The Mineral Resources Ltd (ASX: MIN) share price is in the green, up 2.3%.

Mineral Resources shares closed on Friday trading for $71.51 and are currently trading for $73.12 apiece.

Here's what the S&P/ASX 200 Index (ASX: XJO) lithium and mining services share reported this morning.

What lithium results were reported?

The Mineral Resources share price is marching higher following a market update on the results from the initial phase one drilling program at the Buldania Lithium Project, located in Western Australia.

The Buldania Lithium Project is the initial focus area of the joint venture between Mineral Resources, Pantoro Ltd (ASX: PNR) and Tulla Resources Group Pty Ltd (ASX: TUL) – known as the Norseman Lithium JV.

Additionally, the drilling was conducted by Mineral Resources as part of its initial earn-in under the JV.

The phase one, 8,000 metre drilling campaign focused on a 1.6 kilometre strike where earlier rock chip sampling undertaken by Pantoro had returned elevated lithium values. The current program is the first to test for lithium potential in the Norseman tenement.

Pantoro reported that Mineral Resource's drill holes confirmed the presence of lithium-bearing pegmatites.

Some significant results included:

• 9m @ 1.26% Li₂O and 151ppm Ta₂O₅ from 30m
• 8m @ 1.10% Li₂O and 118 ppm Ta₂O₅ from 53m
• 6m @ 1.02% Li₂O and 103 ppm Ta₂O₅ from 64m

Commenting on the results that are sending Mineral Resources shares into the green today, Pantoro managing director Paul Cmrlec said:

The first pass drilling results by MinRes are a great start to the Norseman Lithium JV. MinRes's rapid advancement of the Buldania project provides great potential for Pantoro stakeholders.

MinRes is responsible for all costs associated with the Norseman Lithium JV until a saleable concentrate is produced from a purpose built processing plant and mining operation.

Further drilling, soil sampling, aerial surveys and flora and fauna surveys are in progress.

Mineral Resources share price snapshot

The Mineral Resources share price has been a strong performer in 2022, up 25%.

That compares to a year-to-date loss of 9% posted by the ASX 200.

The post Mineral Resources share price lifts on positive lithium project update appeared first on The Motley Fool Australia.

At time of writing, shares in the S&P/ASX 200 Index (ASX: XJO) miner are up 1.47%.

The broader ASX 200 is under pressure today, down 0.22%, following a selloff in US markets over renewed fear of the Omicron COVID variant, along with a dash of inflation angst.

Below, we take a look at the lithium development partnership that looks to drawing ASX investor interest in Mineral Resources shares.

What lithium development partnership was announced?

The Mineral Resources share price is in the green after gold miners Pantoro Ltd (ASX: PNR) and Tulla Resources PLC (ASX: TUL) – its 50% Norseman Gold Project joint venture (JV) partner – reported on a binding agreement with Mineral Resources to seek and develop lithium deposits in a joint venture across their project.

According to the agreement, Mineral Resources will spend a half million dollars within the first 6 months and another $2.5 million inside the next 18 months, taking its expenditure to at least $3 million within the first 2 years.

The company will also conduct a feasibility study including definition of a JORC compliant resource in those 2 years. That will see Mineral Resources earn 25% of the lithium rights within the Norseman Gold Project tenure. It can earn another 40% of the lithium rights, bringing its ownership to 65%, by funding the project until first production.

Commenting on the partnership with Mineral Resources, Pantoro's managing director Paul Cmrlec said:

This new partnership is an outstanding outcome for Pantoro to maximise the value of a key mineral asset at Norseman. The agreement allows us to progress without any distraction from our core business of gold development and mining, while maximising value for our shareholders.

Mineral Resources is a development and production focussed company with an excellent track record and reputation. Pantoro has every confidence that Mineral Resources will ensure the successful development of the lithium assets. We look forward to rapidly generating drilling results from the highly prospective Buldania tenements.

Mineral Resources will be the manager of the new JV and be responsible for all expenses until first production begins.

The companies said drilling will start as soon as possible.

Mineral Resources share price snapshot

The Mineral Resources share price has gained 31% this year, outpacing the roughly 10% year-to-date gains posted by the ASX 200.

Over the past month, shares in Mineral Resources are up 23%.

The post Mineral Resources (ASX:MIN) share price gains on new lithium partnership appeared first on The Motley Fool Australia.