The lithium share closed on Friday trading for 89 cents. At the time of writing on Monday, shares are swapping hands for $1.05 apiece, up 18%.

For some context, the All Ordinaries Index (ASX: XAO) is down 0.2% at this same time.

Here's what's happening.

TG Metals share price leaps on lithium exploration results

Investors are bidding up the ASX lithium stock after the company released another promising update on its lithium exploration program at its Lake Johnston Li-Ni-Au Project, located in Western Australia.

As we reported on Thursday, the TG Metals share price has been rocketing since late October.

Investor enthusiasm was stoked after the explorer reported the initial drill holes into the Burmeister lithium soil anomaly at Lake Johnston had intersected high grade mineralisation of up to 2.28% Li2O. And the Burmeister lithium soil anomaly is big, spanning an area of 4.5 kilometres by 1.7 kilometres.

The ASX lithium stock continued to march higher last week, after announcing it was kicking off the second phase of its exploratory drilling. With existing program of works approvals already in place, TG Metals was able to progress rapidly to this second phase of drilling.

Today, the miner reported that following infill and extensional soil sampling it has defined a new area of lithium in soils anomalism at Lake Johnston. It said the newly identified Jaegermeister Prospect is even larger in scale than the Burmeister soil anomaly, measuring 5.7 kilometres by 2.3 kilometres.

Commenting on the exploration results, TG Metals CEO David Selfe said:

The current drilling at Burmeister, targeting up dip, down dip and along strike of the known high grade lithium pegmatites, will provide knowledge we can apply to the Jaegermeister area and provides us with another quality drill target for early 2024.

Selfe said he expects to receive the next drilling results from Burmeister assays within the next two weeks.

How has the ASX lithium stock been performing?

As mentioned up top, the ASX lithium stock has been rocketing in recent weeks.

That momentum now sees the TG Metals share price up 782% so far in 2023.

The post Why is this tiny ASX lithium stock launching 18% on Monday? appeared first on The Motley Fool Australia.

Since market close on 25 October, the All Ordinaries Index (ASX: XAO) has gained a very healthy 2.7%.

But this lithium share has rocketed an eye-popping 1,111%. That's enough to turn a $1,000 investment into $12,111. In two weeks!

Any guesses?

If you said TG Metals Ltd (ASX: TG6), give yourself a virtual gold star.

The ASX lithium stock closed on 25 October trading for 9.7 cents. At the time of writing, shares are swapping hands for $1.14.

Here's what's been happening with the explorer.

Why are investors sending this ASX lithium stock to the moon?

TG Metals is a relative newcomer to the ASX, having commenced trading on 26 May 2022.

The company's main focus is its wholly owned Lake Johnston Project, located in Western Australia. TG Metals explores for gold, nickel and lithium at Lake Johnston. But it's been lithium that's really set this stock on fire these past two weeks.

Last Monday, 30 October, the ASX lithium stock closed the day up a blistering 252.4%.

This came after the company reported that the first drill holes into the Burmeister lithium soil anomaly at Lake Johnston intersected high-grade mineralisation of up to 2.28% Li2O.

Investor enthusiasm was also ignited by the report that five of the six completed holes had intersected pegmatite, "with all pegmatite intervals hosting lithium mineralisation in spodumene".

And the Burmeister lithium soil anomaly is large, covering an area of 4.5 kilometres by 1.7 kilometres.

The ASX lithium stock has continued to charge higher since then, up another 220% since the closing bell on 30 October.

Yesterday the TG Metals share price gained another 40.1%.

That big move higher came after the explorer announced that it had recommenced drilling at the Burmeister anomaly. The explorer was able to re-start the next phase of its drilling program quite rapidly, with existing program of works approvals already in place.

"We are in a unique position of being able to move on quickly to this second phase of drilling," TG Metals CEO, David Selfe said.

The ASX lithium stock is up 3% in afternoon trade today.

Stay tuned!

The post Guess which ASX lithium stock has rocketed 1,111% in 2 weeks appeared first on The Motley Fool Australia.

Two absolute standouts are listed below. Here's how much these ASX lithium stocks jumped today:

Arizona Lithium Ltd (ASX: AZL)

The Arizona Lithium share price closed the day almost 40% higher at 3.2 cents. Interestingly, this was despite there being no news out the North American lithium explorer.

However, it is worth noting that it has been making progress at the Big Sandy Lithium Project and the Prairie Lithium Projects.

Last week, the company announced that it has commenced construction of the first commercial pad at the Prairie project in Saskatchewan, Canada. The ground has been prepared for the first production and disposal wells, which are anticipated to be drilled in the first half of 2024.

Arizona Lithium will now quickly advance from pilot operations to commercialisation of the first Direct Lithium Extraction (DLE) facility.

In addition, with its shares still down by 60% over the last 12 months, some investors may believe they have been oversold.

TG Metals Ltd (ASX: TG6)

The TG Metals share price was another very strong performer on Wednesday, rising 40% to $1.10. This follows the release of an update on exploration activities at the Lake Johnston Li-Ni-Au Project in Western Australia.

The ASX lithium stock advised that it has recommenced drilling on the Burmeister lithium discovery with a reverse circulation drill rig. Pleasingly, existing program of works approvals are in place for this Phase 2 drilling on the lithium soil anomaly following the successful Phase 1 program. The latter yielded high grade spodumene pegmatite intercepts.

TG Metals CEO, David Selfe, stated: "We are in a unique position of being able to move on quickly to this second phase of drilling. It's critical that we continue with our targeted approach to exploring this significant newly discovered lithium pegmatite system and enhancing our understanding of its size and quality. The Company looks forward to updating shareholders with ongoing drilling results and other Lake Johnston project exploration for the remainder of this year."

The post These ASX lithium stocks jumped 40% on Wednesday appeared first on The Motley Fool Australia.