Guess which ASX lithium share just rocketed 20%

ASX lithium shares have been getting plenty of attention of late. And for good reason.

With demand for (and prices of) the critical battery metal soaring amid the booming growth in electric vehicles (EVs), most ASX lithium stocks have far outpaced the benchmark.

And Iris Metals Limited (ASX: IR1) is no exception, with the share price rocketing 20% today to 78%.

Iris Metals share price soars amid claims expansion

The Iris Metals share price is surging after the ASX lithium share reported it has grown its mining claims footprint by 290% to 2,056 claims, with 1,531 newly staked claims.

The company’s claims now cover 171 square kilometres, making it the largest holder of lithium mining claims in the US state of South Dakota. The new claims cover areas with highly mineralised corridors of spodumene bearing lithium-cesium-tantalum (LCT) pegmatites.

Iris technical director Chris Connell is on location. Mapping, girded soil, and rock chip sampling programs have commenced. The ASX lithium share expects to inform the market of those results over the coming months.

Commenting on the big expansion in Iris’ exploration footprint, Connell said:

Iris has been fortunate in having the capability of mobilising multiple field teams working overtime to attain the largest land holding in the Black Hills prospective for lithium. Perhaps more importantly, we have been able to secure most of the historic lithium producing mines and their strike extensions.

Connell added that Iris has “a great mix of drill-ready targets and extensive prospective corridors over known lithium bearing LCT pegmatites”.

The ASX lithium share is also currently in negotiations to either access or purchase patented claims over historic lithium mines. If successful, Iris said, it will then be able to access any contained minerals free of Federal obligations.

How has this ASX lithium share been performing?

Iris Metals is a relative newcomer to the ASX, having listed on 23 September last year.

Since listing, the ASX lithium share has shot up 269%. For some context, over that same period, the All Ordinaries Index (ASX: XAO) is down 4%.

The post Guess which ASX lithium share just rocketed 20% appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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