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.

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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.

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