Guess which ASX lithium stock just rocketed 36% on ‘another very positive milestone’

ASX lithium stocks have been among the top performers over the past year, amid soaring prices for the lightweight, conductive metal.

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.

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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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