Why has this ASX lithium share exploded 100% in a month?

This lithium share has been making its shareholders smile recently.

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asx share price increase represented by golden dollar sign rocketing out from white domes of lithium

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The Wildcat Resources Ltd (ASX: WC8) share price is rising yet again on Friday.

Earlier today, the ASX lithium share was up 11% to 39 cents.

When the lithium explorer's shares hit that level, it meant they had more than doubled in value in the space of a month.

Why is the ASX lithium share on fire?

Interestingly, the strong gains being made by this ASX lithium share have occurred despite there being no material news out of the company.

However, it is worth noting that drilling activities at Wildcat Resources' Tabba Tabba lithium-tantalum project are ramping up.

For example, late last month the company revealed that its second reverse circulation rig had commenced drilling at the project near Port Hedland in Western Australia.

At the same time, the first rig is progressing southward, scout drilling and testing the extensive 3.2km long outcropping lithium-caesium-tantalum (LCT) pegmatite field, which includes the historical Tabba Tabba Tantalum Mine.

So why are its shares jumping?

It seems that some investors are jumping on board now ahead of the expected release of drilling results in the middle of September.

They may be anticipating some strong results given the project's proximity to some world-class lithium projects. These include the Pilgangoora Project owned by Pilbara Minerals Ltd (ASX: PLS) and the massive Wodgina Lithium project owned by Mineral Resources Ltd (ASX: MIN).

It is also only 185km away from the Andover Project owned by Azure Minerals Ltd (ASX: AZS), which has been getting investors excited this year.

The ASX lithium share's managing director, Samuel Ekins, said:

The ramp up at Tabba Tabba is progressing well, with Rig 2 drilling now underway. The Nyamal native title group recently completed a heritage survey over our southern tenement M45/377. This has allowed our scout rig (Rig 1) to continue to test the enormous Tabba Tabba pegmatite system to the south. Systematic exploration is progressing well, and we await first assay results in mid-September.

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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