2 ASX lithium shares marching higher on promising news

The All Ordinaries Index (ASX: XAO) is in the red today, down 0.6% in afternoon trade.

But these two ASX lithium shares are marching higher after reporting promising exploration and production news.

Here’s what the lithium stocks announced.

Major new lithium target

The Zenith Minerals Ltd (ASX: ZNC) share price is up 2.2% at the time of writing after the ASX lithium share reported on “a major” new lithium geochemical target at its Split Rocks Lithium Project, located in Western Australia.

Split Rocks is being explored as part of the Zenith’s JV with EV Metals Group.

Zenith said its auger soil geochemical sampling had outlined a lithium target (Cielo) that’s nine kilometres long and two kilometres wide. The miner reported a peak auger soil value of 117 parts per million (ppm) of lithium.

The target, which has not been drill tested before, is located in proximity to several proven significant lithium deposits, including the Mt Holland Lithium Deposit.

Commenting on the progress helping boost the ASX lithium share today, executive chair David Ledger said:

We are delighted to announce a major new lithium target at Split Rocks which has come about through 12 months of hard work from our soil geochemical teams. I look forward to providing further updates on this exciting new drill target – Cielo – and the additional new lithium anomalies generated in 2022.

Which brings us to…

ASX lithium share gains on high-grade spodumene production

The Critical Resources Ltd (ASX: CRR) share price is up 3.6% at the time of writing, having posted gains of more than 10% in early morning trading.

Investor interest in the ASX lithium share was spurred by the company’s announcement that its Mavis Lake Lithium project, located in Ontario, Canada, has produced high-grade, low-impurity, coarse spodumene concentrate (Li2O).

Using Heavy Liquid and Magnetic Separation processes, the concentrate results delivered results up to 6.42% Li2O.

The company noted that impurity levels were “extremely low” at 0.37% Fe2O3.

Commenting on those results, Critical Resources managing director Alex Cheeseman said:

Metallurgical test work is a key step in advancing Mavis Lake along the development pathway. The results show that the high-grade mineralisation at Mavis Lake, readily converts to high-grade, low impurity concentrate.

Concentrate with this type of specification, commands a premium in the market. This has been achieved through a very simple flowsheet that has the potential to enhance project development and delivery opportunities by being low impact, low risk and low cost.

Both ASX lithium shares will update the market regarding any further progress.

The post 2 ASX lithium shares marching higher on promising news 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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