The Auroch Minerals Ltd (ASX: AOU) share price is having a sensational day.

In morning trade, the lithium exploration company's shares are up 31% to 6.8 cents.

Why is this lithium share racing higher?

Investors have been scrambling to buy this lithium share today after the company released an update on recent drilling activities.

According to the release, Auroch has discovered high grade lithium mineralisation in reverse circulation (RC) drill-hole samples at the Nepean Nickel Project in Western Australia. Auroch owns 80% of this project, with Lodestar Minerals Ltd (ASX: LSR) owning the balance.

What happened?

The release notes that drilling at the Nepean North Prospect was completed in the third quarter and consisted of two reverse RC holes for 539m to test an IP anomaly for nickel sulphide mineralisation.

All geologically logged pegmatites intercepted by the two RC holes were submitted for re-assay for lithium, caesium and tantalum (LCT) mineralisation as part of the company's ongoing investigation into the project's lithium potential.

Pleasingly, high grade lithium results in one hole, combined with re-logging of the 6m pegmatite interval, confirmed the presence of the lithium pyroxene mineral spodumene (the principal lithium ore mineral).

Significantly, the two holes were drilled approximately 150m apart, approximately 420m north of the previously reported lithium result. Management believes this suggests potential LCT-enriched pegmatites over a significant strike length at the Nepean North Prospect.

Auroch will immediately commence a high priority exploration programme to potentially delineate further high grade spodumene mineralisation.

Auroch's executive chairman, Mike Edwards, commented:

The discovery of high grade lithium within spodumene at Nepean is a great addition to our strategy as a battery metals focussed resource company. This nicely compliments our efforts at the Nevada Lithium Project and it will be extremely exciting to see these new lithium exploration programmes running in parallel at our WA and US projects early in the new year!

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The market is bouncing back from a disastrous Wednesday and these ASX mining shares are helping it recover.

They're lifting as much as 29% on Thursday. So, what's helping to drive them higher? Let's take a look.

3 ASX mining shares taking off on Thursday

Auroch Minerals Ltd (ASX: AOU)

The first ASX mining share going gangbusters today is nickel, copper, and lithium explorer Auroch Minerals.

Its stock is taking off on news of its 80%-owned Nevada Lithium Project.

Following a site visit by senior management, the company has put an experienced team including geologists, land management, and legal counsel in place to drive work at the project.

Meanwhile, a drilling program has been designed for the project and local contractors approached to run it.

The Auroch Minerals share price is surging 29.3% at the time of writing to trade at 7.5 cents.  

Caspin Resources Ltd (ASX: CPN)

Its fellow ASX mining share Caspin Resources is also taking off.

The mineral exploration company announced a major rhodium find at its Yarawindah Brook Project today.

Multiple holes at the project's Serradella platinum group elements discovery have returned significant rhodium mineralisation, adding further value to the find.

A six-month drilling campaign is set to kick off at the discovery next month.

The news has sent the Caspin Resources share price soaring. The ASX mining share is trading 22.3% higher at 79.5 cents right now.

Latin Resources Ltd (ASX: LRS)

Finally, the Latin Resources share price is joining some of its ASX mining peers in the green today despite no price-sensitive news having been released by the company.

However, it did drop a presentation outlining an expected increase in demand for lithium over the coming years and the company's plan to tap into the market.

The Latin Resources share price is trading at 12.5 cents right now, 8.7% higher than its previous close.

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At the time of writing, the junior lithium explorer's shares are up 29% to 7.5 cents.

Why is the Auroch Minerals share price up 29%?

The catalyst for the rise in the Auroch Minerals share price today has been the release of an update on the company's 80%-owned Nevada Lithium Project in the United States.

According to the release, the company's senior management conducted a site visit in late June and early July to further assess the geology of the key prospect areas, together with meeting key stakeholders.

The release reveals that while at the site, the company has established an experienced Nevada-based team. This includes geologists, land management and legal counsel. They will be tasked with driving the project forward.

What is the Nevada Lithium Project?

The Nevada Lithium Project comprises a large area that is considered highly prospective for large sedimentary-hosted lithium deposits across four prospect areas.

It is located close to the mining town of Tonopah in the mining-friendly counties of Nye and Esmeralda in the State of Nevada. The region is home to some very large sedimentary-hosted lithium deposits including the Rhyolite Ridge Project owned by Ioneer Ltd (ASX: INR) and American Lithium Corporation's TLC Lithium Project.

An initial 1,000m reverse-circulation (RC) drill programme has been designed to selectively test stratigraphic targets within the project area. Drill-holes have been planned in areas of mapped Siebert Formation, the same geological formation which hosts the large TLC Lithium Project.

Permitting for the maiden drill programme has commenced and the approvals process is expected to be completed within four to six weeks.

Finally, local drilling contractors have been approached and the company is in the process of awarding the drilling contract.

Auroch's managing director, Aidan Platel, commented:

We are pleased with the progress we have made at our Nevada Lithium Project (NLP). Having an experienced local team is critical to the success of the Project, and since establishing our team they have been very busy reviewing all historic data and completing detailed field mapping of our key prospect areas, as we work towards a maiden drill programme.

After reviewing this work to-date and seeing the geology first-hand, we are very excited by the potential of the NLP to host significant lithium mineralisation, especially when looking at the success of our neighbours in the region, most notably American Lithium Corporation's large TLC Lithium deposit which is very close to our project area. As such, we are working hard to progress through the permitting process towards commencing a maiden drill programme at the NLP.

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The Auroch Minerals Ltd (ASX: AOU) share price is soaring after news on the company's Saints and Nepean projects.

The company announced it's begun scoping studies at the Western Australian nickel projects to access potential mining scenarios.

Right now, the Auroch share price is 19 cents, 19.35% higher than its previous close.

Let's take a closer look at today's news from the mineral explorer.

Scoping studies begin

The Auroch share price is surging as the company begins studies to assess the potential for an open-pit mine at Nepean and underground mines at Nepean and Saints.

The company hopes the studies will help it build its offtake agreement for Saints with BHP Group Ltd's (ASX: BHP) Nickel West. The company also expects the studies will help it potentially produce nickel sulphite soon.

Auroch believes Nepean's shallow nickel sulphate deposits could bring cash flow for the company in the medium term.  

Additionally, Auroch updated the market that its high-impact diamond drill programme at the Nepean Deeps target is continuing schedule. The first drill hole is currently 400 metres into its planned 1,200 metre depth.

Commentary from management

Auroch's managing director, Aidan Platel, commented on the news driving the company's share price today, saying:

With the nickel price consistently around US$ 19,000/t and forecast to increase, we believe there is great potential to take both projects forward to production and hence generate significant cash flow for the company in the medium term, and so we are eager to evaluate the economic viability for several different mining scenarios at these two projects.

We have developed a good relationship with the processing team at BHP and have an existing off-take with them for Saints, so we are keen to develop this further and to potentially build a solid business case to provide high-grade nickel sulphide feed for their processing facilities to produce Class 1 nickel products required for batteries for the fast-growing electric vehicle (EV) market.

Parallel to these studies, we continue with our aggressive exploration for a new nickel sulphide discovery across all three of our WA nickel projects.

Auroch share price snapshot

The Auroch share price has gained 23% year to date. It is also 131% higher than it was this time last year.

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The Auroch Minerals Ltd (ASX: AOU) share price is flying more than 21% higher today.

At the time of writing, shares in Auroch are trading slightly lower at 26 cents per share. Including today's price action, the Auroch share price has bolted more than 35% in the past 2 weeks.

Here's what's fuelling the Auroch share price.

Why is the Auroch share price flying? 

Exactly 2 weeks ago, the Auroch share price was sent plummeting after releasing assay results from its Nepean Nickel Project. The drilling results showed that high-grade nickel sulphide ore deposits extend for more than 500 metres of strike length.

The best new results included 2 metres at 2% nickel and 0.3% copper from 66 metres. This included 1 metre at 2.9% nickel and 0.36% copper. In addition, Auroch reported 4 metres at 0.77% nickel and 0.05% copper from 25 metres. The result also included 1 metre at 0.94% nickel and 0.05% copper.

Despite what seemed to be good news, investors lightened their holdings in Auroch. As a result, shares in Aurora traded at a low of 18 cents, before closing at 19 cents 2 weeks ago. Since then, shares in Aurora have continued on a sturdy trajectory, trading more than 35% higher since the 10^th of March.  

What is the outlook for Auroch Minerals?

Auroch's flagship Nepean Nickel Project is run as an 80:20 joint venture with Goldfellas Proprietary Limited. The historic Nepean project mine was the second producing nickel mine in Australia. Between 1970 and 1987, the site produced 1,108,457 tonnes of ore.

The company will continue exploring the extent of the known high-grade nickel sulphide mineralisation in and around the historic mine. As a result, Auroch noted that an additional five holes will be drilled to test areas of this high-grade mineralisation.

Auroch noted that all holes will be cased with downhole electromagnetic (DHEM) surveys which could indicate further mineralisation.  The fact that results are expected soon, could explain today's euphoric price action.  

Auroch is currently fully funded after raising $2.9 million in late September last year. Earlier this month the company also signed a drilling contract with Seismic Drilling Services to lock in a drill rig for the next 12 months.

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The Auroch Minerals Ltd (ASX: AOU) share price is plummeting today, despite what seems to be good news.

The mining company announced the assay results from the maiden drill project at its Nepean Nickel Project this morning. The results are from 4 holes of shallow near-mine drilling.

At the time of writing, the Auroch share price is 19 cents, down 15% on yesterday's close.

What were the assay results?

Auroch announced today that Nepean has significant shallow high-grade nickel sulphide intersections.

The assay results are respectable, particularly as they are in addition to other profitable intersections at Nepean. The results include 2 metres at 2% nickel and 0.3% copper from 66 metres, which includes 1 metre at 2.9% nickel and 0.36% copper; and 4 metres at 0.77% nickel and 0.05% copper from 25 metres, which includes 1 metre at 0.94% nickel and 0.05% copper.

Auroch will also test all exploration drill-holes with down-hole electromagnetic surveys to identify if there are any areas of massive nickel sulphide mineralisation nearby.

Management commentary

Auroch Managing Director Aidan Platel said the company is pleased with the results.

The recent results have continued to build upon our understanding and geological model of the shallow high-grade nickel sulphide mineralisation that now extends for over 500m of strike, and with that our team has recognised the need to drill several more holes into critical areas of this mineralisation. These holes will be drilled immediately, and the samples will be prioritised for assaying.

We also look forward to commencing a high-powered ground moving loop electromagnetic (MLEM) survey this month over priority target areas of the 10km of strike that we have at Nepean, which we believe will generate significant high potential targets for the next phase of drilling.

More about the Nepean Nickel Project

Auroch Minerals acquired the Nepean Nickel Project in December 2020. The company holds an 80% share in the project, with the other 20% owned by Goldfellas Pty Ltd. 

The Nepean Nickel Project contains the historic high-grade Nepean nickel sulphide mine, which was the second mine to produce nickel in Australia. It operated between 1970 and 1987. 

Nepean is located near Coolgardie, Western Australia. 

Auroch Minerals share price snapshot

The Auroch share price has dropped 15% today. It's currently 19 cents, having opened at 20 cents this morning.

Despite today's loss, Auroch's share price is having a great year. Right now, it's up 65% year to date and 285% over the last 12 months.

Auroch has a market capitalisation of approximately $59 million with around 272 million shares outstanding.

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The Auroch Minerals Ltd (ASX: AOU) share price is surging higher again today, up 8.33% in late afternoon trading after an earlier rise of 11%. This comes after the company announced promising results of a second diamond drill test at its Leinster Nickel Project.

Auroch holds a nickel exploration portfolio with its Nepean, Saints and Leinster projects, all located within the Goldfields region of Western Australia.

Today's surge sees the Auroch share price trading up at a more than 7-year high to 20 cents per share, up 43% so far in November. Year-to-date Auroch's share price is up 233%.

By comparison the All Ordinaries Index (ASX: XAO) is down 1.3% so far this year.

What's driving the Auroch share price up today?

Auroch told the ASX this morning that its second diamond drillhole at the Horn (located in its Leinster Nickel Project) had intersected further massive nickel sulphides. This follows on the thick massive to semi-massive nickel sulphide intersection reported from its first test hole at the Horn.

The company said results from the second drill hole reaffirmed the thickness and continuity of the massive nickel-sulphide mineralisation at a fairly shallow depth. Auroch also pointed to the potential for targeting further mineralisation extensions along the strike to the north of its Horn Prospect.

Commenting on the results, Auroch managing director Aidan Platel said:

The drilling at Horn continues to deliver with another impressive nickeliferous massive sulphide intercept in our second hole. Importantly, the intersection has extended the strike of the known nickel sulphide mineralisation, providing a thick intercept where the mineralisation was previously thought to have pinched out.

The thickness and continuity of the massive nickel sulphide mineralisation at such a shallow depth continues to excite, and we look forward to what the remainder of the diamond program and the pending assays results will bring. We are already looking beyond this current program and planning drilling programs to explore the large strike potential to the north of the Horn Prospect.

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