Guess which ASX 300 mining share is booming 8% on a new lithium discovery

The ASX mining share may be sitting on a valuable lithium asset in Sweden.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

A little-known ASX mining share is setting the bar high today.

In afternoon trade on Tuesday, the S&P/ASX 300 Index (ASX: XKO) is up 0.6%.

But this ASX mining share is soaring 7.7%, with shares trading for $1.26 apiece at the time of writing.

Any guesses?

If you said Talga Group Ltd (ASX: TLG), give yourself a gold star.

Investors are bidding up the battery materials company following an announcement of a promising lithium discovery.

Here's what you need to know.

Smiling mine worker at mining site with colleagues.

Image source: Getty Images

ASX mining share leaps higher on lithium find

The Talga share price is soaring after the ASX mining share updated the market on recent exploration activities at its 100% owned Aero Project, located in Sweden.

The miner recently completed field mapping, baseline geochemical rock outcrop sampling and re-evaluation of its previous copper sampling at the project. The previous results included pegmatite in samples taken between 2017 and 2019.

The new mapping revealed multiple large flat to shallow-dipping pegmatite bodies over a 14 kilometre strike zone that remains open.

The largest was reported to be a 1,100 metre strike and 450 metre width outcrop. Talga said the true (vertical) thickness is still unknown. The ASX mining share has staked an additional exploration licence to cover the prospective zone. The total project area now stands at 134 square kilometres.

According to the release, assays of 26 rock chip samples returned "highly anomalous values in lithium, rubidium, caesium and gallium". Talga reported that several samples contained high grade lithium mineralisation, up to 1.95% Li2O

The ASX mining share also noted that the pegmatite sheets appear "stacked" in several locations, adding that there may be multiple repetitions with depth.

And the project's location could also prove valuable in developing the asset.

Management said its "ideal location near operating mines with low-cost, renewable power and existing logistics may assist in any potential development".

Talga will now pursue more surface sampling, mapping and geophysical surveys to define high-priority targets for drilling. Fieldwork is planned to re-commence in September.

Talga share price snapshot

Despite today's big lift, the ASX mining share remains down 10% over the past full year.

Motley Fool contributor Bernd Struben 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.

More on Resources Shares

Robot humanoid using artificial intelligence on a laptop.
Resources Shares

Buying BHP shares? Here's how AI is boosting the mining giant's revenue

BHP is embracing AI technologies to streamline its operations. But how?

Read more »

A woman is very excited about something she's just seen on her computer, clenching her fists and smiling broadly.
Resources Shares

Fortescue shares ease, but this major update could keep momentum building

Fortescue slips despite its Pilbara renewable rollout moving ahead.

Read more »

A mining worker clenches his fists celebrating success at sunset in the mine.
Resources Shares

Monadelphous wins $145m of new and renewed resources sector contracts

Monadelphous reported $145 million in new and extended contracts across key resource clients Rio Tinto, BHP, and Queensland Alumina.

Read more »

Two cheerful miners shake hands while wearing hi-vis and hard hats celebrating the commencement of a HAstings Technology Metals mine and the impact on its share price
Resources Shares

Fortescue accelerates world's first large-scale industrial green energy grid

Fortescue is speeding up its renewable-powered green grid rollout, targeting major cost savings and earlier fossil fuel elimination.

Read more »

A group of people gathered around a laptop computer with various expressions of interest, concern and surprise on their faces as they review the payouts from ASX dividend stocks. All are wearing glasses.
Resources Shares

Buy, hold, or sell? South32, Capstone Copper, and BHP shares

Let's see what the experts think.

Read more »

Red buy button on an Apple keyboard with a finger on it.
Broker Notes

3 reasons to buy Capstone Copper shares today

A leading analyst expects more outperformance from Capstone Copper’s surging shares. But why?

Read more »

Overjoyed man celebrating success with yes gesture after getting some good news on mobile.
Resources Shares

Up 188% in a year, why is this ASX All Ords mining stock surging again today?

Investors are piling into this fast-rising ASX mining stock again on Thursday. But why?

Read more »

Cheerful businessman with a mining hat on the table sitting back with his arms behind his head while looking at his laptop's screen.
Resources Shares

Sandfire Resources posts Q3 FY26 operations highlights and maintains guidance

Sandfire Resources has reported steady Q3 FY26 copper equivalent production, maintained guidance, and strengthened its net cash position.

Read more »