Riversgold shares finished the day at 4.4 cents.

At the time of writing today, shares are trading for 6.2 cents. That's another 40.9% intraday gain for Riversgold shares.

So, what's driving ASX investor interest in the junior resource explorer?

Why are ASX investors hitting the buy button?

With no fresh news out today, the Riversgold share price looks to be leaping higher based on yesterday's market announcement (covered here) reporting exceptionally strong assay results.

Not for gold, mind you.

But rather for lithium.

The ASX resource explorer acquired four lithium-prospective exploration tenements covering Western Australia's Pilbara region earlier this year.

Yesterday Riversgold reported that rock chip samples from lithium-bearing pegmatite dykes along a 200-metre strike zone returned exceptional values between 1.5% Li2O (lithium oxide) and 2% Li2O.

Riversgold shares are heading higher again today, with investors potentially focused on the fact that the strike zone is part of a much longer 26 kilometre mineralised corridor, which has yet to be evaluated.

The explorer said crews will begin follow up reconnaissance work along the corridor and other priority targets next week.

Stay tuned.

Riversgold share price snapshot

With today's big leap factored in, the Riversgold share price is now up a whopping 265% since the opening bell on 4 January.

By comparison, the All Ordinaries Index (ASX: XAO) is down 3.47% year to date.

The post Lithium party: Riversgold (ASX:RGL) share price surges another 41% appeared first on The Motley Fool Australia.

Riversgold closed yesterday at 3.6 cents and is currently trading for 4.7 cents. That puts the Riversgold share price up 30.6% in late morning trade.

ASX investors look to be snapping up shares in the junior explorer today after the company reported on its latest rock chip sampling results.

What assay results were announced?

The Riversgold share price is surging after the miner reported on high grade assay results for lithium. The results were strong across all the rock chip samples taken from surface sampling at its Tambourah Lithium Project in Western Australia.

The miner only acquired 4 lithium-prospective exploration tenement applications covering 164 square kilometres in the Pilbara region earlier in 2022.

According to the release, the assay results confirmed numerous lithium-bearing pegmatite dykes, with the rock chip samples returning values between 1.5% Li2O and 2% Li2O.

The Riversgold share price could also be getting an additional boost from the company reporting that so far, only 200 metres of what could be a 26 kilometre long mineralised corridor have been evaluated.

Commenting on the results, Riversgold CEO, Julian Ford said:

These initial rock chip results from Tambourah are highly encouraging and are only from a 200-metre section of what is potentially a 26-kilometre-long mineralised corridor within the tenement.

We are fortunate to have access to a substantial database of modern geophysical data for the Tambourah Project and our strategy is to fast-track exploration by leveraging this knowledge base and the easy access afforded by the gazetted Marble Bar road.

Ford added that he expects more material news to come as Riversgold pursues its lithium exploration strategies.

The miner is planning to kick off a follow up reconnaissance trip next week, where crews will explore along the strike extension and other priority target areas.

Riversgold share price snapshot

With today's intraday gains factored in, the Riversgold share price is up 135% in 2022.

That compares to a 3.7% year-to-date loss posted by All Ordinaries Index (ASX: XAO).

The post This ASX gold miner just struck lithium, and its share price is surging 31% appeared first on The Motley Fool Australia.