This ASX lithium share is surging 45% today. What’s going on?

In case you were wondering which ASX lithium share is outperforming the market on Tuesday, it is the Oceana Lithium Ltd (ASX: OCN) share price.

During midday trade, shares in the exploration company powered ahead 45% to an intraday high of 80 cents before profit takers swooped in.

At the time of writing, the share is hovering around 70 cents, still up an astonishing 27.27%.

For context, the All Ordinaries Index (ASX: XAO) is climbing 0.41% to 7,354.6 points.

Let’s take a look at the latest surrounding Oceana Lithium.

What’s driving Oceana Lithium shares higher?

Despite the company not making any announcements today, the Oceana Lithium share price is still buoyant during late afternoon trade.

It appears the market is pricing in good things to come for the company following its most recent release.

Last Monday, Oceana Lithium provided an update on its two strategic lithium projects in Brazil and Australia.

The release highlighted the start of exploration fieldwork at the company’s flagship Solonopole project in Ceara State, north-eastern Brazil.

The initial focus will be on the Lapinha Zone to follow up high-grade lithium surface samples taken by the site’s previous owner.

In addition, Oceana Lithium mobilised an exploration team to Napperby to commence mapping and sampling of historic mineral occurrences within the Mt Denison tenement in the Northern Territory.

While the company is making progress at both of its sites, it seems that investors are excited by the announcement.

Oceana Lithium shares climbed 20% on the day of the company update.

Oceana Lithium share price summary

Since listing at the start of July 2022, the Oceana Lithium share price has gained more than 240%.

The company’s shares haven’t looked back and are gradually trekking upwards as the market regains its confidence in the lithium space.

Based on today’s price, Oceana Lithium commands a market capitalisation of approximately $23 million.

The post This ASX lithium share is surging 45% today. What’s going on? appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras 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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