ASX lithium shares Galan Lithium Ltd (ASX: GLN) and Lithium Australia NL (ASX: LIT) are both marching higher today.
The Lithium Australia share price is up 1.82% at time of writing, currently trading for 11.2 cents per share.
Galan Lithium is running even hotter, with shares up 4.24% to $1.72.
So, what’s driving investor interest in these ASX lithium shares today?
Encouraging soil sampling and aerial mapping results
This morning Gala reported that it’s recently completed its first exploration sampling and mapping work at its joint venture Greenbushes South Lithium project.
The project, located in Western Australia, is a joint venture between Galan (80% interest) and Lithium Australia (20% interest).
Gala said it has now received the results of its completed geochemical survey. Those show 425 soil samples and 14 rock chip samples.
The samples were taken from the Donnybrook sheer zone, primarily associated with “syntectonic emplacement of the lithium-bearing pegmatites of the Greenbushes mine”.
Gala reported that pathfinder element concentrations from those samples indicate prospective targets “near the trace of the mineralising zone”.
According to the release, Greenbushes is the largest hard-rock lithium mine on the planet.
On the mapping end, the ASX lithium shares have completed 7,622 kilometres of airborne magnetic and radiometric geophysics at low altitude, providing high resolution data. Thomson Airborne is processing the geophysical data, which will then be interpreted by Southern Geoscience Consultants.
Commenting on the exploration progress, Galan’s managing director, JP Vargas de la Vega said:
We are excited with the prospectivity at our Greenbushes South Lithium project and are encouraged with the new soil sample results that continue to indicate that the tracing elements that are found within the Donnybrook sheer zone may well host lithium pegmatites the same as in the Greenbushes mine bordering to the north of our tenements.
Galan looks forward to further strengthening its geological data and knowledge within its tenements as soon as the report from our consultants is completed. The results will formulate our next exploration phase when we will be able to generate and prioritise specific exploration targets in the area.
The ASX lithium share reported that it’s also submitted the final revision of its Conservation Management Plan for its future exploration programs on its pending applications.
How have these ASX lithium shares been performing?
While down 11% in 2022, the Galan share price is up an impressive 220% over the past 12 months.
Fellow ASX lithium share, Lithium Australia, is down 7% in 2022 and down 14% over the past 12 months.
For some context, the All Ordinaries Index (ASX: XAO) has gained 9% over 12 months.
The post ‘We are excited’: Why these 2 ASX lithium shares are popping today appeared first on The Motley Fool Australia.
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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 Bruce Jackson.
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