First Lithium (ASX:FL1) leads a charge of several ASX lithium stocks that gained this morning

Nick Sundich Nick Sundich, December 20, 2023

It was a good morning for multiple lithium stocks on the ASX, but none did better than First Lithium (ASX:FL1) after it announced some spectacular lithium hits.


Spectacular drilling results from First Lithium (ASX:FL1)

Putting to one side previous iterations of its shell on the ASX, FL1 remains a relatively new lithium company on the ASX. The most recent reverse listing occurred in September and it has two lithium mineral bearing permits in Mali, nearby to Leo Lithium’s Ngoualana project.

Despite this company being at an earlier stage, not to mention the troubles Leo Lithium has had, investors appear to have embraced the company.

FL1 unveiled results from its Blakala prospect at the Gouana permit including one interaction of 111m @ 1.56% lithium including 10m @ 3.39% (from 33m). Another result was a 60m intersection @ 1.59% lithium, including a 38m intersection @ 1.76% lithium from 51m. Not only was the mineralisation high grade, but it outcropped at surface and was open at depth (which means the company doesn’t know where it ends just yet). FL1 told investors it intended to deliver a JORC compliant Mineral Resource in 2024.

Shares in the company closed at 40c yesterday and went as high as 83c this morning.


First Lithium (ASX:FL1) share price chart, log scale (Source: TradingView)


In other lithium news this morning…

Godolphin Resources (ASX:GRL) told investors that it reached a deal to sell its Lewis Ponds and Mt Bulga lithium projects to a private explorer called Minerals Pty Ltd. It would reap $11m in cash which would go towards its Narraburra Rare Earths project.

Bastion Minerals (ASX:BMO) reached a deal to buy two lithium projects, which are also prospective for REE (Rare Earth elements) and Gold. Specifically, it bought the Morrissey Lithium Project in WA’s Gascoyne region and the Mt Ida project in WA’s Goldfields region. These are on top of Bastion’s existing lithium and REE assets in Canada and Sweden.


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