• Lithium Energy makes a major lithium discovery in the first drill hole at the Solaroz Lithium Brine Project
  • Lepidico completes trial reports and produces “very clean” lithium hydroxide crystals
  • Encounter Resources finds  strong lithium potential in several areas of the Sandover Project in the Northern Territory

All your lithium news, Wednesday October 19.

 

Capital raisings, mineral resources estimates, and high-grade lithium results are among some of the news headlines from lithium juniors today but the biggest scoop came from ~$106.4m market cap explorer, Lithium Energy (ASX:LEL).

LEL announced a ‘major lithium discovery’ from the first hole of its first drilling program at the Solaroz Lithium Brine Project in Brazil, which encountered significant levels of lithium brine concentrations in excess of 400 mg/l.

The news sent shares in the stock surging some 27% and has been described by LEL’s executive chairman William Johnson as a “watershed moment.”

 

“This further confirms the potential for the Solaroz Project to host a significant resource of lithium brines in what is probably the best location globally to have a lithium discovery,” he says.

“With assay results showing that lithium concentrations in this first hole increase at depth, the company is now looking forward to assay results from sampling the target lower aquifer, as drilling continues to its target depth of 400 metres.”

 

Here’s how ASX lithium companies are tracking:

CODE COMPANY PRICE % TODAY % WEEK % MONTH % YEAR MARKET CAP
LPD Lepidico Ltd 0.021 17% 11% -27% -22% $118,479,442
AUN Aurumin 0.092 15% 10% -16% -55% $10,024,571
LRV Larvottoresources 0.275 12% 10% 20% 0% $10,175,463
EUR European Lithium Ltd 0.088 10% 6% 0% -12% $112,019,134
INF Infinity Lithium 0.22 10% 19% 26% 29% $83,339,954
CXO Core Lithium 1.385 9% 21% -4% 152% $2,339,013,894
QXR Qx Resources Limited 0.069 8% -10% 123% 331% $56,439,189
AZI Altamin Limited 0.086 8% 2% -2% 0% $31,337,340
CZL Cons Zinc Ltd 0.03 7% 25% 36% -25% $12,961,801
MQR Marquee Resource Ltd 0.062 6% 9% -11% -21% $18,580,628
DAF Discovery Alaska Ltd 0.036 6% -42% -53% -10% $7,623,980
PLS Pilbara Min Ltd 5.07 6% -3% 10% 139% $14,326,728,610
LEL Lithenergy 1.18 5% -2% -5% 93% $67,368,000
PNN Power Minerals Ltd 0.495 5% 6% -27% 25% $33,913,806
MM1 Midasmineralsltd 0.2 5% 5% 0% 5% $10,855,035
KGD Kula Gold Limited 0.041 5% 14% 105% -14% $13,112,265
AKE Allkem Limited 15.33 5% 3% 2% 69% $9,322,561,217
IGO IGO Limited 16.11 5% 3% 15% 70% $11,639,206,286
1MC Morella Corporation 0.023 5% 10% -18% -64% $127,634,227
SYA Sayona Mining Ltd 0.23 5% 7% -21% 48% $1,828,310,677
GLN Galan Lithium Ltd 1.29 4% 7% -6% 17% $376,143,803
TON Triton Min Ltd 0.024 4% 9% -4% -25% $31,804,036
CHR Charger Metals 0.5 4% 5% -17% 11% $20,930,897
CAI Calidus Resources 0.375 4% 12% -32% -37% $157,601,414
EVR Ev Resources Ltd 0.025 4% 0% -19% -22% $22,223,618
OCN Oceanalithiumlimited 0.5 4% -4% -24% 0% $16,092,000
PGD Peregrine Gold 0.63 4% 11% 4% 31% $23,426,541
AS2 Askarimetalslimited 0.4 4% -2% 11% 82% $17,509,462
DTM Dart Mining NL 0.089 3% 17% -3% -26% $13,313,674
LLL Leolithiumlimited 0.615 3% 4% -21% 0% $587,060,863
IMI Infinitymining 0.2325 3% 8% -5% 0% $14,201,719
KTA Krakatoa Resources 0.062 3% -3% -7% -2% $20,682,595
MIN Mineral Resources. 71.79 3% -1% 8% 66% $13,187,833,047
TUL Tulla Resources 0.47 3% 8% -3% -5% $72,898,677
CRR Critical Resources 0.066 3% 10% -14% 120% $95,372,010
DRE Dreadnought Resources Ltd 0.1 3% 16% -13% 178% $295,125,754
M2R Miramar 0.1 3% 0% -5% -50% $6,226,106
AGY Argosy Minerals Ltd 0.53 3% 14% -5% 108% $710,966,938
NMT Neometals Ltd 1.09 3% 4% -16% 18% $585,487,298
EMH European Metals Hldg 0.76 3% 5% -11% -47% $88,570,368
GL1 Globallith 2.71 3% 17% -3% 578% $418,963,396
GT1 Greentechnology 0.84 2% 16% 6% 0% $156,405,482
LTR Liontown Resources 1.82 2% 17% 11% 17% $3,920,637,100
LPI Lithium Pwr Int Ltd 0.59 2% 7% -3% 39% $226,896,653
AOU Auroch Minerals Ltd 0.06 2% -2% -23% -68% $21,895,596
A11 Atlantic Lithium 0.645 2% 3% 0% 0% $384,645,954
MNS Magnis Energy Tech 0.365 1% 4% -21% -1% $349,319,334
WR1 Winsome Resources 0.385 1% 13% 20% 0% $51,343,318
VUL Vulcan Energy 6.34 1% -6% -21% -50% $897,278,984
PSC Prospect Res Ltd 0.098 1% -2% 7% 312% $44,839,168
IR1 Irismetals 1.765 1% 7% -17% 469% $109,777,500
WES Wesfarmers Limited 45.05 0% 2% 0% -15% $50,909,426,866
RIO Rio Tinto Limited 94.52 0% -2% 2% -7% $34,994,552,494
ADV Ardiden Ltd 0.007 0% 0% 0% -42% $18,678,347
AML Aeon Metals Ltd. 0.027 0% 0% -10% -53% $29,522,631
ASN Anson Resources Ltd 0.31 0% 7% -19% 260% $364,183,010
AVZ AVZ Minerals Ltd 0.78 0% 0% 0% 123% $2,752,409,203
MLS Metals Australia 0.043 0% 0% -14% 8% $26,102,556
TKL Traka Resources 0.006 0% 0% -14% -60% $4,132,647
BMM Balkanminingandmin 0.26 0% -10% -13% -63% $11,182,797
AAJ Aruma Resources Ltd 0.068 0% -9% 5% -22% $10,673,382
AX8 Accelerate Resources 0.035 0% -3% -5% -13% $9,466,061
AM7 Arcadia Minerals 0.3 0% -5% 7% 50% $14,009,368
BYH Bryah Resources Ltd 0.023 0% -8% -21% -56% $6,422,830
EMS Eastern Metals 0.13 0% -10% 4% 0% $5,025,313
FG1 Flynngold 0.105 0% -5% 0% -34% $6,726,410
GSM Golden State Mining 0.038 0% -7% -21% -65% $4,446,540
MMC Mitremining 0.175 0% 3% -3% -24% $4,739,893
RAG Ragnar Metals Ltd 0.025 0% -14% -34% -40% $9,479,622
TMB Tambourahmetals 0.14 0% -13% -18% -32% $5,766,964
TEM Tempest Minerals 0.031 0% -3% -16% 55% $15,647,751
TSC Twenty Seven Co. Ltd 0.0025 0% 25% 25% -29% $13,304,070
WML Woomera Mining Ltd 0.014 0% -13% -22% -30% $9,615,663
LRS Latin Resources Ltd 0.105 0% 0% -13% 156% $207,069,795
MTM Mtmongerresources 0.12 0% -4% -14% -20% $4,501,204
SCN Scorpion Minerals 0.068 0% -7% -15% -1% $22,692,021
ENT Enterprise Metals 0.01 0% -9% -17% -37% $6,529,807
STM Sunstone Metals Ltd 0.031 0% 0% -23% -45% $80,489,839
AVW Avira Resources Ltd 0.0035 0% 0% -22% -42% $7,468,265
NVA Nova Minerals Ltd 0.685 0% -3% -12% -56% $125,807,973
BNR Bulletin Res Ltd 0.125 0% 4% -7% 71% $36,573,888
RMX Red Mount Min Ltd 0.005 0% -17% -17% -44% $8,211,819
A8G Australasian Metals 0.275 0% -2% -7% -69% $11,321,886
SRZ Stellar Resources 0.013 0% 0% -13% -61% $13,060,202
LSR Lodestar Minerals 0.0055 0% -8% -15% -45% $9,561,405
NWM Norwest Minerals 0.028 0% -3% -40% -66% $6,219,007
AOA Ausmon Resorces 0.007 0% 0% -13% 0% $6,001,025
VKA Viking Mines Ltd 0.007 0% 0% -13% -65% $7,176,809
SRI Sipa Resources Ltd 0.047 0% 2% -6% -22% $9,636,166
VMC Venus Metals Cor Ltd 0.14 0% -7% -20% -24% $22,411,016
RAS Ragusa Minerals Ltd 0.29 0% 5% 14% 152% $37,993,662
G88 Golden Mile Res Ltd 0.026 0% 0% -21% -46% $5,319,334
EPM Eclipse Metals 0.02 0% -5% -13% -59% $40,485,137
THR Thor Mining PLC 0.008 0% -16% -24% -56% $8,814,388
XTC Xantippe Res Ltd 0.008 0% 0% -11% 220% $65,161,839
MMG Monger Gold Ltd 0.44 0% 6% -12% 57% $17,617,600
LRD Lordresourceslimited 0.3 0% 0% 15% 0% $9,985,386
WMC Wiluna Mining Corp 0.205 0% 0% 0% -77% $74,238,031
ALY Alchemy Resource Ltd 0.027 0% 0% 17% 108% $31,673,059
LNR Lanthanein Resources 0.04 0% 11% -26% 111% $38,513,023
DAL Dalaroometalsltd 0.135 0% -7% 0% -44% $4,033,125
INR Ioneer Ltd 0.5525 0% -6% -18% -14% $1,164,464,412
PLL Piedmont Lithium Inc 0.835 -1% -3% -4% 2% $443,159,472
LKE Lake Resources 1.08 -1% 9% 16% 71% $1,515,071,343
ESS Essential Metals Ltd 0.53 -1% 3% 6% 172% $132,874,035
GW1 Greenwing Resources 0.36 -1% -6% 0% 26% $46,064,994
QPM Queensland Pacific 0.1725 -1% 15% 8% -34% $302,796,622
ZNC Zenith Minerals Ltd 0.31 -2% 7% 5% 32% $108,600,118
LIT Lithium Australia 0.053 -2% 0% -10% -54% $65,860,733
LIS Lisenergylimited 0.465 -2% -8% -18% -80% $78,809,239
AZL Arizona Lithium Ltd 0.081 -2% 4% -7% 53% $200,023,822
ZEO Zeotech Limited 0.038 -3% 0% -22% -55% $62,966,781
KZR Kalamazoo Resources 0.185 -3% -3% -30% -51% $28,275,681
FRS Forrestaniaresources 0.175 -3% -13% -24% -58% $7,706,035
WC8 Wildcat Resources 0.031 -3% -3% -23% -46% $20,856,727
KAI Kairos Minerals Ltd 0.028 -3% -3% -30% -13% $56,958,711
TKM Trek Metals Ltd 0.056 -3% 4% -23% -59% $18,015,389
TYX Tyranna Res Ltd 0.047 -4% 21% -4% 683% $117,547,341
CY5 Cygnus Gold Limited 0.46 -4% 5% 96% 254% $70,648,951
EFE Eastern Resources 0.04 -5% 5% 29% 0% $47,031,221
WCN White Cliff Min Ltd 0.019 -5% -17% -24% 58% $14,952,067
FTL Firetail Resources 0.19 -5% 0% -27% 0% $12,356,500
RGL Riversgold 0.048 -6% 7% 26% 121% $39,591,353
PAM Pan Asia Metals 0.375 -6% 3% -17% -36% $58,742,236
MXR Maximus Resources 0.042 -7% -5% -13% -50% $14,350,760
RLC Reedy Lagoon Corp. 0.013 -7% -7% -13% -48% $7,803,977
IPT Impact Minerals 0.0065 -7% -7% -13% -55% $17,369,594
ARN Aldoro Resources 0.245 -8% 23% 2% -39% $26,390,639
JRL Jindalee Resources 2.3 -8% 4% -13% -7% $142,873,625
RDT Red Dirt Metals Ltd 0.545 -8% -5% -26% -27% $197,537,515
CMD Cassius Mining Ltd 0.031 -11% -14% -14% 82% $14,130,932
MRR Minrex Resources Ltd 0.045 -12% -18% -20% 165% $55,244,013
SHH Shree Minerals Ltd 0.007 -13% -46% -30% -36% $9,907,895
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A well-balanced day with the ASX closing 0.31% higher – 51 lithium companies ended the day in the green, 51 fell flat and 31 stocks tumbled into the red zone.

 

Who else has news out?

LEPIDICO (ASX:LPD)

Lithium project developer LPD says met testwork has confirmed “very clean” lithium hydroxide crystals using its LOH-Max design.

“The recovered product satisfies Livent and Targray battery grade specifications for lithium hydroxide monohydrate,” the company says.

“This represents a major gating item for closing out due diligence and finalising Project lending.”

 

ENCOUNTER RESOURCES (ASX:ENR)

ENR says a Northern Territory Geological Survey (NTGS) highlights strong lithium potential in several areas of the Sandover project.

The survey interpreted the pegmatites in the area to host lithium-caesium-tantalum similar to the lithium deposits at Greenbushes in WA, as well as the Finnis deposit owned by Core Lithium (ASX:CXO).

Initial on ground assessment will begin shortly and will include sampling of outcrops and a trial of surface geochemistry at the Crawford target.

 

RESOURCE MINING CORPORATION (ASX:RMI)

RMI has secured firm commitments for a placement totalling $2.427 million at a 10% premium to the last traded price.

Funds raised from the placement will be primarily applied towards exploration activities at the company’s ‘Massive Nickel’ project portfolio in Tanzania, for potential future exploration activities at the Finland Nickel and Lithium projects currently under exclusive option until November 15, as well as for general working capital.

 

AZURE MINERALS (ASX:AZS)

High grade lithium assay results have been received from a pegmatite exploration program on the Andover Project.Numerous outcropping spodumene-bearing, lithium-rich pegmatites confirmed after hitting up to 3.32% Li2O – the highest lithium grade reported to date at the project.

“Encouragingly, our geological mapping is identifying the presence of the preferred lithium-bearing mineral, spodumene, in many of the outcropping pegmatites,” AZS managing director Tony Rovira says.

“We’re planning for the first drilling program to target the pegmatites and will commence as soon as we have received the necessary approvals.”

 

RED DIRT METALS (ASX:RDT)

A high-grade lithium mineral resource estimate of 12.7Mt at 1.2% Li2O and 207ppm tantalum oxide has been reported at the Mt Ida Lithium Project in the eastern Goldfields region of WA above a cut-off grade of 0.55% Li2O.

The estimate includes a higher confidence indicated resource of 3.3Mt at 1.4% Li2O and 246ppm tantalum oxide, which representing 25% of the total mineral resource.

“The rapid definition and release of this maiden MRE in just over 12 months since the project acquisition paves the way for an exciting development,” the company says.
Block models have been delivered to engineering consultants, Minegeotech, to undertake scoping study level analysis of open pit and underground mining scenarios and an aggressive drilling program is underway to convert the remainder of the mineral resource into indicated status.

 

WINSOME RESOURCES (ASX:WR1)

A gravity survey at the Cancet Project in Quebec has “exceeded expectations” and provided several high priority drill targets, which will be drilled as part of the next campaign once one in progress has wrapped up.

The ground gravity surveying has been ongoing since February 2022 under the supervision of Perth-based consultancy NewGen Geo.

“We are very excited to have identified over 1,800m of prospective strike which increases the Cancet exploration target footprint by over 250%,” managing director Chris Evans says.

“Timing could not have been better with the drill rig having just commenced at Cancet .

“The use of geophysics is unconventional for pegmatite exploration, but it is the natural strategy in areas where basement rocks are hidden by shallow cover and where systematic mapping and sampling fails.”

 

MINREX RESOURCES (ASX:MRR)

Most of the 15 first pass RC drill holes at the Sisters project in WA has intersected extensive thick stack sheeted pegmatites.

Notable results are 21m of pegmatite from a down-hole depth of 134m (MBRC001) and multiple intervals of 4m from 12m, 4m from 26m, 14m from 65m, 8m from 167m and 7m from 199m in hole MBRC014.

Adding further interest for MRR, ground reconnaissance and rock chip sampling over the Southern Zone has identified two extensive lithium and previously unknown bearing pegmatites within the Apex Basalt Greenstone.

 

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