It will see the S&P/ASX 200 Index (ASX: XJO) icon exploring Trek Metals' Jimblebar Project – considered highly prospective for nickel and copper mineralisation.

Handing over exploration of the project will allow the ASX small-cap to focus its efforts on its flagship Tambourah Lithium Project and its Kendeka Manganese Project.

Right now, the Trek Metals share price is 13.33% higher than its previous close, trading at 6.8 cents.

Let's take a closer look at the latest news from the lithium hopeful.

ASX small-cap lithium share rockets on Rio Tinto agreement

The market is bidding the Trek Metals share price higher after the $22 million company announced an exploration agreement with ASX 200 goliath Rio Tinto.

The agreement grants Rio Tinto the option to earn an 80% joint venture interest in the Jimblebar Project, located in Western Australia's Pilbara region.

Trek Metals CEO Derek Marshall commented on today's news, saying:

We are delighted to be partnering with Rio Tinto Exploration (RTX) to advance the exploration for magmatic nickel-copper at Jimblebar.

RTX brings significant technical and operational expertise to the table, and we are very excited to be able to collaborate with their team to generate, refine and test targets across the tenements.

The deal will initially see Rio Tinto paying $50,000 for an exclusive six-month option to explore the project. Another $25,000 could see that extended by another six months.

The mining giant has also committed to spending $100,000 at the project over the exclusivity period.

Beyond that, it has the option to farm in to earn an 80% joint venture interest by funding $5 million of exploration expenditure, including at least 2,000 metres of drilling, within six years.

If it does so, it will fund Trek Metals' portion of the venture until the project reaches an advanced scoping study level or Rio Tinto has forked out $40 million, whichever comes first.

Marshall continued:

This agreement allows Trek to continue to focus on our flagship Tambourah Lithium Project, where
we plan to commence our maiden drill program this quarter, and continue to advance our high-grade
Hendeka Manganese Project, while keeping a free-carried exposure to the nickel-copper potential at
Jimblebar and allowing it to progress much quicker than would otherwise be achievable.

Rio Tinto has an extensive presence in the Pilbara region, where it boasts 17 mines, four port terminals, and a 2,000 kilometre rail network.

The post This ASX small-cap lithium share is leaping 13% on a deal with Rio Tinto appeared first on The Motley Fool Australia.

Meanwhile, the S&P/ASX 200 Resources Index (ASX: XJR) also outperformed most other sectors, closing 3.33% higher today.

The broader market experienced a bit of a lift, too, with the S&P/ASX 200 Index (ASX: XJO) up 0.50% at the close.

Let's take a look at which companies were off to the races on Monday.

Winsome Resources Ltd (ASX: WR1)

Winsome Resources shares closed today's trading 36.49% higher at $1.01, after touching an all-time high of $1.12 early this afternoon. There's no news today from the company to explain its share price surge.

However, last week the lithium explorer posted results from its numerous drill holes at its Adina site in Quebec, Canada. Samples from the drilling are being taken to the lab for further analysis.

The company also posted its investors' presentation to the market on Friday. Highlights included that it has detected high grades of lithium and tantalum at its discovery sites and is ready to access Quebec's hydro-power infrastructure.

Trek Metals Ltd (ASX: TKM)

Shares in Trek Metals also had a great start to the week, closing 37.50% higher at 8.8 cents after surging to 10 cents apiece in early trade. Trek Metals announced a new discovery to the market this morning, making the reason behind its share price rise today easier to discern.

Specifically, the lithium share posted results from its rock chip assays for its Tambourah site in Western Australia.

The assay samples returned lithium concentrations of up to 3.07% Li2O.

Trek Metals CEO Derek Marshall gave a bullish interpretation of the result, stating:

Confirming very high-grade lithium at surface in multiple spodumene-bearing pegmatite dykes is about as good as it gets for this stage of exploration, highlighting the enormous prospectivity of the mineralised system at Tambourah.

Boab Metals Ltd (ASX: BML)

Finally, the Boab Metals share price gained 29.17% to 31 cents at the close of trading on Monday. The precious metals explorer reached a high of 34 cents around midday and responded to an ASX price and volume query this afternoon.

The company noted that it had released an investors presentation on 2 November as its share price surged to new heights.

In the presentation, the company updated the market on its recent operations, including the completion of tenders for its process plant EPC and early work projects.

Other efforts included almost finishing its project's definitive feasibility study and offtake award process.

Finally, the company notes that its share price has been strongly correlated with the silver price, noting that the price of this precious metal has risen by nearly 7% since the presentation was released.

The post These 3 ASX resources shares exploded more than 35% on Monday appeared first on The Motley Fool Australia.

And looking at the Trek Metals Ltd (ASX: TKM) share price action today, you can understand why.

Shares in the lithium stock leapt 50% higher in early trade and as we head into the lunch hour remain up a heady 40.6% trading at 9 cents apiece.

Prices for the battery-critical mineral are trading at or near all-time highs amid booming global EV growth. And investors are bidding up the ASX lithium share after it exited Friday's trading halt this morning and released an update reporting promising lithium exploration results.

What did Trek Metals report?

The Trek Metals share price is rocketing on the report that it has confirmed significant lithium potential at its Tambourah Project in Western Australia.

The junior explorer reported that laboratory assays from rock chip samples returned results of up to 3.07% Li2O. The samples came from multiple recently identified spodumene-bearing pegmatite dykes.

Commenting on the results sending the ASX lithium share soaring today, Trek Metals CEO Derek Marshall said:

Confirming very high-grade lithium at surface in multiple spodumene-bearing pegmatite dykes is about as good as it gets for this stage of exploration, highlighting the enormous prospectivity of the mineralised system at Tambourah.

The company noted that the Tambourah Project is under-explored for lithium and has never been drill tested.

"We have ticked another major box towards making a greenfields lithium discovery," Marshall said.

As for the next steps for the ASX lithium share, Marshall added:

We are looking forward to advancing the project to the next stage with the definition of drill targets and progressing agreements and approvals required to get a rig turning as soon as practicable.

How has this ASX lithium share fared in 2022?

The Trek Metals share price has seen some significant swings this calendar year. Despite soaring higher today, the ASX lithium share remains down 10% in 2022.

That's right in line with the 10% year-to-date loss posted by the All Ordinaries Index (ASX: XAO).

The post Guess which ASX lithium share just rocketed 50% on a new discovery appeared first on The Motley Fool Australia.