Guess which tiny ASX mining share is skyrocketing 244% on Friday

The ASX miner has the option to acquire a promising lithium project in Brazil.

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It's a good day for the broader market, but this tiny ASX mining share is leaving even the other top gainers far in its wake, rocketing 244%.

Any guesses?

If you said OzAurum Resources Ltd (ASX: OZM), go to the head of the virtual class.

In mid-afternoon trade, OzAurum shares were swapping hands for 11.0 cents apiece. The ASX mining share closed yesterday trading for 3.2 cents.

Here's what piquing investor interest on Friday.

What's sending the ASX mining share soaring?

The OzAurum Resources share price is shooting the lights out after the company reported on the potential acquisition of a lithium project.

The ASX mining share has entered into a binding term sheet to acquire the Linopolis Jaime hard rock lithium project, located in Brazil.

The project is situated in an area with more than 20 lithium–caesium–tantalum (LCT) bearing pegmatites.

Among the highlights, the company reported spodumene grades of up to 7.36% LiO2 with an average spodumene grade of 6.94% LiO2 confirmed within a 7m-wide zone.

Potentially exciting investors, OzAurum noted that these consist of at least 20% volume coarse spodumene crystals up to 1m in length, which are rarely seen in lithium deposits. Management also said no lithium exploration has previously been conducted within the project area.

Commenting on the potential acquisition sending the ASX mining share rocketing, CEO Andrew Pumphrey said:

We believe this is an ideal opportunity for the company to acquire strategic lithium projects in addition to the Mulgabbie and Patricia Gold Projects in Western Australia.

In particular, the advanced Jaime Linopolis lithium Project with a 7-plus metre wide spodumene zone with an average grade of spodumene crystals of 6.94% LiO2 offers an immediate drill target and potential for a new lithium discovery.

Significant upside also exists with over 20 LCT pegmatites identified within the project area to date.

Coarse spodumene crystals up to 1 metre in length are rare in lithium deposits and are also seen at Greenbushes and Mt Marion in Western Australia.

OzAurum now has the exclusive right to conduct due diligence. Should the ASX miner wish to proceed, it has the option to acquire the project for a total consideration of US$800,000, to be paid in cash instalments over 24 months.

OzAurum share price snapshot

As with many junior explorers, the OzAurum share price has seen some big swings over the year.

With today's huge boost factored in, the ASX mining share is up 57% in 2023.

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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