "significant positive results" from lithium exploration at the Mt Alexander Project. This is located in the north-eastern Goldfields in Western Australia.

Rock chip sampling of pegmatite outcrop showed a "geochemistry indicative of lithium, caesium and tantalum (LCT) fertile pegmatites". Assays also returned high levels of rubidium. Field mapping and rock chip sampling is ongoing.

Commenting on the news, executive chairman John Prineas said:

Our field work is the first lithium focused exploration conducted at Mt Alexander and we very pleased with the pace at which the evidence for the lithium potential is building.

Ragusa Minerals

Ragusa Minerals shares are rising 14% today. The company advised a six-year project tenement has been granted for the company's EL33150 tenement. This is located within the company's Northern Territory Lithium Project.

Historical geological mapping works show the project area is potentially prospective for lithium. Five tenements have now been granted at the project. Drilling will start soon.

Commenting on the news, chair Jerko Zuvela said:

This is another very positive milestone that puts Ragusa in a strong position to rapidly accelerate the development of our project within a proven high-quality lithium district.

Lord Resources

Lord Resources shares are jumping 7% today following the granting of an exploration licence for the Horse Rocks Project. This is located in Western Australia. In earlier trade, Lord Resources shares soared 23% before retreating.

The company said "high impact exploration" is imminent. Field work will begin immediately including geological mapping and rock chip sampling.

Commenting on the news, managing director Barnaby Egerton-Warburton said:

Located in one of the best lithium exploration provinces globally, the company is excited to get
to work of demonstrating the potential of Horse Rocks and hopefully making a discovery that will add to the regions already impressive lithium inventor.

The post 3 ASX lithium shares soaring on project updates appeared first on The Motley Fool Australia.

Ragusa Minerals Ltd (ASX: RAS) is no exception.

And the microcap ASX lithium stock is charging higher again today.

Shares were up more than 36% in earlier trading and are currently up 16.3%, at 29 cents per share.

So, what's piquing investor interest on Tuesday?

ASX lithium stock surges on tenement grant

Did someone say lithium?

The Ragusa Minerals share price is soaring after the explorer reported that its NT Lithium Project tenement has been granted by the Northern Territory's Mineral Titles office.

The tenement, EL33150, is part of the company's NT Lithium Project, located near Darwin. The tenement was granted for a period of six years.

The ASX lithium stock's project area hosts hard rock lithium prospects, within the Litchfield Pegmatite Belt.

Commenting on the progress, Ragusa chair Jerko Zuvela said:

The company's strategic and highly prospective NT Lithium Project – with high grade historical and confirmatory lithium sample results, approved MMP for drilling commencing soon, and now contains five granted tenements.

This is another very positive milestone that puts Ragusa in a strong position to rapidly accelerate the development of our project within a proven high-quality lithium district.

Zuvela added that the ASX lithium stock will make use of its exploration and development experience to "rapidly progress" the project to "realise the massive upside value potential in a Tier 1 jurisdiction close to major infrastructure at a time of record lithium prices."

Two additional tenement applications within the project area are currently being processed by the NT Mineral Titles office.

Ragusa Mineral share price snapshot

As mentioned up top, ASX lithium stocks have broadly been rocketing this year.

As for Ragusa Mining, shares are now up an eye-popping 256% in 2022. That compares to a year-to-date loss of 12% posted by the All Ordinaries Index (ASX: XAO).

The post Guess which ASX lithium stock just rocketed 36% on 'another very positive milestone' appeared first on The Motley Fool Australia.

So let's look at not one, not two, but three ASX mining shares that put on at least 25% today.

3 ASX mining shares that gained 25% or more this Thursday

Anson Resources Ltd (ASX: ASN)

First up is Anson Resources. This ASX mining share is an ASX lithium hopeful, conducting lithium mining operations in the United States and Australia. Anson shares rocketed an impressive 26.2% today to finish at 26.5 cents a share. They closed at 21 cents yesterday and opened at 25.5 cents this morning.

As my Fool colleague Aaron covered this afternoon, this powering share price rise seems to be a result of an ASX announcement this morning. The company revealed it has signed an agreement with Sunresin New Materials Co. Ltd. This will see Sunresin provide equipment, supplies, and technical support to Anson.

Variscan Mines Ltd (ASX: VAR)

Next up is Variscan Mines. Variscan has a portfolio that includes two zinc projects in Spain, as well as other interests in Australia and Chile. The Variscan share price was on fire today, finishing up a whopping 40.6% to 4.5 cents a share. It closed at 3.2 cents yesterday and opened at 4.4 cents this morning.

This follows an ASX announcement today that gazetted some positive drilling results. The company confirmed it has discovered "significant zinc-lead mineralisation" at its San Jose Mine in Spain.

Ragusa Minerals Ltd (ASX: RAS)

Finally today, let's take a gander at the ASX mining share Ragusa Minerals. Ragusa is exploring gold and lithium in the Northern Territory, Alaska, and Zimbabwe. There wasn't any news out of Ragusa today. But that hasn't stopped the company from gaining an impressive 26.4% to 33.5 cents a share.

As my Fool colleague Monica reported earlier this week, Ragusa shares have been on a highway for the past month, gaining more than 370% since late July. On 10 August, the company confirmed "high grade lithium perspectivity at the NT project", which seems to have ignited these frenzied gains in recent weeks.

The post 3 ASX mining shares that soared over 25% on Thursday appeared first on The Motley Fool Australia.

The Ragusa Minerals Ltd (ASX: RAS) share price has soared 293% from 7.5 cents at market open on August 1 to the current share price of 29.5 cents.

So why have investors been buying up Ragusa Minerals shares?

Why has this ASX lithium share soared?

This ASX lithium share has soared on the back of news out of its Northern Territory Lithium Project. Lithium is an essential component of electric vehicle (EV) batteries.

Ragusa is exploring lithium in the Litchfield Pegmatite Belt in the Northern Territory. The company also has a 100% interest in the Burracoppin Halloysite Project in Western Australia. Further, Ragusa wholly owns the Lonely Mine Gold Project in Zimbabwe and the Monte Cristo Gold Project in Alaska.

Since market close on 10 August, the Ragusa share price has soared 180% alone. On 11 August, Ragusa revealed historical exploration has affirmed high grade lithium perspectivity at the NT project.

This includes 8.03% Li2O3 and 7.25% Li2O6.

Commenting on this news, chairperson Jerko Zuvela said:

We have a significant opportunity to utilise our exploration and development experience to rapidly progress our NT Lithium Project and realise the massive upside value potential in a Tier 1 jurisdiction close to major infrastructure at a time of record lithium prices

Meanwhile, the outlook for the lithium price could also be providing Ragusa with a boost. In a note yesterday, analysts at Macquarie boosted the price target on multiple ASX lithium shares and upgrade their outlook on lithium prices. Macquarie said:

We upgrade medium-term lithium carbonate and hydroxide price outlook and expect prices to stay higher for longer. We also lift our regional lithium price forecasts to match the pricing strength in China.

Finally, in news today, Ragusa has received a price query from the ASX. The company highlighted it is in compliance with listing rules while noting the 11 August news. Ragusa said:

Given the results announced on this date, with drilling preparation works progressing, there has been a significant level of interest of upcoming works and results from the
project.

Ragusa share price recap

The Ragusa Minerals share price has exploded 275% in a year, while it has risen 242% in the year to date.

In contrast, the ASX 200 Materials Index has climbed 0.34% in a year, while it has lost 1.43% year to date.

Ragusa has market capitalisation of about $34.4 million based on the current share price.

The post Guess which obscure ASX lithium share has gained 293% so far in August appeared first on The Motley Fool Australia.

In the last week, the company's share price has lifted 138% to 20 cents. For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) has climbed 2% in the same time frame.

Let's take a look at what is happening at Ragusa Minerals?

What's driving this price boost?

Ragusa Minerals is exploring lithium in the Litchfield Pegmatite Belt in the Northern Territory. Ragusa also has a 100% interest in a halloysite and kaolinite project in Western Australia, along with gold projects in Zimbabwe and Alaska.

However, it is lithium news out of the Northern Territory project that seems to have pushed up the Ragusa Minerals share price.

On Thursday, Ragusa announced historical exploration works had confirmed "high grade lithium perspectivity" at the company's NT lithium project.

As my Foolish colleague Bronwyn reported, this included 8.03% Li2O3 and 7.25% Li2O6.

Commenting on the results, chairperson Jerko Zuvela highlighted the company's "significant opportunity" to progress the NT lithium project.

He said Ragusa is in a strong position to rapidly accelerate the project within a "high quality lithium district".

Today alone, the Ragusa Minerals share price soared a further 42.86%, in what was a strong day for ASX lithium shares.

Ragusa share price snapshot

The Ragusa Minerals share price has exploded 150% in the past year and 153% year to date.

For perspective, the ASX 200 Materials Index has lost nearly 11% in a year.

Ragusa has a market capitalisation of $25.15 million based on the current share price.

The post Why has the Ragusa Minerals share price exploded 136% in a week? appeared first on The Motley Fool Australia.

With the demand for electric vehicles (EVs) continuing to stretch higher, so too is the demand for battery metals such as lithium and its derivatives.

With that, these two ASX lithium shares have booked double-digit gains today following new discoveries.

Ragusa Minerals Ltd (ASX: RAS)

Ragusa advised today it has completed the initial desktop review of previous works conducted at its NT Lithium Project and compiled all results received to date.

A portion of these historical works identified numerous high-grade lithium samples. As such, the results have identified "numerous priority drill targets", Ragusa says.

Chairman Jerko Zuvela said the discovery will help Ragusa "rapidly accelerate the development" of the project.

"We have a significant opportunity to utilise our exploration and development experience to … realise the massive upside value potential in a Tier 1 jurisdiction close to major infrastructure at a time of record lithium prices," he added.

This ASX lithium share is up 50% today to 15 cents apiece.

Lithium Plus Minerals Ltd (ASX: LPM)

Lithium Plus Minerals also provided test results from its maiden Phase 1 diamond drilling program at the Lei Prospect, located at the Bynoe Project.

The company says it intersected a thick downhole interval of 43 metres of pegmatite from 191.9 metres. This extends previously discovered pegmatites at the location.

Core samples have been sent to the company's logging facility in Darwin and will undergo more detailed logging and sampling.

The first drill hole is the first of a potential 9-hole 2-phase diamond drilling program at Lei, targeting 1,800 metres in depth.

Lithium Plus says the second Phase 1 diamond hole is currently underway.

Speaking on the results, the executive chairman, Dr Bin Guo, said the company is "pleased with the samples".

"[O]ur maiden diamond hole at the Lei Prospect, which have visibly validated the historical spodumene-bearing pegmatite system at Depth, [now] provide us confidence that we may have a significant lithium discovery at Bynoe," he added.

Lithium Plus shares are up 14% today. They have risen by 176% since listing in April of this year. The ASX lithium share now trades at 69 cents apiece.

The post Here are 2 ASX lithium shares surging on new discoveries appeared first on The Motley Fool Australia.

The junior ASX mining company revealed new rock sampling results and plans for its maiden drill program in an announcement this morning.

The news relates to the company's NT Lithium Project in the Northern Territory. It said a review of historical data plus a recent site visit had confirmed "high-grade lithium prospectivity".

More than 15 million Ragusa shares have traded hands already today. That's six times the company's 90-day average of 2.2 million.

What discovery is causing this ASX mining share to soar?

In its statement, Ragusa said some of the historical exploration works identified "numerous high-grade lithium results from rock chip samples". This included 8.03% Li2O3 and 7.25% Li2O6, with most others registering more than 2% Li2O (with several >5% Li2O).

Ragusa is using this data and new rock sampling results to determine where to start drilling in its maiden program. The latest results include:

• SM001 – 5.46% Li2O
• SM008 – 2.27g/t Au
• SM009 – 4.59g/t Au

Ragusa said the samples had high-grade lithium in amblygonite. There were also elevated lithium values in mica and significant gold values from quartz/scorodite samples.

Ragusa said: "… the true extent of many of the pegmatites is significant — spanning several kilometres in length, with potential for a significant discovery".

Then there's the bowling ball-sized crystal …

Ragusa said that staff stumbled across "a single crystal approximately the size of a bowling ball" during the recent reconnaissance visit. Yep, just sitting on the surface waiting to be picked up.

The company said:

It was found at surface in a scraping adjacent to weathered albite/mica/quartz rubble and outcrop.

Upon investigation, the crystal is thought to be a heavily weathered spodumene based on residual colour, estimated density, prismatic shape, internal striations parallel to the long axis and strongly elevated lithium content, although heavily depleted from weathering.

So, when will Ragusa dig some stuff out of the ground?

Ragusa said it had developed a target generation and drill program design incorporating several "high priority confirmed lithium bearing targets".

The company said: "Logistics planning and preparation is underway to conduct this planned drilling campaign during the current dry season."

Ragusa has an approved Mining Management Plan for Exploration (MMP) already in place for 21 RC and diamond drill holes. It's now seeking permission for more drill holes.

The drilling was "expected to yield definitive results", the company said.

What did management say?

Ragusa chair Jerko Zuvela said:

The company's strategic and highly prospective NT Lithium Project, with high grade historical and confirmatory lithium sample results, four granted tenements, approved MMP and upcoming commencement of our maiden drilling program is very exciting and puts Ragusa in a strong position to rapidly accelerate the development of our project within a proven high quality lithium district.

We have a significant opportunity to utilise our exploration and development experience to rapidly
progress our NT Lithium Project and realise the massive upside value potential in a Tier 1 jurisdiction
close to major infrastructure at a time of record lithium prices.

Share price review for this ASX mining share

The Ragusa Minerals share price is up 121% over the past year, outperforming the metals and mining benchmark index by a mile.

The S&P/ASX 300 Metal & Mining Index (ASX: XMM) is down 11% over the same period.

The ASX mining share has a market capitalisation of $12.8 million.

The post Guess which ASX mining share is rocketing 55% on a new lithium find appeared first on The Motley Fool Australia.

The S&P/ASX 300 Metals & Mining Index (ASX: XMM) has climbed 188 basis points at the time of writing on Friday, outpacing the benchmark S&P/ASX 200 Index (ASX: XJO)'s 38 basis point rise.

Here are three standouts among ASX mining shares that have surged more than 30% on Friday.

Galileo Mining Ltd (ASX: GAL)

Shares of Galileo Mining raced north in early trade today, quickly heading to an intraday high of $1.95 apiece before settling back down to $1.75 on last check.

The miner has seen its share price explode in 2022 amid a number of positive updates, ranging from positive drill assays to billionaire mining prospectors upping their equity stake.

Today the company reported assays from a drill hole at its Callisto project in Western Australia had intersected rhodium, the corrosion-resistant metal used in vehicle pollution controls.

Assays at Callisto returned rhodium values up to 0.094 grams per tonne with average values across the 33-metre interval of 0.05 grams per tonne, according to the company's release.

In the last 12 months, the Galileo Mining share price has surged more than 500% and has spiked almost 700% this year to date.

Ragusa Minerals Ltd (ASX: RAS)

Shares of Ragusa Minerals are currently moving 22% in the green after first nudging to an intraday high of 20 cents apiece in early trade.

The company announced earlier in the week that it has pivoted towards lithium, a step away from its traditional gold roots.

Ragusa has invested in a farm-in agreement that sees it lay claim over an initial 90% interest across five lithium tenements up in the Northern Territory.

Within the agreement is the option to increase that interest to full 100% ownership in the future.

Investors have rallied the Ragusa share price after the news such that the stock has climbed 118% this week, at the time of writing.

In the last 12 months, it has gained 113%, well ahead of most small-cap names in the sector.

Oklo Resources Ltd (ASX: OKU)

Oklo Resources has also seen its share price explode on Friday, currently trading 93% higher at 15 cents.

Investors have been rushing to secure a seat in the company after it announced yesterday that New York listed B2Gold Corporation is to "acquire 100% of the shares in Oklo by way of a board-recommended
scheme of arrangement."

Under the arrangement, Oklo shareholders will receive a combined scrip and cash consideration with an implied value of 17.25 cents per Oklo share.

This is comprised of 0.0206 B2Gold shares per Oklo share and a cash consideration of 5.25 cents cash per Oklo share, the company said.

The move would therefore see shareholders realise a premium of around 19% at the time of writing, but the spread of this premium is closing at pace.

The post 3 ASX mining shares soaring by more than 30% on Friday appeared first on The Motley Fool Australia.

They've all surged more than 20% today – some for no apparent reason.

Let's take a closer look at what's going on with these three ASX mining shares.

3 ASX mining shares rocketing higher

Galileo Mining Ltd (ASX: GAL)

The Galileo Mining share price is surging upwards once more on Thursday, gaining 49.2% to trade at $1.41.

Its gains come on the back of assay results released by the company this morning. The results from six drill holes have confirmed palladium, platinum, gold, copper, and nickel at the company's Norseman Project's Callisto discovery.

Galilea Mining is now planning to kick off another 20-hole drilling program at the discovery next week.

Its shares are now up 509% this year to date.

Resource Mining Corporation Limited (ASX: RMI)

The Resource Mining share price is also launching higher today. It's surged 33% to trade at 14 cents right now. That's a new multi-year high for the ASX mining share.

There's been no news from the Tanzania-focused nickel explorer since 17 May. However, it did release a non-price sensitive investor presentation on Thursday.

The company is continuing to work towards its acquisition of five nickel projects in Tanzania, as announced earlier this month.

Resource Mining shares have soared 350% since the start of the year.

Ragusa Minerals Ltd (ASX: RAS)  

The final ASX mining share to post a whopper of a gain on Thursday is Ragusa Minerals. The company's stock is currently 22.7% higher, trading at 14 cents.

There's been no news from the $14 million gold-turned-lithium explorer today.

However, it announced its spin towards the 'white gold' that is lithium earlier this week.

The company has shaken on a tenement farm-in agreement that will see it able to earn an initial 90% interest in five lithium prospective tenements in the Northern Territory. It also has the option to up its stake in the tenements to 100% in the future.

Since the start of 2022, the Ragusa Minerals share price has gained 69%.

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The benchmark index closed Monday up 0.05% to 7,148.9 points. Three ASX shares that bucked this trend were Ragusa Minerals Ltd (ASX: RAS), Discovery Alaska (ASX: DAF) and Creso Pharma Ltd (ASX: CPH).

Let's take a look at why these three ASX microcap shares stormed higher on the market today.

Creso Pharma

Creso Pharma shares jumped 9.62% today to 5.7 cents However, in morning trade, the company's share price soared 17% to 6.1 cents. Investors bought the company's shares on the back of a new agreement. Creso is a cannabis and psychedelics company with operations in Switzerland, Canada, Colombia, Israel and Australia. The company has signed a non-binding, non-exclusive heads of agreement (HoA) with Dr Pickles Pty Ltd. Dr Pickles is a tattoo post-care products company with a database of 20,000 online consumers. The agreement provides Creso with the potential to enter the Australian body care market. Creso will look into commercialising Dr Pickles products in North American markets. Creso has a market capitalisation of $67.4 million.

Ragusa Minerals

The Ragusa Minerals share price soared 25% today to 10 cents. The company's share price rocketed on news it has secured new tenements prospective for lithium. Ragusa signed a tenement farm-in agreement with May Drilling Pty Ltd, providing the exclusive right to earn a 90% interest in five tenements. The tenements can be found in the "highly prospective" Litchfield Pegmatite Belt in the Northern Territory. Commenting on the news, chairperson Jerko Zuvela said:

Ragusa is in a strong position to rapidly accelerate the development of our project at a time of record lithium prices and within a proven high-quality lithium district.

Ragusa has a market capitalisation of $10.23 million based on today's closing price.

The ASX microcap share you wish you knew about this morning, Discovery Alaska

Discovery Alaska shares surged 27.69% today to 8.3 cents. However, in earlier trade, this ASX lithium share jumped 62% to 10.5 cents. The company is exploring lithium at the 100% owned Chulitna Project in Alaska, United States. In today's news, the company confirmed lithium mineralisation at 12 historical drill holes. Using a SciAps Z-901 LIBS handheld analyser, the company showed lithium across broad zones. Laboratory analysis will now follow with the aim of establishing a JORC lithium resource. Discovery Alaska has soared 167% in the year to date. The company has a market capitalisation of $14.5 million.

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With lithium demand booming amid a surge in global electric vehicle production, many resource explorers are branching out from their traditional metals and turning their attention to uncovering the light-weight, highly-conductive metal.

And that's seeing this small ASX gold share transforming into an ASX lithium share.

A nascent ASX lithium share

You may not be familiar with Ragusa Minerals Ltd (ASX: RAS). The microcap resource explorer that's been primarily focused on gold has a market cap of just $12 million. But it has big ambitions.

At time of writing the Ragusa share price is up 23% to 9.8 cents per share after earlier posting gains of 30%.

The aspiring ASX lithium share entered a trading halt on Friday pending an announcement released before market open today.

According to the release, Ragusa has entered into a tenement farm-in agreement with May Drilling for the exclusive right to earn an initial 90% interest in a tract of lithium prospective tenements. Ragusa maintains the option to increase its interest to 100%.

The tenements are located in the Litchfield Pegmatite Belt, located in the Northern Territory. Covering some 570 square kilometres, the area is in close proximity to Core Lithium Ltd's (ASX: CXO) Finnis Project.

What did management say?

Commenting on the agreement that could see the company transform into an ASX lithium share, Ragusa chair, Jerko Zuvela said:

The company has secured extremely strategic and highly sought-after lithium prospective tenements in the centre of a well-renowned lithium district. This is a significant opportunity to combine Ragusa's existing NT lithium projects to create a combined 'supergroup' project area comparable to neighbours Core Lithium and Lithium Plus, and utilise our exploration and development experience to rapidly progress our NT Lithium Project in a Tier 1 jurisdiction close to major infrastructure.

With four currently granted tenements and considerable historic works to reference, Ragusa is in a strong position to rapidly accelerate the development of our project at a time of record lithium prices and within a proven high-quality lithium district.

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