Stocks of the Hour: Lake Resources, Aruma Resources, Azure Minerals

Company News

by Abbey Phillipps

A snapshot of the stocks on the move, featuring Lake Resources, Aruma Resources and Azure Minerals.

Kachi M&I resource doubled to 2.2 million tonnes lithium carbonate equivalent with 3.1 million tonnes inferred resource

Lake Resources (ASX:LKE) has announced that additional drilling has doubled the measured and indicated resources of 2.2 million tonnes of lithium carbonate equivalent. Additional assays are now awaited to expand the area of high-confidence resources. Shares are trading 3.59 per cent higher at 86 cents.

Further high-grade lithium-rubidium intersected at Mt Deans project

Aruma Resources (ASX:AAJ) has announced it has intersected lithium and rubidium at the Mt Deans project in WA. The program drilled multiple pegmatite outcrops and resampled previous drilling intersections from Tantalum Australia in 2002. Shares are trading 39.62 per cent higher at 7.4 cents.

SQM to invest $20m for 19.99% of Azure

Azure Minerals (ASX:AZS) has announced that lithium company SQM Australia will make a major cornerstone investment of up to $20 million to acquire a 19.99 per cent interest in Azure through a two-stage transaction. Commenting on SQM’s investment, Azure’s Managing Director Mr Tony Rovira said: “The new relationship will allow Azure to draw upon SQM’s technical expertise in pegmatite-hosted lithium exploration, and project development, providing Azure with strong support as we look to develop the Andover lithium assets." Shares are trading 24.44 per cent higher at 28 cents.

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