'We are excited': Why these 2 ASX lithium shares are popping today

Western Australia is home to the largest hard rock lithium mine on Earth.

| More on:
Two men in hard hats and high visibility jackets look together at a laptop screen at a mine site.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • ASX lithium shares report exploration results 
  • More than 7,600 kilometres of airborne magnetic and radiometric geophysics completed 
  • Prospective lithium targets identified 

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 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.

More on Resources Shares

Miner looking at a tablet.
Broker Notes

Why Macquarie expects this ASX 200 copper stock to surge 36% in a year

Macquarie forecasts some hefty gains ahead for the ASX 200 copper miner. But why?

Read more »

A young African mine worker is standing with a smile in front of a large haul dump truck wearing his personal protective wear.
Resources Shares

Following its FY25 result, Macquarie tips more than 40% upside for this ASX All Ords mining stock

Let’s dig into why this is such an exciting stock.

Read more »

Miner looking at a tablet.
Resources Shares

Macquarie forecasts 30% upside for this ASX All Ords mining stock

If a broker is right, investors have a lot to gain with this stock.

Read more »

Miner looking at a tablet.
Resources Shares

Should I buy Pilbara Minerals or Mineral Resources shares? Here's Macquarie's take

Mineral Resources and Pilbara Minerals shares are both down more than 60% in a year, but Macquarie forecasts a big…

Read more »

Miner looking at a tablet.
Resources Shares

Does Macquarie rate Fortescue shares a buy, hold or sell?

Down 42% in a year, does Macquarie think Fortescue shares are now a good buy?

Read more »

Cheerful businessman with a mining hat on the table sitting back with his arms behind his head while looking at his laptop's screen.
Resources Shares

Rock solid: How have mining and metals shares fared in 2025?

Who is leading so far?

Read more »

Miner looking at a tablet.
Resources Shares

Mineral Resources share price slides despite significant reserves growth

An 89% resources upgrade hasn’t boosted Mineral Resources shares today.

Read more »

Copal miner standing in front of coal.
Resources Shares

How much upside does Macquarie tip for New Hope shares?

A softer-than-expected quarter has impacted the broker's view.

Read more »