Guess which ASX lithium stock is rocketing 44% on a new discovery

This lithium stock is having a stunning session on Wednesday.

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The IRIS Metals Ltd (ASX: IR1) share price is catching the eye of investors on Wednesday after returning from a trading halt.

In morning trade, the ASX lithium share is rocketing 44% higher to $2.23.

Why is this ASX lithium share shooting higher?

Investors have been fighting to get hold of this ASX lithium share today after it released strong drilling results from the Beecher project in the United States.

According to the release, multiple wide, high-grade and shallow lithium intersections were present during drilling at Beecher.

Management notes that the assays from the first six drill holes of a 38-hole RC program confirm the potential for economic lithium at the project in South Dakota. The results from the additional 32 holes are pending and are expected to be received in the coming weeks.

IRIS advised that it plans to accelerate drill testing at Beecher to define the extent of mineralisation as quickly as possible. An additional diamond drill rig is scheduled to complement its RC rig, which it expects to recommence drilling in the near future.

'We have our ears pinned-back'

IRIS Metals' technical director, Chris Connell, was pleased with the results. He said:

These broad, near surface initial results confirm my confidence in the Beecher Project and the Black Hills as a future lithium mining district of great importance for supplying the US market. IRIS has leveraged its first mover advantage to secure a dominant land holding over the most prospective pegmatites in the Black Hills as confirmed by these initial drilling results. These first drill holes are testing only a tiny portion of the Company's 2,400+ mining claims staked over fertile LCT pegmatites that were historically mined for lithium from the 1940's.

As IRIS is the only ASX listed company with granted hard rock lithium pegmatite mining licences in the US, we currently are aggressively ramping-up drill testing of the Beecher Project. Importantly, wide, high-grade results from surface will support mining to a low mining strip ratio which is of enormous benefit to mining economics, combined with granted mining licences – – we have our ears pinned-back.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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