3 little-known ASX lithium shares that rocketed today

Why did these lithium explorers do so well on Tuesday.

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Key points
  • These three ASX lithium shares surged today 
  • It was a buoyant day on the market for lithium stocks generally despite the ASX 200 Materials Index closing lower
  • Lithium shares strengthened amid JP Morgan predicting the global lithium market could remain undersupplied until 2025 

The S&P/ASX 200 Materials Index (ASX: XMJ) closed 0.7% lower on Tuesday, but three ASX lithium shares bucked the trend.

The Global Lithium Resources Ltd (ASX: GL1), Zenith Minerals Limited (ASX: ZNC), and Power Minerals Ltd (ASX: PNN) share prices all lifted today.

Let's take a look at what's going on with these companies.

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Power Minerals

Shares in Power Minerals rose 10.2% today despite no news from the company. However, multiple ASX lithium shares lifted today.

Among the big players, the Core Lithium Ltd (ASX: CXO) share price soared 9.93% while Pilbara Minerals Ltd (ASX: PLS) jumped 7%. This follows JP Morgan upgrading Pilbara to outperform and boosting its price target to $4.10.

Analysts are predicting the lithium market could be undersupplied until 2025. The broker also lifted its price target for lithium carbonate to 20% and predicted spodumene prices to surge by 25%.

On Friday, Power Minerals announced drilling will commence at the Salta Lithium-Brine Project in northwest Argentina.

Global Lithium Resources

The Global Lithium Resources share price soared nearly 12% today.

It seems investors were buying up shares amid optimism for the lithium market today. Also, the company advised an extra reverse circulation drilling rig is now in use at the Manna Lithium project, located in Western Australia, 100km east of Kalgoorlie.

The second rig will provide Global Lithium will more drilling information ahead of the Mineral Resource Estimate (MRE). Global Lithium plans to provide an update on the MRE in late 2022.

Commenting on the news, geology head Stuart Peterson said:

With the addition of the second RC rig from K-Drill, along with the double shifting Diamond rig, the geological information flow from the Manna Lithium Project is the highest it's ever been.

Zenith Minerals

The Zenith Minerals share price leapt nearly 7% today. Zenith is exploring lithium and other battery metals. Today, the company advised it has defined a new nickel, copper and platinum drill target at the Waratah Well project in Western Australia.

This project is a joint venture with the EV Metals Group. The companies are also exploring lithium at the site. Drill testing will take place between late September and early October.

Zenith managing director Michael Clifford said:

The Ni-Cu-PGE target fits within our strategy of battery minerals leveraged to the increasing global demand for metals critical to the production processes of new energy industrial sectors

Motley Fool contributor Monica O'Shea 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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