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.

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

The post 3 little-known ASX lithium shares that rocketed today appeared first on The Motley Fool Australia.

The Pepinnini Minerals Ltd (ASX: PNN) share price has jumped out of the starting blocks on Friday and is now trading at 61 cents. This is 49% higher than its closing price yesterday.

In earlier trading, it hit an intraday high of 65 cents, up 58% and just 3 cents below its 52-week high.

The impressive surge in the Pepinnini share price has been spurred by the announcement of a new agreement today.

Here's what's happening.

What did Pepinnini Minerals announce?

The company advised that it has signed an agreement in Argentina with Litho Minera SA. This is a subsidiary of one of the world's leading lithium manufacturers, Gangfeng Lithium (HKG: 1772).

Pepinnini entered into the agreement via its own subsidiary, Pepinnini SA for a pipeline to carry lithium brine from Ganfeng's Mariana Project in Argentina.

This pipeline will basically run from Gangfeng's project to Pepinnini's Santa Ines project to the northwest.

It will be a "more environmentally friendly option than road for brine transport", according to the company.

The pair will also carry out an induced polarisation (IP) geophysical survey on 11 kilometres of Santa Ines. Both parties will cover the survey's costs.

Pepinnini said the survey will be a useful interpretive tool for the pair. It will begin in October and run for 12 days.

According to a statement released by Pepinnini:

For Pepinnini it will be an exploration tool for copper-gold mineralisation targets for drill testing while it will give Ganfeng reassurance that the pipeline trace will not require relocation in the event of a mineral discovery.

Investors have bought on the news and are continuing to drive the Pepennini share price higher this afternoon.

Pepinnini share price snapshot

It's been a rocky road for the Pepinnini share price, although it has climbed 74% since 1 January.

Over the past month alone, Pepinnini shares have gained 96% and show no sign of slowing down today.

Study results out of its lithium brine project in Chile have propelled the Pepinnini share price higher this week, too.

The share price is up 408% over 12 months. This compares to about 25% for the S&P/ASX 200 Index (ASX: XJO).

The post The Pepinnini (ASX:PNN) share price jumps 58% on new agreement appeared first on The Motley Fool Australia.

The Pepinnini Minerals Ltd (ASX: PNN) share price has soared 40% into the green during this morning's trade and now trades at 40 cents a share.

Pepinnini shares are on the move after the battery metals and gold company announced a key update from its operations in Chile.

At one point following the update this morning, Pepinnini shares were changing hands at 46.5 cents apiece. This is about the midpoint of its 52-week range.

Let's take a look.

What did Pepinnini announce?

In what has transferred to gains for the Pepinnini share price, the battery metals miner announced "very strong interim results" from its "lithium brine blending study" in Chile.

The study used "salar brine" from the company's leases in Argentinian salt flats, which are thought to contain enormous deposits of lithium beneath them.

In fact, the nearby Salar de Uyuni salt flat in Bolivia is estimated to contain the world's largest lithium resource. So claim that it holds half or more of the world's resource.

The process was to take 2,000 litres of "brine collected from each salar" then transport it to testing facilities in Chile.

Then it was allowed to "evaporate and concentrate," where three brine tests were conducted on the compound.

Results showed that the "blended brine" test produced a lithium ion concentrate of 8,500mg/kg. This is a "level 14 times" and "seven times" that of the other two tests, respectively.

Pepinnini made comparisons to Orocobre Limited (ASX: ORE), which produces 7,000mg/kg at its Olaroz project, as per the release.

Testing has another month to complete, but preliminary results "suggest that the brine blending process is viable and highly effective."

The main advantage, according to Pepinnini, is that the brine blending process "avoids the precipitation of lithium sulphate and reduces the calcium content."

As such, it understands this process can "obtain a higher concentration of lithium in the brine at a lower cost."

Investors are buying the news and continue sending Pepinnini shares higher today.

Pepininni Minerals share price snapshot

The Pepinnini Minerals share price has been on a bumpy ride this year to date. However, it is still up around 10% since 1 January.

Despite this, Pepinnini shares are almost 200% in the green over the past 12 months. That's well ahead of the S&P/ASX 200 Index (ASX: XJO) gain of around 25% over the last year.

The post Pepinnini Minerals (ASX:PNN) share price rockets 40% on lithium update appeared first on The Motley Fool Australia.